Early Movers: BIG, EMC, FB & More
Check out which companies are making headlines before the bell on Thursday:
Big Lots - The discount retailer matched estimates with earnings of $0.61 per share, excluding certain items, but its forecasts for the current quarter and full year are short of estimates. Big Lots sees second quarter same-store sales falling two to four percent compared to a year ago.
Facebook - The stock has been upgraded to "outperform" from "market perform" at BMO Capital, with the firm saying market sentiment about Facebook has grown overly negative. Jefferies has also upgraded Facebook to "buy" from "hold."
Clearwire - Dish Network increased its offer to buy the wireless service operator to $4.40 per share from $3.30 a share. That tops an offer by Sprint Nextel of $3.40 per share for Clearwire. This comes amid Dish's attempt to outbid Japan's Softbank as both vie to buy Sprint.
Costco Wholesale - The warehouse retailer reporting quarterly profit of $1.04 per share, one cent above estimates. However, revenue came in below consensus, as same-store sales rose five percent from a year earlier.
Alcoa - Alcoa's credit rating has been cut to junk levels by Moody's, which now rates the aluminum producer's date at Ba1 compared to the prior Baa3, with a stable outlook. Moody's points to weak prices and a highly competitive market.
Joy Global - The mining equipment maker reported fiscal second-quarter profit of $1.73 per share, excluding certain items, 17 cents a share above estimates, with revenue also topping forecasts. However, the company has cut its forecast for the full year, as its sales slide because of weaker customer cash flow.
Priceline.com - Priceline has authorized an additional $1 billion for its stock buyback program, with the travel website operator also planning a $1 billion sale of seven-year convertible bonds.
Royal Caribbean - The cruise line operator sees a $0.10 per share reduction in current quarter profits, due to the fire on its Grandeur of the Seas that cut a cruise short and will put the vessel out of service for six weeks for repairs.
O'Reilly Automotive - The auto parts seller has increased its share buyback authorization by $500 million to a total of $3.5 billion.
GlaxoSmithKline - The drug maker has received U.S. Food and Drug Administration approval for two advanced melanoma drugs.
First Solar - Goldman Sachs upgraded the solar equipment maker to "buy" from "neutral," pointing to strong cash flow and reasonable valuation.
Lockheed Martin, Northrop Grumman - Goldman Sachs has upgraded both stocks to "buy" and put Lockheed on its "Conviction Buy" list. Goldman sees a more favorable backdrop for the defense group after several years of challenging fundamentals.
Express Scripts - The retailer beat Street estimates by $0.02 a share with quarterly earnings of $0.38 per share. Revenue was also above estimates, and a current quarter earnings forecast of $0.17 to $0.21 per share tops current consensus of $0.14 a share.
(Read More: See CNBC's Market Insider Blog)
—By CNBC's Peter Schacknow
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