Check out which companies are making headlines before the bell:
Rite Aid—The drug store chain reported adjusted quarterly profit of 4 cents per share, 1 cent above estimates, with revenue essentially in line. Rite Aid saw a same-store sales increase of 2.9 percent during the quarter, missing estimates.
Southwest Airlines—Barclays downgraded the airline's stock to "underweight" from "overweight," saying the stock is now trading at too large a premium to its peers.
Colgate Palmolive—Canaccord upgraded the consumer products company's shares to "hold" from "sell," after a pullback from its March highs. The firm said China-related issues have been resolved and that Colgate is now attractive as a defensive play.
Hyatt Hotels—Brean Capital began coverage on the hotel chain with a "buy" rating," citing growth prospects for a well-known brand name.
Berkshire Hathaway—The company exercised a warrant to buy additional shares in food maker Heinz, making Berkshire the majority shareholder in that company.
Novartis—The drug maker said it expects increasing profit margins this year, as it cuts costs and revamps its drug portfolio.
Oracle—Oracle reported adjusted quarterly profit of 78 cents per share, 8 cents below Street forecasts. Revenue also missed estimates, with the software maker hurt by a stronger dollar. It did, however, see sales growth in its cloud-based offerings.
Jabil Circuit—Jabil earned an adjusted 49 cents per share for its latest quarter, matching estimates, but the electronics maker's sales fell below forecasts as did its current quarter and full-year earnings forecast. The company said it is continuing to invest in future growth despite a challenging macroeconomic environment.
Pier 1 Imports—Pier 1 matched analyst estimates with quarterly profit of 8 cents per share, but revenue was slightly below Street forecasts. The home goods retailer saw expenses rise due in part to revamping efforts, although the home goods retailer said sales momentum was increasing as the quarter was ending, with May same-store sales up 4 percent.
Bankrate—Bankrate earned an adjusted 19 cents per share for its latest quarter, missing estimates by 1 cent, and its revenues fell short of forecasts as well. It also issued a weaker than expected outlook for the current quarter and the full year. The financial information provider also reduced earnings for several prior years after conducting an internal review.
Fitbit—Fitbit will begin trading on the New York Stock Exchange today after pricing its initial public offering at $20 per share, above the expected range. The offering raised $731.5 million and values the fitness device maker at approximately $4.1 billion.
Apple—Apple is generating sizable profits from sales of Apple Watch bands, according to data seen by Reuters. Many buyers of the watch are buying more than one band, according to data provided by research firm Slice Intelligence.
Spectrum Brands—Spectrum is the target of a government lawsuit, accused of failing to report a safety hazard in a timely manner. The case involves the plastic handles on coffee carafes included with certain Black & Decker SpaceMaker coffee pots, which can detach suddenly and pose a burn hazard.
Verizon—Verizon will be the subject of a New York City audit report to be released today, according to Dow Jones, which will accuse the carrier of failing to meet obligations under a 2008 franchise agreement involving the company's FiOS TV service.