Early Movers: FDX, ADBE DELL, BA, BBRY & More
Check out which companies are making headlines before the bell on Wednesday:
FedEx — The shipping giant earned $2.13 per share for its fourth quarter, excluding certain items, above estimates of $1.96. Revenue was essentially in line with analyst forecasts. CEO Fred Smith pointed to improved results in the quarter, while saying positive developments did not fully offset tepid economic growth.
Adobe Systems — The company reported fiscal second quarter profit of 36 cents per share, excluding certain items, three cents above estimates. The software maker's current quarter projections, however, fall largely below consensus, as it continues to transition its customers to a subscription model. That transition is seen increasing long term revenue at the expense of short term sales.
Dish Network — Dish will not raise its bid for Sprint Nextel, citing Sprint's decision to "prematurely terminate the due diligence process" and "accept extreme deal protections in its revised agreement with SoftBank". Dish will instead concentrate its efforts on trying to buy Clearwire, which Sprint is also trying to accomplish.
La-Z-Boy — La-Z-Boy earned 30 cents per share for its fourth quarter, two cents above estimates, with revenues also exceeding consensus. The company best known for recliners did say that the current quarter is usually the company's – and the industry's – weakest.
Dell — A Dell special committee said it cannot endorse investor Carl Icahn's latest proposal, which calls for Dell to begin a $14 per share tender offer. The committee does not feel that Icahn's plan adequately addresses liquidity issues.
Boeing — Boeing won an order for 30 of its new 737-MAX 8 jets from aircraft leasing company CIT Aerospace. The jet is a fuel-efficient aircraft designed for shorter trips. It also finalized an order by Ryanair for 175 737-800 jets.
Smithfield —Chief executive officer Larry Pope could receive $46.6 million as part of the pork producer's deal to be bought by China's Shuanghui, according to an SEC filing.
Alcatel-Lucent — CEO Michael Combes has unveiled a plan that cuts a billion euros per year in costs by 2015, and focuses on networking products and high speed broadband.
Coca-Cola —Credit Suisse began coverage of the Dow component's stock with an "outperform" rating.
Tesla — The electric car maker is voluntarily recalling certain Model S vehicles to deal with a possible issue with the mounting bracket for one of the rear seats. Tesla says there have been no incidents or accidents associated with the issue.
Bristol-Myers Squibb, AstraZeneca — The diabetes drug Onglyza did not reduce heart risks in a clinical trial, disappointing those who thought that the results might give the drug an edge over rivals. Onglyza is jointly sold by the two companies.
BlackBerry — Bernstein downgraded the handset maker's stock to "underperform" from "market perform", saying expectations for the impact of BlackBerry 10 may be too lofty.
(Read More: See CNBC's Market Insider Blog)
—By CNBC's Peter Schacknow
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