Wall Street futures point higher and before the bell, drugs giant Pfizer Inc (NYSE:PFE) is a stock in focus as it becomes the latest company to go head-to-head with President Trump in a row.
The president took to Twitter to criticise the firm for recently increasing the prices of many of its prescription drugs.
It comes after a report in UK newspaper the Financial Times that revealed that Pfizer had raised list prices for 100 products earlier this month (July).
Pfizer & others should be ashamed that they have raised drug prices for no reason. They are merely taking advantage of the poor & others unable to defend themselves, while at the same time giving bargain basement prices to other countries in Europe & elsewhere. We will respond!
— Donald J. Trump (@realDonaldTrump) 9 July 2018
It comes weeks after Trump promised large price reductions, and marking the second such increase this year for Pfizer.
Pfizer shares gained 0.054% in pre-market deals Tuesday to stand at US$37.18 each. Shares initially fell yesterday afternoon after the tweet.
Meanwhile, PepsiCo Inc (NASDAQ:PEP) shares added 2.08% to US$110 before the New York bell after its second quarter results beat estimates.
Earnings per share (EPS) came in at US$1.61 against consensus estimates of US$1.52 per share, while revenue was US$16.09bn versus US$16.04bn, which was forecast.
The company put the result down to its Frito Lay snack business, which includes brands like Doritos and Tostitos, and which grew 4%.
Also in pre-market, Lowe's Companies Inc (NYSE:LOW), the home improvemnts firm, saw shares lose 0.041% to US$96.92 after it shuffled its leadership to simplify roles and to bid for improved operations.
The firm is getting rid of the roles of chief operating officer, chief customer officer, corporate administration executive and chief development officer.
"We have taken a fresh look at our organizational structure and are realigning our leadership team," said Marvin Ellison, who took charge as chief executive just last week.
Also today, J M Smucker Co (NYSE:SJM) shares were unchanged at US$110.91 in pre-market, after it said it would sell its US baking business, which includes brands such as Pillsbury and Martha White to private equity firm Brynwood Partners for US$375mln.
The deal includes a manufacturing facility in Toledo, Ohio, but does not include the baking business in Canada.