Everything you need to know before the market's opening

Walgreens stock plunges after drugstore chain slashes quarterly dividend nearly in half

Shares of Walgreens fell after the company reported fiscal first-quarter adjusted earnings and revenue that topped expectations, but cut its quarterly dividend nearly in half.
The retail pharmacy giant slashed its dividend to 25 cents per share from 48 cents per share to “strengthen its long-term balance sheet and cash position,” according to CEO Tim Wentworth.
Walgreens reiterated its fiscal 2024 adjusted earnings guidance of $3.20 to $3.50 per share.

Mobileye shares plunged as much as 25% Thursday after the company warned that customer order numbers would fall short of the year-ago quarter.
Mobileye is majority owned by Intel and develops autonomous driving technology for major automakers.
Customers stocked up on chips after global supply chain issues, per the company, and are now opting to work through excess inventory.

ESPN and the NCAA have signed a new media rights agreement that runs from 2024 to 2032.
The deal is roughly triple the value of the current deal.
The agreement will provide more exposure and revenue to women’s sports.

Ford Motor reported sales of nearly 2 million vehicles in 2023, a 7.1% increase from the previous year.
But its sales increase is lower than the overall industry’s growth.
Ford’s F-Series continued to top the charts as America’s best-selling vehicle.