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Applied Optoelectronics Inc. said Thursday that second-quarter profit and sales should exceed expectations, with the provider of fiber-optic access network products citing an improvement in manufacturing costs and expansion in capacity. The company expects adjusted earnings per share of $1.31 to $1.36, above the FactSet consensus of $1.15. Revenue is expected to be about $117.3 million, above its previous guidance of $106.0 million to $112.0 million. The stock was halted for news until 9:00 a.m. ET. It was down 0.3% just before the halt. The stock has more than tripled year to date through Wednesday, while the S&P 500 has gained 9.1%.

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Shares of PayPal Holdings Inc. were climbing 1.3% in premarket trade Thursday after the price target was raised to $70 from $54 at Monness, Crespi, Hardt. James Cakmak, the analyst on the note, says PayPal was already the firm’s “top idea” for 2017, followed by Alphabet Inc. , but that coming opportunities with PayPal’s Venmo and with partnerships caused him to become even more bullish. PayPal announced a partnership with Apple Inc. Wednesday, in which PayPal can be used to pay for items in Apple’s iTunes and other stores. This adds on to PayPal’s expansion across mobile, Cakmak says, which included a partnership with Android Pay in April, which he believes is set to grow internationally. PayPal is a few months away from launching its Pay with Venmo option for U.S. businesses and that should bring a “lucrative funding source” to boost PayPal’s margins. The offering could also grow with large businesses down the line. Additionally, Braintree, a payment platform and subsidiary of PayPal, appears poised for growth as it is partnered with Facebook Inc. , which may move deeper into social commerce as its works to have publishers pay to promote content on the platform. Cakmak reiterated his buy rating on the stock. Shares of PayPal have gained 33% in the past three months, outperforming the S&P 500 , which has gained 5%.

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Valeant Pharmaceuticals International Inc. said Thursday it is redeeming the roughly $500 million of outstanding 6.75% notes that mature in 2018 using cash on hand, as it continues to work to reduce its debt burden. The troubled drug company, which has come through an accounting scandal that led to the ouster of its CEO, said it has now reduced its debt by more than $4.8 billion since the first quarter of 2016, and is on track to meet its goal of paying down $5 billion in debt within 18 months of August 2016. The company has no major debt maturities and no mandatory amortization requirements through 2019, giving it needed breathing room. “We are confident we will not only meet, but also exceed our debt reduction commitment early,” Chief Executive Joseph Papa said in a statement. Valeant shares rose 1.7% premarket, and are now up 17% in 2017, while the S&P 500 has gained 9%.

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J.C. Penney Co. Inc. said Thursday that it will open toy shops in all of its bricks-and-mortar locations. The shops will be located next to the Disney Collection , and will feature dolls, board games and more from companies like Hasbro Inc. and Mattel Inc. . The company has doubled its online toy assortment in the last year, adding new categories like bicycles and outdoor trampolines, in order “to compete with pure e-commerce rivals,” the company said. The new toy shops are also an effort to “explore new merchandise categories and differentiate its business.” J.C. Penney shares are up 1.3% in premarket trading, but down 44.4% for the year so far. The S&P 500 index is up 9.1% for 2017 to date.

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Airbnb Inc. and Concur, a travel and expense management site for businesses, announced an expansion to their partnership Thursday that will allow Concur users to see Airbnb listings and book them within Concur. Concur is used by business travelers, so the partnership offers them an alternative to staying at hotels. The expanded partnership means that the travel itineraries and e-receipts from the Airbnbs automatically go through Concur. The number of business travelers who have expensed staying at an Airbnb has increased 33% year-over-year as of the second quarter of 2017, according to the press release. Concur is the only business online booking tool integrated with Airbnb listings.

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Payroll processing company Paychex Inc. said Thursday it is raising its quarterly dividend by 9% to 50 cents a share. The new payout will be made Aug. 24 to shareholders of record as of Aug. 1. Shares were not yet active premarket but are down 6% in 2017, while the S&P 500 has gained 9%.

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Shares of Snapchat parent Snap Inc. surged 3.0% in premarket trade Thursday, bouncing of the previous session’s lowest ever close, after the social media company was upgraded at Stifel Nicolaus, which said the recent sharp selloff has created a “compelling” risk-versus-reward opportunity. Analyst Scott Devitt raised his rating to buy from hold, and set a new price target of $22, which is 29% above Snap’s initial public offering price of $17 and 44% above Wednesday’s closing price of $15.24. Devitt said he believes investors may be overreacting the first-quarter revenue miss, concerns over the lock up expiration this month and worries that competition is increasing. “Contrary to current sentiment, we do not believe the wheels are falling off Snap’s user growth story,” Devitt wrote in a note to clients. He said that while competition from Facebook Inc.’s is a chief concern for investors, “recent app download trends appear healthy in key ad markets, leading us to believe near-term risks to revenue-generating [daily active users] may be overstated.” Stifel Financial was among the underwriters listed in Snap’s IPO filing, but was not one of the leads. On Tuesday, a lead underwriter, Morgan Stanley, downgraded Snap on reports ad products were not improving. The stock has plunged 38% since its first-day of trade on March 2, while the S&P 500 has gained 2.6%.

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Shares of Delta Air Lines Inc. slumped 1.8% in premarket trade Thursday, after the air carrier reported a second-quarter profit that missed expectations. The net profit for the quarter to June 30 fell to $1.22 billion, or $1.64 a share, from $1.55 billion, or $2.03 a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to $1.64, below the FactSet consensus of $1.66. Revenue rose 3% to $10.79 billion, just shy of the FactSet consensus of $10.82 bln. Domestic revenue rose 4.4% to $6.49 billion, while Atlantic revenue fell 0.6%, Pacific revenue dropped 12.9% and Latin America revenue grew 14.1%. Passenger unit revenue rose 2.5%, while operating margin was 18.4%. For the second quarter, Delta expects passenger unit revenue growth of 2.5% to 4.5% and operating margin of 18% to 20%. The stock has climbed 12.8% year to date through Wednesday, while the NYSE Arca Airline Index has gained 9.1% and the S&P 500 has advanced 9.1%.

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Luxury jewelry company Tiffany & Co. said Thursday it has named Alessandro Bogliolo as its new chief executive, effective Oct. 2. Bogliolo was most recently CEO of apparel and accessories company Diesel, and spent 16 years at Bulgari SpA, including in the roles of chief operating officer and executive vice president for jewelry, watches and accessories. Tiffany shares were not yet active premarket, but have gained 19% in 2017, while the S&P 500 has gained 9%.

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Shares of Target Corp. shot up 5.2% in premarket trade after the discount retail giant said it now expects a surprise “modest increase” in same-store sales for the fiscal second quarter, citing improved traffic and sales trends. The FactSet consensus was for a decline of 1.2%. The company said it now expects adjusted earnings per share “above the high end” of its previously provided guidance of 95 cents to $1.15, compared with the FactSet consensus of $1.06. Target said adjusted EPS are expected to include a tax benefit of 5 cents to 9 cents. “Following better-than-expected results in the first quarter, we’ve seen additional, broad-based improvement in traffic and category sales trends in the second quarter, despite continued challenges in the competitive environment,” said Chief Executive Brian Cornell. The stock has tumbled 29.6% year to date through Wednesday, while the SPDR S&P Retail ETF has lost 11.4% and the S&P 500 has climbed 9.1%.

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