Check out the companies making headlines before the bell:
(TME) – Tencent Music is part of a consortium in Universal Music Group from French media conglomerate Vivendi. Universal Music counts Taylor Swift and Lady Gaga among its artists. The deal values Universal Music at about $34 billion.
(BA) – Boeing and Turkish Airlines reached a compensation deal for losses caused by the grounding of Boeing’s 737 Max jet. The airline did not specify how much it received, but reports in a Turkish newspaper put the amount at $225 million.
(UBER) – The ride-hailing company and food-delivery service Postmates over a new law that could force the companies to treat their workers as employees rather than independent contractors. The law is set to take effect Wednesday.
(JPM) – The bank is seeking 100% ownership of its futures joint venture in China, according to a Bloomberg report.
(NIO) – Nio is up for a second day, after a Monday surge. The China-based electric car maker saw its stock jump after posting a smaller-than-expected loss and better-than-expected revenue and vehicle deliveries, despite a reduction in China electric vehicle subsidies.
(CLB) – The company cut its fourth-quarter earnings guidance to 37 cents to 38 cents per share from the prior 44 cents to 45 cents. It also said it would slash its quarterly dividend to 25 cents per share from 55 cents a share. The provider of services for the crude oil industry cited challenges in the land-based U.S. oil market, among other factors.
(SINA) – Sina announced a new $500 million share repurchase program. A prior $500 million repurchase program by the China-based online media company expires today.
(OXY) – Occidental sold a variety of assets including the former Anadarko Petroleum headquarters and a former ConocoPhillips campus to (HHC) for $565 million.