Check out the companies making headlines before the bell:
Bank of America – Bank of America reported quarterly profit of 56 cents per share, 5 cents a share above estimates. Revenue was slightly above forecasts, as well. Results were helped by a 27% increase in investment banking fees and strong growth in consumer banking.
Bank of New York Mellon – The bank reported quarterly profit of $1.07 per share, beating the consensus estimate of 99 cents a share. Revenue came in below forecasts, however, as net interest revenue fell 18% from a year ago.
Achillion Pharmaceuticals – Achillion will be acquired by Alexion Pharmaceuticals for an initial $930 million or $6.30 per share. Achillion shareholders will also receive contingent value rights that could be worth up to an addition $2 per share depending on the achievement of certain milestones.
United Airlines – United reported adjusted quarterly profit of $4.07 per share, 10 cents a share above estimates. Revenue was essentially in line with expectations. The airline also raised its full-year outlook thanks to a surge in passenger bookings.
Interactive Brokers – Interactive Brokers missed estimates by 4 cents a share, with quarterly earnings of 45 cents per share. The electronic brokerage firm’s revenue fell short of estimates, as well, despite a 12% year-over-year increase in commissions.
Eaton Corp. – Eaton sold its lighting business, Cooper Lighting Solutions, to Dutch lighting company Signify for $1.4 billion. The power management company’s sale follows a review of alternatives to maximize shareholder value.
Tech Data Corp. – Tech Data has reportedly been approached by private-equity firm Apollo Global about a possible buyout. Apollo is offering close to $5 billion for the information technology equipment distributor, according to Reuters.
McKesson, AmerisourceBergen, Cardinal Health – The three drug distributors are said to be in talks to settle opioid-related lawsuits for $18 billion, according to The Wall Street Journal, quoting people familiar with the discussions.
Sleep Number – Sleep Number reported quarterly profit of 94 cents per share, 15 cents a share above estimates. The mattress retailer also reporting better-than-expected revenue. The company said a double-digit increase in sales is being driven in part by demand for its Sleep Number 360 smart bed.
JB Hunt Transport – JB Hunt Transport came in 5 cents a share below estimates, with quarterly earnings of $1.40 per share. The transportation services company’s revenue came in slightly above Street forecasts. Results were pressured by losses in the company’s integrated capacity solutions segment.
US Bancorp – The bank beat estimates by 4 cents a share, with quarterly earnings of $1.15 per share. Revenue also came in above Wall Street forecasts. Like PNC, US Bancorp was aided by loan growth.