Early Movers: Darden, Carmax, Morgan Stanley & More
Check out which companies are making headlines before the bell on Friday:
Darden Restaurants - The parent company of Olive Garden and Red Lobster posted earnings of $1.02 a share, excluding one-time items, missing expectations by a penny a share, while revenue was in line with estimates at $2.3 billion. In addition, the company increased its quarterly dividend by 10 percent to 55 cents a share.
Carmax - The used-car retailer posted earnings of 64 cents a share on revenue of $3.31 billion, easily topping expectations for 53 cents a share on sales of $2.81 billion.
Morgan Stanley - The banking giant received final regulatory approval to purchase the remaining 35 percent interest in Morgan Stanley Smith Barney from Citigroup. The closing is expected to take place by the end of the month.
Oracle - At least five brokerages slashed their price targets on the enterprise software company after it missed software sales expectations for the second-straight quarter. In addition, the company said it will transferring trading of its stock to the New York Stock Exchange from the Nasdaq under the same ticker symbol, "ORCL," starting July 15.
News Corp - News Corp's publishing company will join the S&P 500 index after the media company completes its split into two publicly traded entities, replacing for-profit education company Apollo Group in the index. Meanwhile, Apollo will replace Forest Oil in the S&P MidCap 400 index. And Forest Oil will replace biotechnology company Enzo Biochem in the S&P SmallCap 600. The changes are expected to take place after the close of trading on June 28.
Zynga - The social videogame maker was downgraded to "underweight" from "equal weight" at Morgan Stanley.
Burger King, Wendy's - Both fast-food chains were initiated with a "market perform" rating at Wells Fargo.