Check out the companies making headlines before the bell:
Snap – CEO Evan Spiegel told employees the company is focused on achieving profitability in 2019, according to a memo sent to employees seen by CNBC. The memo also outlined other problems with the company’s app and apologized for its redesign, which Spiegel said was “rushed.”
Tesla – CEO Elon Musk mocked the Securities and Exchange Commission (SEC) in a tweet, calling the agency the “Shortseller Enrichment Commission.” Musk reached an agreement with the SEC on Saturday to settle fraud charges. That agreement is pending approval from a federal judge.
Facebook – The tech giant said it “made mistakes” after top executive Joel Kaplan was seen attending Judge Brett Kavanaugh’s congressional hearing. Facebook employees saw it as a sign Kaplan was supporting Judge Kavanaugh and raised concerns with CEO Mark Zuckerberg last Friday.
Apple – The company strongly disputed a Bloomberg BusinessWeek report that suggested Chinese chips were planted in some of Apple’s servers. Read Apple’s response here.
Lenovo – Shares of the computer maker fell following the Chinese spy chip report, as many Chinese tech stocks struggled in Asian trading hours.
Unilever – The consumer goods company withdrew support for a move to Netherlands, facing growing opposition from U.K. shareholders. The move would have seen Unilever kicked off the benchmark FTSE 100 index.
Volvo – The Swedish autos giant installed 15,000 solar panels at a factory in Belgium. Volvo aims to make its global manufacturing operations to be carbon neutral by 2025.
Costco – Costco reported fourth-quarter earnings of $2.36 a share, in line with Wall Street expectations, but said it expects to report “material weakness in internal control.” That weakness will be turned around before the end of fiscal year 2019, the company said.
HP Inc. – J.P. Morgan downgraded shares of the software company to “neutral” from “overweight.” The firm said HP is facing “component cost shortages and possible tariff headwinds.”
Nike, Electronic Arts – Both companies, sponsors of soccer superstar Cristiano Ronaldo, stated concern about rape allegations against the athlete. Ronaldo on Tuesday denied the allegations from a woman who sued him in a Nevada court.
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