Early Movers: PEP, SODA, CIEN, VZ, COST & More
Check out which companies are making headlines before the bell on Thursday:
J.M. Smucker —The food producer earned $1.29 per share, excluding certain items, for its fourth quarter — which beat estimates of $1.16. Smucker was helped by lower commodity costs, especially in its coffee business.
Ciena — The networking equipment maker earned two cents per share for its second quarter, surprising analysts who had expected a loss. The results were helped by better profit margins.
Verifone — The maker of credit card swipe machines reported fiscal second quarter profit of 42 cents per share, excluding certain items, five cents below estimates. Revenues were also on the light side, and Verifone's current quarter EPS outlook of 20 cents per share is well below estimates of 50 cents. Verifone's sales have been hurt by a slow spending environment for its customers.
Las Vegas Sands —The company has announced a $2 billion stock buyback program. Chairman/CEO Sheldon Adelson points to the company's strong financial performance and better cash flows as a key reason, as the casino operator moves to return more money to shareholders.
Verizon — Verizon customers have had their phone records collected by the U.S. National Security Agency, according to a report published by the Guardian Newspaper. A court order allowing the move is said to have come at the request of the FBI.
NYSE Euronext —NYSE Euronext experienced an early trading glitch which caused exchanges in Paris, Lisbon, Brussels, and Amsterdam to open late. Trading has now returned to normal, according to an NYSE Euronext spokeswoman.
Apple — Apple will sell ads on its not-yet-announced music streaming service, according to a Reuters report. It's widely expected that the so-called "iRadio" service will be announced by Apple at its developers conference next week.
Costco — Costco reported a same-store sales increase of 5 percent for May, short of analyst estimates of a 5.5 percent increase.
Barnes & Noble — Janney Montgomery Scott downgraded the bookstore operator's stock to "neutral" from "buy".
Media General — Media General and privately held Young Broadcasting will combine in an all-stock merger transaction.
Tenet Healthcare —Deutsche Bank upgraded the stock to "buy" from "hold", citing a "very good" risk/reward profiile for the hospital chain operator.
(Read More: See CNBC's Market Insider Blog)
—By CNBC's Peter Schacknow
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