Tiffany - Tiffany was approached by French luxury goods maker LVMH about a possible acquisition. LVMH did not give financial details about its bid, but multiple reports say it is an all-cash bid of about $120 per share. That would value Tiffany at about $14.5 billion and would be about 22% higher than Tiffany's Friday closing price.
Walgreens - The drug store operator beat estimates by 2 cents a share, with adjusted quarterly profit of $1.43 per share. Revenue also beat forecasts and Walgreens raised its cost-saving target to more than $1.8 billion by fiscal 2022 from a prior goal of more than $1.5 billion.
AT&T - AT&T reported adjusted quarterly profit of 94 cents per share, a penny a share above estimates. Revenue was slightly below Wall Street forecasts. AT&T also announced a 3-year outlook, foreseeing compounded annual revenue growth of 1% to 2%, targeting modest dividend increases, and paying off debt from the Time Warner acquisition by 2022. Activist investor Elliott Management expressed support for AT&T's announcement.
Restaurant Brands - The restaurant operator matched analysts' forecasts, with adjusted quarterly profit of 72 cents per share. Revenue missed forecasts, however, after the company's Tim Hortons chain reported a surprise drop in comparable sales, negating stronger performances at Burger King and Popeyes.
Spotify - The music streaming service reported an unexpected quarterly profit, with revenue also above analysts' forecasts on strong monthly active user and premium subscriber numbers. Separately, Chief Financial Officer Barry McCarthy will retire in January, after overseeing the company's 2018 direct listing.
Microsoft - Microsoft was awarded a $10 billion Pentagon cloud computing contract, beating out Amazon.com. Amazon is considering options for protesting the award, according to Reuters.
General Motors - GM workers have ratified a new four-year labor contract, ending a 40-day strike. The United Auto Workers union will use that contract as the basis for negotiations with Ford and Fiat Chrysler.
HSBC - HSBC cut its 2020 profit outlook after reporting earnings that were well below analysts' forecasts. The lender also said it would be undergoing a restructuring to revamp its banking business in the U.S., U.K., and Europe.
Liberty Property Trust - Liberty agreed to be bought by rival industrial real estate owner Prologis for an all-stock deal worth $12.6 billion.
Wells Fargo - Wells Fargo has laid off more than 200 business bankers in recent months, according to sources familiar with the matter who spoke to Reuters.
PG&E - California Gov. Gavin Newsom told Bloomberg he would like to see Warren Buffett's Berkshire Hathaway make a bid for the bankrupt utility. Berkshire's energy subsidiary already has a presence in California and elsewhere.
Adobe - Adobe said it became aware of a "vulnerability" in one of its prototype software environments late last week. The software company promptly shut down the affected areas, which it said contained email addresses but no passwords or financial information.
Estee Lauder - The cosmetics maker was downgraded to "neutral" from "overweight" at Piper Jaffray, which cited a survey that said female teens are wearing less makeup.
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