Editor's Note: Story has been updated to remove that Softbank Group is the parent company of Samsung as was previously reported.
Samsung could be under pressure Monday after the company announced that it was temporarily halting the production of its popular Galaxy Note 7 phone due to multiple reports of the phone's battery spontaneously exploding. The halt in production follows the company's previous announcement that it would recall 2.5 million Note 7 phones. Meanwhile shares of Samsung rival and Action Alerts PLUS holding Apple (AAPL) were climbing premarket Monday on the news.
Embattled EpiPen maker Mylan (MYL) jumped nearly 12% premarket following its announcement that it reached a $465 million settlement with the U.S. Department of Justice over how the company charged Medicaid for its EpiPen allergy shot. There had been concerns that the penalty for the company could have reached 10 figures. As part of the settlement, Mylan admitted no wrogdoing while the agreement resolves "all potential rebate liability claims by federal and state governments."
Shares of manufacturing equipment maker Dover (DOV) were down nearly 8% premarket after the company cut its earnings and revenue outlook for the year due to weaker capital spending across oil and gas end markets. The company now expects to earn between $3.00 and $3.05 per share this year versus its previous forecast between $3.35 and $3.45 per share. Revenue for the year is expected to decline between 4% and 5% versus its previous estimated decline between 3% and 5%.
Finally, shares of Netflix (NFLX) were down more than 1% premarket after being initiated with a Sell rating and $90 downside price target by analysts at Deutsche Bank who said that a sale of the company is unlikely. The firm also believes that the market's expectations for the company through 2020 appear to be too high.
The futures are indicating a higher open for Wall Street, with politics high on traders' watch list.