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Early movers: TIF, JCP, MSFT, SAFM, DSW, HITK & more

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

Tiffany — The luxury goods retailer reported quarterly profit of 83 cents per share, nine cents above estimates, and also raised its yearly forecast. However, revenue for the second quarter was well below Street consensus.

J.C. Penney — Pershing Square's Bill Ackman will sell his entire 18 percent stake in the retailer. Ackman quit the board two weeks ago amid clashes with the company and other directors over strategy.

Microsoft — Media reports in China say Microsoft has cut its estimate of Xbox One console shipments to 6.2 million for fiscal 2013, compared with original estimates of 7.0 million. Separately, the company will not allow reporters to cover its September 19 analyst meeting in person. Instead, reporters will have to watch the event via webcast.

Sanderson Farms — The poultry producer earned $2.95 per share for its latest quarter, well above estimates of $2.62, with revenue above consensus as well. The company's bottom line was helped by higher poultry producer compared to a year earlier.

Hi-Tech Pharmacal —The specialty pharmaceutical company will be bought by rival Akorn for $640 million in cash, or $43.50 per share. That's a 23.5 percent premium over yesterday's close.

DSW —The shoe retailer earned 97 cents per share for the second quarter, excluding certain items, 17 cents above estimates, with revenue also beating analyst forecasts. CEO Mike MacDonald said expense controls and good inventory management helped contribute to the quarter's results.

Starbucks – The coffee giant is out with two separate pieces of news: CEO Howard Schultz told Reuters the coffee chain won't cut health benefits or reduce employee hours in anticipation of the health care reform law, as others have done. Meanwhile, the company also announced plans to open its first store in Colombia and only serve locally grown coffee.

Facebook – Facebook's $20 million settlement of a lawsuit over its "Sponsored Stories" has been approved. The suit claimed the program shared member "likes" of certain advertisers with Facebook friends without allowing them to opt out.

Best Buy —Founder Richard Schulze has set up a plan to sell some of his 20 percent stake in the electronics retailer. An SEC filing said the plan is part of his personal strategy for asset diversification.

McDonald's – The fast food giant will debut "Mighty Wings" on September 9 at certain locations and will roll the chicken wing offering out nationally by September 24.

Apple – The technology big is readying an iPhone trade-in program, according to several reports. Apple has an event scheduled for September 10, at which it's expected to unveil new iPhone and iPad models.

Monsanto —UBS upgraded the chemical producer's stock to "buy" from "neutral".

(Read More: See CNBC's Market Insider Blog)

—By CNBC's Peter Schacknow

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

  • 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.

  • CNBC Senior Commodities Correspondent 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.