Check out which companies are making headlines before the bell:
–The chip maker is exploring strategic alternatives for its cellular baseband business, and has hired JPMorgan Chase in conjunction with that effort.
MeadWestvaco–Starboard Value reported a 5.6 percent stake in the packaging products company, calling it "deeply undervalued."
General Motors—The automaker's board set to hold its monthly meeting amid the ongoing controversy surrounding its ignition switch recall. In addition, former U.S. Attorney Anton Valukas is expected to release his report on the recall this week.
Apple – The iPhone maker holds its annual Worldwide Developers Conference in San Francisco today, with the company expected to unveil new innovations such as home control software for the iPad and iPhone, as well as a new version of the iOS operating system.
Protective Life–The insurer is in talks to be bought by Japan's Dai-ichi Life for more than $5 billion, according to the Wall Street Journal.
ARC Healthcare–The real estate investment trust is being bought by Ventas for $2.6 billion in cash and stock. Both companies are REITs specializing in medical office buildings and senior living facilities.
Eli Lilly–The pharmaceutical giant's cancer drug ramucirumab extended survival in lung cancer patients, according to trial data presented over the weekend.
Google– The search giant reportedly plans to invest more than $1 billion in a series of internet access satellites around the globe, according to the Wall Street Journal.
Allergan–The eye care products company said it would consider the improved takeover bid from Valeant Pharmaceuticals, which came out during the trading day Friday. The latest offer is worth $53.8 billion in cash and stock.
Zillow–The real estate website operator's stock was cut to "sector perform" from "outperform" at Pacific Crest, which said it sees a less-attractive risk/reward profile and limited upside. RBC Capital also cut its rating on the stock to "sector perform" from "outperform."
—By CNBC's Peter Schacknow
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