AutoNation (AN) – The auto retailer reported quarterly earnings of $4.83 per share, well above the $2.81 consensus estimate. Revenue was also above consensus, with same-store new car sales up 42% over a year ago and used car sales up 37%. AutoNation added 1.1% in premarket trading.
Cal-Maine Foods (CALM) – The nation’s largest egg producer posted an unexpected loss of 9 cents per share for its latest quarter after analysts had predicted an 18 cents per share profit. Revenue also fell short of forecasts, amid lower egg prices and a decline in egg volume.
Tractor Supply (TSCO) – The farm equipment and services company beat estimates by 23 cents with quarterly earnings of $3.19 per share, with revenue above analysts’ forecasts as well. Tractor Supply also raised its full-year outlook, but the stock fell 2.1% in the premarket.
Pershing Square Tontine Holdings (PSTH) – Pershing Square Tontine Holdings has dropped plans to buy 10% of Universal Music, after regulators and investors questioned the idea of buying a minority stake through a special purpose acquisition company. Instead, billionaire investor Bill Ackman plans to buy the stake through his Pershing Square hedge fund.
Zoom Video Communications (ZM) – Zoom will buy cloud-based call center operator Five9 (FIVN) for $14.7 billion in stock, representing Zoom’s largest-ever acquisition. Zoom fell 2.7% in premarket trading, while Five9 surged 7.4%.
National Grid (NGG) – National Grid will reportedly be stripped of its responsibility to run Britain’s electricity grid. The Times newspaper reports that British officials are preparing plans to award that responsibility to an independent body, with an announcement coming as early as this week.
Ingersoll-Rand (IR) – The industrial equipment and services company has been rebuffed in its bid to initiate takeover talks with manufacturing equipment maker SPX Flow (SPXC), according to people familiar with the matter who spoke to Reuters. The sources said the most recent per-share offer was in the low $80s, which SPX Flow is said to have dismissed as inadequate.
Johnson & Johnson (JNJ) – J&J is reportedly exploring a plan to offload talc-related liabilities into a new business that would then file for bankruptcy. People familiar with the matter who spoke to Reuters said such a move could result in lower payouts to those who do not settle their cases beforehand. J&J faces numerous allegations that its baby powder and other talc-related products have caused cancer.
Tesla (TSLA) – Tesla is offering customers of its “FSD” premium driver assistance service on a subscription basis for $199 per month, rather than for a $10,000 upfront payment. Tesla fell 1.6% in the premarket.
Autodesk (ADSK) – Autodesk has ended takeover talks with Australia-based software maker Altium. That comes several weeks after Altium rejected a more than $3.7 billion takeover offer from Autodesk.
Xpeng (XPEV) – The China-based electric vehicle maker priced the base model of its new P5 electric sedan at about $24,700, undercutting the price of Tesla’s newly introduced cheaper version of its Model 3 sedan. Xpeng lost 1.9% in the premarket.
AMC Networks (AMCX) – AMC will pay $200 million to end a legal dispute over profits from the hit TV show “The Walking Dead”. It will pay $143 million to settle the suit and will pay the remainder to buy the remaining rights to the show from executive producer Frank Darabont and Creative Artists Agency.
