Early movers: LOW, JCP, SPLS, BBY, DE, YHOO & more
Check out which companies are making headlines before the bell on Wednesday:
Lowe's – The home improvement retailer reported third quarter profit of 47 cents per share, missing estimates by a penny. Revenue was above consensus, but its full year guidance misses analyst estimates.
J.C. Penney – The retailer reported a third quarter loss of $1.81 per share, slightly wider than the $1.77 loss expected by analysts. Revenue was essentially in line with estimates, and the company says it is encouraged by sales trends during the first few weeks of November.
Staples–The office supplies retailer matched estimates with third quarter profit of 42 cents per share, excluding certain items, with revenue essentially in line. The company said it is continuing to see weak demand for its core office supplies, but has been growing sales online and in new categories.
Best Buy – Citi upgraded the electronics retailer's shares to "buy" from "neutral", following Tuesday's slide. Citi said the drop provides a good buying opportunity, based on increasing sales and greater prospects for stock buybacks in the future.
Deere – The heavy equipment maker reported fiscal fourth quarter profit of $2.11 per share, well above estimates of $1.89. Deere also gave profit guidance for the coming year that is below year-earlier levels but still above consensus.
Priceline.com – Goldman Sachs added the travel website operator's stock to its "conviction" buy list, saying Priceline will benefit from a European recovery and increased mobile traffic.
J.M. Smucker – The food company fell short of consensus by eight cents with fiscal second quarter profit of $1.52 per share, excluding certain items. However, Smucker said it is still confident of meeting prior guidance for the full year, and that its results are being helped by lower commodity costs.
Boeing – Oppenheimer downgraded Boeing shares to "perform" from "outperform", with shares close to the firm's price target.
Dick's Sporting Goods–BMO downgraded the stock to "underperform" from "market perform", calling its comparable store sales growth "mediocre".
Men's Wearhouse– Major shareholder Eminence Capital released a presentation on unlocking shareholder value at the company, which includes urging the company's board of directors to engage in takeover talks with Jos. A. Bank.
Bank of America– Evercore removed the bank's shares from its "conviction buy" list, based on potential gains that are smaller than its standard for inclusion on the list. However, Evercore still rates the shares "overweight".
Google – Evercore also removed Google shares from the "conviction buy" list, with the stock's price now more in line with the firm's $1100 target.
La-Z-Boy – La-Z-Boy reported quarterly earnings of 30 cents per share, excluding certain items, beating estimates by four cents. Revenue was well above consensus, and the furniture retailer also boosted its quarterly dividend by 50 percent to six cents per share.
Yahoo – Yahoo announced a $1 billion convertible note offering through a private placement, and also increased its stock buyback program by $5 billion.
Johnson & Johnson's – The company's DePuy unit announced a $2.5 billion settlement related to defective hip implants. It covers about 8,000 patients.
Kellogg– The cereal maker is being pressured to stop using palm oil in its products. Activists are planning a rally at Kellogg's Battle Creek, Michigan headquarters today, delivering thousands of petitions to the cereal maker.
Hewlett-Packard – HP and Japan's Sharp reportedly may form an alliance that would see HP sell Sharp digital copiers, according to Kyodo News. The alliance would also see Sharp working with HP on other product lines.
—By CNBC's Peter Schacknow
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