Judge Thad Balkman speaks at the conclusion of closing arguments in Oklahoma’s ongoing opioid drug lawsuit against Johnson & Johnson, Monday, July 15, 2019, in Norman, Okla.
Sue Ogrocki | AP
Check out the companies making headlines before the bell:
Food producer J.M. Smucker earned an adjusted $1.58 per share for its latest quarter, compared to a consensus estimate of $1.74. Revenue also fell short of forecasts, with the company pointing to lower prices for coffee and peanut butter as well as increased competition in the dog food category.
Johnson & Johnson was ordered to pay $572 million to the state of Oklahoma for its part in fueling the opioid crisis. J&J said it would appeal the decision, but the amount was far less than the $17 billion the stated had requested and also below what Wall Street analysts had been predicting. The decision is also helping boost other drugmakers which have manufactured opioids, including Teva Pharmaceutical, Endo International, and Mallinckrodt.
Comcast – Wells Fargo resumed coverage of the NBCUniversal parent with an “outperform” rating, saying the Comcast story is more multi-dimensional than its cable peers.
Drugmaker AstraZeneca was granted fast track approval status by the Food and Drug Administration, as it attempts to get the popular diabetes drug Farxiga approved for use in preventing heart and kidney failure for patients with chronic kidney disease.
Taiwan Semiconductor was sued by contract chipmaker GlobalFoundries for patent infringement. GlobalFoundries is seeking to stop Taiwan Semi’s customers – which include Apple – from importing affected products to the U.S. and Germany.
Papa John’s named Arby’s President Rob Lynch as its new president and chief executive officer. He replaces Steve Ritchie, who took over as CEO last year after founder John Schnatter stepped down amid controversy over comments involving the NFL’s national anthem controversy.
Amazon’s global treasurer Kurt Zumwalt has left the company after 15 years, according to people familiar with the matter who spoke to CNBC.
Facebook is developing a new messaging app called “Threads”, according to technology website The Verge. The app is designed to promote constant contact between users and their closest friends, and is seen as a threat to Snap’s Snapchat.
Farfetch – The online luxury fashion retailer issued a statement denying a New York Post report that said it was close to acquiring struggling clothing retailer Barneys New York.
Tencent Music Entertainment – The music service is under investigation by Chinese antitrust authorities, according to Bloomberg. The probe could end exclusive music licensing deals that the company had struck with the world’s biggest record labels.
Zynga – Wedbush added the mobile game maker’s stock to its “Best Ideas” list, saying that key titles and new releases could boost Wall Street’s expectations for the company through 2021.