Early movers: FDX, MSFT, K, DD, BBBY, TWX, AVP & more

Traders work on the floor of the New York Stock Exchange.
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Traders work on the floor of the New York Stock Exchange.

Check out which companies are making headlines before the bell:

FedEx — European regulators have granted unconditional approval for FedEx's deal to acquire European delivery service TNT Express. U.S. regulators had granted approval back in November.

Cigna, Aetna — Jefferies upgraded Cigna to "buy" from "hold," saying investors can benefit from the health insurer's current risk/reward profile, and then roll their investment into Anthem when that company completes its $54 billion purchase of Cigna. At the same time, Jefferies cut Aetna to "hold" from "buy," citing pressure on Humana profit margins. Aetna is currently in the process of acquiring Humana in a $26 billion deal.

Microsoft — BMO rates Microsoft "outperform" in new coverage, saying it's among legacy companies giving the move to cloud-based services the proper urgency, and that it has advantages of scale over smaller, pure-play companies.

DuPont — The stock was upgraded to "outperform" from "market perform" at Bernstein, which said that although the structure of the merger between DuPont and Dow Chemical, could be better, it will still provide significant upside to both companies.

Kellogg — The cereal maker was upgraded to "outperform" from "underperform" at CLSA, saying Kellogg can grow earnings this year and next on bigger profit margins despite challenging conditions in the cereal market.

Boston Beer — Jefferies downgraded the maker of Sam Adams beer to "hold" from "buy," pointing to continued pressure in the beer market and shorter innovation cycles in lateral categories.

Urban Outfitters — The apparel retailer posted a two percent decline in comparable store sales for November and December. However, the parent of Urban Outfitters, Free People, and Anthropologie did make optimistic comments about the spring selling season, citing an improvement in inventory management.

The Container Store — The retailer posted a quarterly loss of four cents per share, surprising analysts who had expected a profit of five cents per share. Revenue was also below estimates, as was its 0.5 percent increase in same-store sales. The storage products seller also cut its forecast for the current year, as it invests in various ways to improve sales.

PriceSmart — PriceSmart reported quarterly earnings of 78 cents per share, missing estimates by five cents, with revenue also below forecasts. The warehouse club operator is seeing its results impacted by the devaluation of the Colombian peso, although its sales and profits are improving.

Bed Bath & Beyond — Bed Bath & Beyond earned $1.09 per share for its latest quarter, matching estimates, with the retailer's revenue also roughly in line. However, the home goods seller also gave current quarter earnings guidance below Street estimates, as it struggles with declining profit margins.

Gap — Gap reported a five percent drop in comparable-store sales for December, with numbers at Gap, Old Navy, and Banana Republic all lower for the month. That was a bigger drop than analysts had been predicting.

Time Warner — Time Warner extended the contract of Chief Executive Officer Jeff Bewkes by three years through 2020. Bewkes has served as CEO since 2008, and added the title of chairman a year later.

Avon Products — The cosmetics seller will cut an unspecified number of global technology jobs, after hiring Hewlett Packard Enterprise to oversee part of its technology functions.

Cirrus Logic — The chipmaker cut its revenue guidance for its December quarter, as demand for portable audio products weakened. Cirrus is among the key suppliers to Apple, with reports of slashed iPhone production weighing on shares of many Apple