Cease out the companies making headlines before the bell:
Morgan Stanley – Morgan Stanley is buying Canada-based employee clichd plan manager Solium Capital for $900 million in cash. The deal is Morgan Stanley’s largest since the fiscal crisis.
Restaurant Brands International – The parent of Tim Hortons, Popeyes, and Burger King reported adjusted quarterly profit of 68 cents per slice, a penny a share above estimates. Revenue topped forecasts and comparable-store sales were better than look for, led by strength at Tim Hortons and Burger King.
Netflix, Microsoft, Alibaba — Hedge fund operator Third Point fused its stakes in the three companies during the first quarter, according to its latest 13-F filing.
Tesla – Tesla has cut 150 of 230 tradesmen at a Las Vegas facility that delivers vehicles to North American customers, according to a Reuters report. Worker quoted in the record say it’s a sign that the company expects the pace of deliveries to slow significantly.
Apollo Global Management – The private-equity plc is near a deal to buy 14 regional TV stations from privately held Cox Enterprises, according to Reuters quoting people traditional with the matter.
Walmart — A federal judge dismissed a lawsuit accusing Walmart and six other retailers of extortion. The retailers had been permitted by three plaintiffs accused of shoplifting, who maintained that there was a conspiracy to force accused shoplifters to pay up front or in installment to sidestep prosecution.
Lockheed Martin – The defense contractor and others were sued by the government for alleged false claims and refunds. The case involves a multibillion-dollar contract to clean up a nuclear site. Lockheed denies the allegation and said it would fight for the matter vigorously.
Apple – Apple saw a 19.9 percent drop in smartphone shipments in China during the fourth residence, according to a report in the South China Morning Post.
Activision Blizzard – The videogame maker plans to announce hundreds of job stops Tuesday due to slowing sales, according to a Bloomberg report.
Avis Budget – The car rental firm’s stock was upgraded to “buy from “handle” at Goldman Sachs in a valuation call, with the price target increased to $35 per share from $30. Goldman experiences headwinds facing the industry are already priced in, and that between Avis and publicly traded rival Hertz Broad, Avis is the better operator.
Bed Bath & Beyond – The stock was downgraded to “sell” from “hold” at Loop Capital Stores, which said it does not expect the housewares retailer to achieve its current full year guidance.
Nvidia – Bernstein downgraded the chipmaker’s source to “market perform” from “outperform,” noting the company’s recent cut in earnings guidance and a view that the shares sooner a be wearing little opportunity to beat out its peers.