Early Movers: DE, BA, GOOG & More
Check out which companies are making headlines before the bell on Wednesday:
Deere —The heavy equipment maker reported quarterly profit of $2.76 per share, four cents higher than estimates, with revenues also beating consensus. The company cited positive conditions in the global farm economy as well as good execution, yet did give a more cautious outlook for the second half of the year.
Agilent Technologies — The testing equipment maker reported fiscal second quarter profits of $0.77 per share, ten cents above estimates. However, the company's current quarter outlook of $0.60 -$0.64 per share falls below consensus estimates of $0.73. Agilent is also unveiling a restructuring plan that will include a two percent reduction in its global workforce.
Safeway — Safeway has increased its quarterly dividend by 14 percent, raising it to $0.20 per share. The grocery chain's increased payout will be paid to shareholders on July 11. Separately, Goldman Sachs re-instituted coverage on the stock with a "sell" rating, saying both secular and cyclical headwinds will pressure results despite Safeway's focus on improving its competitive position.
Eastman Chemical — Eastman has named executive vice president Mark Costa as its next CEO. He'll replace the retiring James Rogers on January 1, 2014. Rogers will remain on board as chairman.
Google — Google is set to launch a Spotify-style music service, according to the Wall Street Journal. Google could announce the new service at its annual conference for software developers scheduled for today.
Boeing — Boeing will complete fixing the battery systems on all of its 787 Dreamliner aircraft by the end of May, according to company vice president Dinesh Keskar.
Gap — Citi upgraded the retailer's stock to "buy" from "neutral", citing better merchandise and an improved economy, among other factors.
BlackBerry — Bernstein downgraded the stock to "market perform" from "outperform", saying the handset maker's shares now reflect the impact of its new platform launch after a 135 percent run-up.
Clorox — The household products maker's stock has been downgraded to "neutral" from "outperform" at Credit Suisse, which cites limited upside following a jump of 20 percent so far this year.
Northrop Grumman — The defense contractor raised its quarterly dividend by 10.9 percent to $0.61 per share.
(Read More: See CNBC's Market Insider Blog)
—By CNBC's Peter Schacknow
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