Check out the companies making headlines before the bell:
Anixter International – The networking equipment maker accepted a sweetened takeover bid worth $93.50 per share from private equity firm Clayton Dubilier & Rice. Bidding between Clayton Dubilier and industrial products distributor Wesco International has gone back and forth several times, following Clayton Dubilier’s original $82-per-share offer.
Ford – The automaker’s stock was downgraded to “underperform” from “in-line” at Evercore, which notes a significant valuation premium compared to General Motors and what it considers limited upside potential.
Boeing – Boeing lost out to Europe’s Airbus as the world’s largest jet-maker in 2019 for the first time since 2011. Airbus delivered 863 aircraft last year, more than industry watchers had expected.
Alphabet– A study found that an artificial intelligence system from Alphabet’s Google unit was as good as radiologists at detecting breast cancer, and also showed promise in reducing detection errors. The study was published in the scientific journal “Nature”.
HSBC – HSBC bank branches in Hong Kong were attacked and vandalized by protesters amid ongoing political turmoil. Hong Kong accounts for about half of the bank’s profits.
Tesla – Tesla plans to deliver the second batch of China-made Model 3 sedans from its new Shanghai factory on January 7, according to a Tesla representative quoted by Reuters. Separately, Canaccord Genuity raised its price target on the stock to $515 per share from $375, saying the electric vehicle revolution will gather more speed in 2020.
Tiffany – Berkshire Hathaway’s Warren Buffett declined the luxury goods maker’s invitation to counter LVMH’s takeover offer, according to a report in the Financial Times. Tiffany struck a deal in November to be bought by LVMH for $16.2 billion.
Fastly – Fastly was upgraded to “overweight” from “neutral” at Piper Jaffray, which cites valuation. Fastly, which specializes in online content delivery services, went public last May at $16 per share and closed Tuesday at $20.07.
PG&E – PG&E won a court ruling in a case versus the utility’s bondholders. A California bankruptcy court ruled the utility only needs to pay 2.59% interest while under bankruptcy protection. Bondholders argued they were owed accrued interest at the original contract rate of as much as 6.05%.
Wells Fargo – The bank was downgraded to “underperform” from “neutral” at RW Baird, which said that leadership under new CEO Charles Scharf may lower expectations and provide an extended timetable for improving operating leverage.