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Early movers: JCP, COST, CMI, GRUB, KRFT, YUM

Check out which companies are making headlines before the bell:

J.C. Penney—The retailer is holding an investor conference in New York today, at which CEO Mike Ullman will provide an updated outlook. Penney has seen its same-store sales rise for three consecutive quarter, breaking a string of nine straight declines.

Costco—The warehouse retailer earned $1.58 per share for its fiscal fourth quarter, six cents above estimates, with revenue slightly above consensus as well.

Cummins—Stifel Nicolaus initiated coverage on the engine maker with a "buy" rating, saying it sees potential 18 percent upside for the stock. Stifel cites an ongoing replacement cycle for diesel engines such as the ones made by Cummins.

Traders work on the floor of the New York Stock Exchange.
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Traders work on the floor of the New York Stock Exchange.

GrubHub—JMP Securities began coverage of the food takeout service with a rating of "market outperform," based on ease of use of the platform, as well as highly positive feedback from participating restaurants.

Applied Materials—CLSA upgraded the semiconductor equipment maker's stock to "outperform" from "underperform," saying the company's execution has improved.

Allergan—Allergan will get a new takeover bid from Valeant Pharmaceuticals worth $191 per share, $15 higher than the prior bid, according to Dow Jones. Valeant and partner Bill Ackman of Pershing Square are said to be still working out timing and the mix of cash and stock to be offered. Separately, Reuters reports that Actavis is planning to approach Allergan again about a potential takeover deal.

Kraft Foods Group—Kraft increased its quarterly dividend by five percent to 55 cents per share.

Yum Brands—Yum earned 87 cents per share, excluding certain items, for the third quarter, missing estimates by one cent, with revenue also falling short of consensus. The recent food safety scare in China hurt its sales in that country, and the parent of KFC, Taco Bell, and Pizza Hut also lowered its earnings growth forecast for the full year.

Spirit Airlines—The airline said its third quarter operating margins will be in the lower half of its previous guidance range, based on its actual results for July and August and estimated results for September. Spirit plans to provide more detailed guidance on October 15.

GlaxoSmithKline—Glaxo said it is looking into corruption allegations in the United Arab Emirates. The disclosure comes a month after the drug maker was assessed a $489 million China fine in a corruption case.

Symantec—Symantec is close to announcing a split of its business in two, according to Bloomberg. One business would sell security programs, the other would specialize in data storage.

By CNBC's Peter Schacknow

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