Early Movers: TOL, GRMN, NTSP & More
Senior Producer, CNBC
Check out which companies are making headlines before the bell on Wednesday:
Garmin - The maker of GPS products earned $0.68 per share for the fourth quarter, short of estimates of $0.73. Revenue was also light, as is its forecast for 2013. The company said business trends decelerated during the fourth quarter, and that it's working to offset secular declines in the personal navigation device industry.
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Boeing - Boeing's engineers have accepted a proposed new contract, while its technical workers have rejected the latest proposed pact. Separately, Reuters reports that the jetmaker has identified a fix for the battery problems that have grounded its 787 Dreamliner.
Dell - Dell reported fourth-quarter profit of $0.40 per share, one cent above estimates, with revenue also beating consensus. Most of the attention on Dell, however, remains focused on the attempt by CEO Michael Dell — along with Microsoft and Silver Lake Partners — to buy the company for $13.65 per share.
Bank of America - CEO Brian Moynihan earned $12.1 million in 2012, up 73 percent from the prior year, due to increased stock awards. His salary was $950,000 with no cash bonus, with an increase to $1.5 million for 2013.
Apple - The company may lose its case against investor David Einhorn, though a judge did not make an immediate ruling on Einhorn's attempt to halt a vote on a new procedure for issuing preferred stock shares. He did say he is likely to rule in Einhorn's favor when the ruling is handed down.
Starwood Hotels - Jefferies is downgrading the stock to "hold" from "buy," saying it likes management's current strategy, but noting that the benefits from that strategy are already reflected in the stock's price.
Staples - Citi has upgraded the office supplies retailer to "neutral" from "sell" on the possibility of industry consolidation.
Analog Devices - Analog earned $0.44 per share, excluding certain items, for its fiscal first quarter, one cent below estimates, with revenue also falling short. The chipmaker continued to see weaker demand, especially in its automotive business. It raised its quarterly dividend to $0.34 per share from $0.30.
Demand Media - The company is looking into the possibility of splitting its domain name service from its media business. Demand Media is examining a tax-free distribution of new publicly traded stock, with a nine to 12 month timeline.
Millennial Media - Millenial is under pressure after saying it expects first quarter revenue of $48 million to $50 million, well below estimates of $56.2 million. Its fourth-quarter revenue also came in below expectations. Millennial Media is the largest independent mobile advertising firm.
Michael Kors - Founder Michael Kors is selling three million of his shares in the company as part of a 25 million share secondary offering. This comes following an all-time high for the stock and an increase in the fashion house's full-year sales and profit forecast last week.
Herbalife - Herbalife is raising its 2013 forecast after reporting fourth-quarter profit and revenue that beat estimates. The provider of nutrition products is at the center of a battle between investor Bill Ackman, who has a large short position and calls the company a "pyramid scheme," and Carl Icahn, who has taken a 13 percent stake. Herbalife also said the U.S. Securities and Exchange Commission has requested information regarding the company's business and financial operations.
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Marriott - Marriott earned $0.56 per share for the fourth quarter, one cent above estimates, with revenue also above consensus. The hotel chain was helped by higher rates and an increase in international bookings.
La-Z-Boy - La-Z-Boy reported fiscal third quarter profit of $0.28 per share, five cents above estimates, with revenue also above Street expectations. The recliner maker saw increased sales, and its retail segment returned to profitability.
(Read More: See CNBC's Market Insider Blog)
—By CNBC's Peter Schacknow
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