Check out the companies making headlines before the bell rings Skyworks Solutions — The maker of high-performance analog and mixed-signal semiconductors rose 19% after striking a deal to acquire rival Qorvo in stock and cash, which soared 17%. The combined company will be valued at approximately $22 billion. Qorvo shareholders will receive $32.50 in cash and 0.960 shares of Skyworks common stock for each Qorvo share they own, meaning Skyworks shareholders will control approximately 63% of the new company and Qorvo shareholders will control the remainder. PayPal Holdings — The payments provider soared 12% after its third-quarter earnings of $1.34 per share beat Wall Street’s consensus estimate of $1.20, based on a FactSet analyst survey, and it initiated a quarterly dividend of 14 cents per share. CORNING — The fiber-optic cable maker fell about 6% after its adjusted third-quarter results and fourth-quarter outlook beat Wall Street expectations. Core operating margin was 19.6%, below the Street estimate of 20.1%, operating cash flow was $784 million, below analysts’ expectations of $1.07 billion, and free cash flow was $535 million, below expectations of $706.5 million, according to a FactSet Street account. Wayfair — The online home goods retailer soared 11% after reporting better-than-expected third-quarter profits, with Wayfair’s adjusted earnings of 70 cents per share on revenue of $3.12 billion. Analysts polled by LSEG had expected earnings of 43 cents per share and $3.02 billion. UPS — The delivery company soared 10% after posting better-than-expected third-quarter revenue of $21.4 billion (versus Street estimates of $20.83 billion) and adjusted earnings per share of $1.74 (versus consensus estimates of $1.24). The fourth quarter earnings outlook also exceeded street expectations. F5 — The multicloud application security and delivery solutions provider fell 9% after disclosing that its BIG-IP product line recently suffered a security incident. Third quarter sales exceeded expectations at $810 million. Rambus — The semiconductor maker’s third-quarter earnings fell 15% to 44 cents a share, down from 45 cents a share a year earlier. Revenues were $178.5 million, up from $145.5 million in the same period last year. Lambus stock has more than doubled in the past six months, and is up almost 80% in the past three months alone leading up to the report’s release. Sysco — The food distributor fell 4% after first-quarter results disappointed investors. Sysco earned $1.15 per share, excluding certain items, on revenue of $21.1 billion. Analysts polled by FactSet had expected sales of $21.08 billion and earnings of $1.12 per share. Sherwin-Williams — Shares rose 5.6% after the paints and coatings company reported better-than-expected revenue and bottom line results. Sherwin-Williams had third-quarter adjusted earnings of $3.59 per share on revenue of $6.36 billion. Analysts polled by FactSet had expected earnings of $3.44 per share and revenue of $6.2 billion. Waste Management — Shares fell nearly 4% after disappointing third-quarter results. The company’s earnings, excluding certain items, were $1.98 per share on revenue of $6.44 billion. Analysts had expected sales of $6.5 billion and earnings of $2.02 per share. UnitedHealth — The health insurance company rose more than 3% after reporting better-than-expected third-quarter results. The company’s adjusted earnings per share were $2.92 on $113.2 billion. Analyst estimates compiled by LSEG were for sales of $113.06 billion and earnings per share of $2.79. Amazon – Shares rose after the company announced it would lay off about 14,000 employees. DR Horton — This homebuilder fell 5% due to poor results. Horton’s fourth-quarter earnings per share were $3.04, about 7% below analysts’ expectations. Royal Caribbean — Shares fell 7.6% after the cruise line’s third-quarter revenue fell short of expectations and its full-year profit outlook was weaker than Street expectations. Royal Caribbean’s latest quarterly revenue totaled $5.14 billion, compared to the FactSet consensus estimate of $5.17 billion. RCL’s full-year earnings forecast was $15.58 and $15.63 per share, below analysts’ expectations of $15.70 per share. Rival cruise company Carnival Corporation followed suit, falling more than 4%. — CNBC’s Alex Harring, Fred Imbert, Sarah Ming, Michelle Fox Theobald and Scott Schnipper contributed reporting
Skyworks, Qorvo, Wayfair, UPS, etc.
