Check out the companies making headlines before the bell:
Activision Blizzard – The video game producer is firing Chief Financial Officer Spencer Neumann for cause “unrelated to the company’s financial reporting,” according to a Securities and Exchange Commission (SEC) filing. The Wall Street Journal reports that Neumann will be named as the new Netflix CFO as early as this week, quoting a personal familiar with the matter.
Alphabet – Alphabet’s Google unit has won Federal Communications Commission (FCC) approval for its new radar-based motion sensing device. Google was granted a waiver to operate the sensors at a higher power than is currently allowed under FCC rules.
Amazon.com – Evercore lowered its price target on Amazon shares to $1,800 from $1,990 per share amid lowered e-commerce and advertising revenue estimates for 2019. Evercore still rates Amazon “outperform,” however.
Comcast, Altice USA, AT&T – In a new report on the cable industry, JPMorgan Chase rates these stocks as “top picks” in the sector. The firm said NBCUniversal and CNBC parent Comcast is undervalued based on its free cash flow, and that it expects “solid results” from AT&T. JPMorgan calls Altice “very compelling” given the strength at its cable peers.
Hertz Global – Hertz agreed to pay a $16 million fine to settle an accounting case, according to an SEC filing. The car rental company had been accused of materially misstating pretax income due to accounting errors, although Hertz did not admit or deny the accusations in agreeing to the settlement.
Nokia, Ericsson – The two companies have struggled to capitalize on the issues facing Chinese telecommunications rival Huawei, according to a story in today’s Wall Street Journal. European wireless providers tell the paper that the two companies have been slow to release telecommunications equipment that is as advanced as Huawei’s offerings.
Bausch Health – Bausch was upgraded to “overweight” from “neutral” at Piper Jaffray, which said the drugmaker is exhibiting earnings stability as well as the potential for long term growth. Bausch is the company formerly known as Valeant Pharmaceuticals.
Wells Fargo – Wells Fargo was upgraded to “sector perform” from “underperform” at RBC Capital Markets, which cited valuation. The bank’s shares fell about 25 percent in 2018.
Sirius XM Holdings – The stock was upgraded to “overweight” from “neutral” at JPMorgan Chase, which sees a buying opportunity in the satellite radio operator’s shares after a recent pullback.