Here are the companies in the spotlight before the bell: Estee Lauder — The cosmetic company saw a 15% surge in its stock after beating expectations with its latest results. In the second quarter, Estee Lauder reported adjusted earnings of 88 cents per share, surpassing the FactSet consensus estimate of 54 cents per share. Revenue of $4.28 billion exceeded the anticipated $4.19 billion. Catalent — The shares of contract drug manufacturer Catalent rose over 12% after agreeing to be acquired by Novo Holdings for $63.50 per share in an all-cash deal, valuing Catalent at $16.5 billion. The deal is expected to close in late 2024. Caterpillar — Shares of the heavy machinery maker jumped over 4% following its report of adjusted earnings per share of $5.23 for the fourth quarter, with revenue slightly below consensus at $17.07 billion. Air Products and Chemicals — Shares declined by 9% after the company reported disappointing quarterly results. The industrial gas supplier posted adjusted earnings of $2.82 per share in the first quarter, weaker than the expected $3.00 per share. Revenue of $3.00 billion also fell short of the $3.20 billion consensus estimate. GlobalFoundries — The stock slid about 2% after JPMorgan downgraded it to neutral from overweight, citing a “deeper cycle bottom” as manufacturing activity weakens. Nvidia — Shares in the chipmaker saw a 3% increase before the opening bell after Goldman Sachs raised its price target to $800, indicating 21% upside. The optimism stemmed from various data points in the broader eco-system indicating sustained strength in demand for accelerated computing ahead of its quarterly results on Feb. 21. Stellantis — Shares dropped 1.7% following reports that the French government is reviewing a potential merger between Stellantis and Renault to compete with German and Chinese automakers, as per Italian daily Il Messaggero citing financial sources. McDonald’s — Shares dipped slightly after the fast food chain posted mixed quarterly results. McDonald’s reported earnings of $2.95 per share, excluding items, on $6.41 billion in revenue, while analysts’ expectations were $2.82 per share on $6.45 billion in revenue. Elanco Animal Health — Shares rose 7% after Merck Animal Health announced plans to acquire Elanco’s aqua business in a $1.3 billion cash deal. Mattel — The toymaker’s shares declined by 2.9% after JPMorgan downgraded the stock to neutral from overweight, citing overblown expectations from the blockbuster Warner Bros. Discovery movie “Barbie.” The firm mentioned that weak 2023 holiday sales and rising freight costs would hinder the stock’s growth. — CNBC’s Brian Evans, Michelle Fox, Fred Imbert, Hakyung Kim and Pia Singh contributed reporting.
