Check out the companies making headlines before the bell:
Dave & Buster’s Entertainment – Dave & Buster’s reported quarterly profit of $1.13 per share, missing consensus estimates by a penny a share. The restaurant chain’s revenue also fell short of forecasts, as comparable sales declined by 0.3%. The company also lowered its full-year forecast.
Raytheon, United Technologies – The merger deal between the defense contractors is opposed by activist investor William Ackman, who owns a significant position in United Technologies. Ackman wants the company to call off the deal, according to a letter sent to CEO Greg Hayes and seen by The Wall Street Journal. Ackman said the deal makes no strategic sense.
Medidata Solutions – The medical cloud software company agreed to be acquired by French software maker Dassault Systems for $5.8 billion in cash or $92.25 per share. Medidata had closed Tuesday at $94.75.
PepsiCo – PepsiCo executive Laxman Narasimhan was named the new chief executive officer at British consumer products giant Beckitt Renckiser. Narasimhan is PepsiCo’s global chief commercial officer, and will become CEO at Reckitt on September 1.
Qualcomm – Qualcomm is running into opposition, as attempts to put an antitrust decision against the chipmaker on hold while it pursues an appeal. Both the Federal Trade Commission and Korea’s LG Electronics registered their opposition, with LG saying it was worried it might be forced into signing what it calls another unfair patent licensing agreement.
Mattel – The toy maker rejected a second takeover offer from Bratz doll maker MGA Entertainment, according to emails that MGA CEO Isaac Larian shared with Reuters. Mattel’s chief legal officer told Larian that the company’s board felt that the latest proposal was not in the best interests of Mattel and its shareholders. MGA had first approached Mattel about a takeover in April 2018.
Tesla – CEO Elon Musk told the automaker’s annual shareholder meeting that the company had a “decent shot” at a record quarter, as he sought to allay concerns about demand for Tesla’s electric vehicles.
Marsh & McLennan – Marsh & McLennan was downgraded the “market perform” from “outperform” at Keefe Bruyette & Woods, with the firm citing valuation for its call on the insurer’s stock.
Brinker International – The restaurant operator was upgraded to “outperform” from “market perform” at Telsey Advisory Group. Telsey points to potential upside from the Chili’s parent from its partnership with restaurant delivery service DoorDash.