Check out the companies making headlines before the bell. Wyndham Hotels & Resorts, Choice Hotels – Choice Hotels fell 2.3% after the hotel chain proposed buying Wyndham Hotels & Resorts for $90 a share, valuing Wyndham at about $7.8 billion. Wyndham shares rose 15% on news of the offer. Bank of America – The bank rose 1% premarket after third-quarter results beat Wall Street expectations. Charlotte, North Carolina-based BofA reported earnings per share of 90 cents on revenue of $25.32 billion. Analysts polled by LSEG, formerly Refinitiv, expected a profit of 82 cents on revenue of $25.14 billion. Bank of America also reiterated its full-year net interest income guidance. Dollar Tree – Shares of the discount retailer rose more than 2% after Goldman Sachs upgraded the stock to neutral. The investment bank sees strong earnings growth potential and is enthusiastic about DLTR’s compelling valuation. Ollie’s Bargain Outlet, also upgraded to buy at Goldman, rose 2.4% on light volume. Bank of New York Mellon – Shares rose 1.1% before the bell on Tuesday after the trust bank beat Wall Street expectations in the third quarter. Bank of New York Mellon earned $1.22 per share on revenue of $4.37 billion in the quarter, beating analyst estimates in both divisions. LSEG consensus estimates were for earnings per share of $1.15 and revenue of $4.33 billion. Johnson & Johnson – Shares of the multinational drug and medical device maker rose nearly 2% after third-quarter profit and sales beat analysts’ estimates. J&J reported adjusted earnings per share of $2.66 on revenue of $21.35 billion, while analysts surveyed by LSEG forecast adjusted earnings of $2.52 billion and $21.04 billion, respectively . Fortrea Holdings – Shares of the contract research firm rose more than 6% before the stock market opened after the Wall Street Journal reported that activist investor Starboard Value had built a stake of more than 5% in the company. Lockheed Martin – The defense stock fell more than 1.5% after reporting a 2% rise in quarterly revenue but a decline in profit as margins fell in three of its four divisions. Lockheed Martin reported earnings of $6.73 per share, beating expectations of $6.67 per share, according to LSEG estimates. Revenue came in at $16.88 billion, beating analysts’ average estimate of $16.74 billion. — CNBC’s Jesse Pound, Michelle Fox Theobald and Brian Evans contributed reporting.
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October 19, 2023