Early movers: BUD, COTY, GPS, CUDA, IHG, WBA & more

Check out which companies are making headlines before the bell:

Anheuser-Busch InBev—Moody's assigned an A2 rating to the beer brewer's bonds, with a "positive" outlook, pointing to the company's wide brand portfolio and leading market position.

Coty—Wells Fargo downgraded Coty to "market perform" from "outperform," despite a positive view of Coty's purchase of Procter & Gamble's beauty products brands. Wells Fargo notes that the potential for the transaction—which had been rumored for weeks—has already been factored into Coty's share price.

Costco—Oppenheimer upgraded the warehouse retailer to "outperform" from "perform," saying current levels represent an attractive entry point given a potential rise in membership fees and the end of a recent increase in IT spending by the company.

LinkedIn—Mizuho began coverage on the business social network operator with a "buy" rating, calling it its top midcap stock pick. The firm said LinkedIn has morphed into a major media company providing professionals with valuable insights and tools.

JDS Uniphase—The network components maker expects the planned spinoff of its communications and commercial optical products business to be completed during the third quarter. The business will become a separate, publicly traded company called Lumentum Holdings.

Gap—The apparel retailer reported a 1 percent drop in June same-store sales, more than the Thomson Reuters estimate for a 0.5 percent drop. The company is in the process of overhauling its Gap brand, where same-store sales were down 5 percent. Banana Republic same-store sales rose 1 percent, while Old Navy also saw a one percent increase. UBS has now downgraded Gap to "neutral" from "buy," saying it doesn't see sustainable sales improvement until early in 2016.

Barracuda Networks—The cybersecurity and storage company beat estimates by 1 cent with adjusted quarterly profit of 9 cents per share, with revenue also above estimates. However, gross billings—a sign of future demand—were well below Street forecasts.

InterContinental Hotels—The hotel operator sold its Hong Kong operation to an investment consortium for $938 million and is considering returning some of those proceeds to shareholders.

Walgreens Boots Alliance—The drug store chain settled an improper billing case with New York State Attorney General Eric Schneiderman's office for $22.4 million.

United Continental—The airline is predicting that its second quarter profit margins will come in at the lower end of its earlier outlook, with a strong dollar hurting overseas traveler demand.

General Electric—GE will seek initial bids for its Japan leasing business in late August, according to a Bloomberg report. That unit has $4.1 billion in assets.

Facebook—Facebook is in the early stages of seeking music video licensing deals with record labels, according to The New York Times.

Zillow—Zillow announced the resignation of Chief Financial Officer Chad Cohen. He will leave the real estate website operator on August 7.

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