Early movers: McDonald's, Costco, L Brands & more

Thursday, 8 Aug 2013 | 8:07 AM ET

Check out which companies are making headlines before the bell on Thursday:

McDonald's - The fast-food chain reported July same-store sales that climbed 0.7 percent, edging past expectations for a gain of 0.3 percent, as stronger-than-expected sales in the U.S. helped offset weakness in Europe.

Costco Wholesale - The wholesale retailer posted July same-store sales that rose 4 percent, but still missed expectations, hurt by a stronger dollar.

L Brands - The parent company of Victoria's Secret and Bath & Body Works posted same-store sales that rose 3 percent in July and lifted its second quarter earnings guidance to 60 cents a share from 50 cents to 55 cents a share.

Beam - The premium-branded distilled spirits producer posted earnings of 64 cents a share, excluding one-time items, on sales of $638 million, beating expectations for 60 cents a share on sales of $629 million.

Global market mover: August, September more volatile
Thomas Lee, J.P. Morgan, says August and September are generally volatile, while Jurrien Timmer, Fidelity Investments, says it pays to look at Europe. The China data has been pretty weak and is cause for concern.

Cisco Systems - UBS raised its target price on the networking equipment maker to $28.50 from $26.

Microsoft - Evercore lifted its rating on the tech giant to "overweight" from "equal-weight" and boosted its price target to $38 from $35.

Target - JPMorgan downgraded the retailer to "neutral" from "overweight," with a price target of $74, citing reduced visibility and valuation.

Lowe's - JPMorgan upgraded the home improvement retailer to "overweight" from "neutral," with a price target of $52, thanks to improved execution and more consistent financial results from the company.

Toyota Motor - The Japanese automaker is recalling 342,000 Tacoma pickup trucks built from 2004 to 2011 to fix defective seat belts, saying a screw could come loose in the front seat belts on some of those models, causing the belts to malfunction.

—By CNBC's JeeYeon Park (Follow JeeYeon on Twitter: @JeeYeonParkCNBC)

Questions? Comments? Email us at marketinsider@cnbc.com

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  • Patti Domm

    Patti Domm is CNBC Executive Editor, News, responsible for news coverage of the markets and economy.

  • A CNBC reporter since 1990, Bob Pisani covers Wall Street from the floor of the New York Stock Exchange.

  • Sharon Epperson is CNBC's senior commodities and personal finance correspondent.

  • JeeYeon Park is a writer for CNBC.com. Follow her on Twitter: @JeeYeonParkCNBC

  • Rick Santelli joined CNBC Business News as an on-air editor in 1999, reporting live from the floor of the Chicago Board of Trade.

  • Senior Producer at CNBC's Breaking News Desk.

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