Check out the companies making headlines before the bell:
BlackRock – BlackRock bought a majority stake in Authentic Brands, the owner of well-known brands like Sports Illustrated, Nine West, and Aeropostale. The asset management firm did not disclose financial details, but The Wall Street Journal reports the stake is worth about $875 million and values the company at more than $4 billion.
Cloudera – The cloud data company announced a voting and standstill agreement with investor Carl Icahn, who disclosed an 18% stake in Cloudera earlier this month. Two Icahn employees have been appointed to the board of directors, with Icahn agreeing not to seek further board representation and limiting his ownership stake to no more than 20 percent.
Capri Holdings – Versace, a unit of the Michael Kors owner, issued an apology following widespread criticism in China of one of its t-shirts. The shirt identified Hong Kong and Macau, which are Chinese territories, as countries.
Tyson Foods – Tyson said about 3,800 workers at a Kansas meat processing plant will be out of work following a Friday night fire that caused significant damage. The company added that it will provide the workers with some guaranteed pay. It is not known how long the plant will be closed.
Novartis – The Swiss drugmaker is expecting faster approvals in China for its new drugs and plans to submit 50 new drug applications in China by 2023, according to a report in the Financial Times.
Anheuser-Busch InBev – The beer brewer is rolling out a new alcoholic seltzer aimed at college-age drinkers of its Natural Light beer brand.
ABB – ABB’s shares are jumping after the Swiss engineering company named Bjorn Rosengren as its new chief executive officer, effective in March. ABB’s previous CEO left in April and the company is been overhauling in the process of overhauling its operations.
Humana – Cantor Fitzgerald upgraded the health insurer to “overweight” from “neutral,” noting strong second quarter results, growth in Humana’s Medicare Advantage business, and effective cost management.
Occidental Petroleum – Evercore rates the energy producer “in-line” in resumed coverage, compared to its most recent rating of “outperform.” The firm said the acquisition of Anadarko Petroleum makes Occidental larger, but significantly less valuable.
Rite Aid – The drug store chain appointed Heyward Donigan as its new chief executive officer. He replaces John Standley, who announced in March that he would depart when a successor was found.