Market Insider

Early movers: JPM, VZ, CMG, NFLX, OCN, GRMN & more

Check out which companies are making headlines before the bell:

JPMorgan Chase – The bank reported quarterly profit of $1.19 per share, compared to estimates of $1.31, with revenue also below estimates. The company's results were hit by $1.1 billion in legal expenses, higher than many analysts had forecast. However, CEO Jamie Dimon said the bank is well-positioned for long term growth.

Verizon – Evercore downgraded Verizon to "hold" from "buy," saying although Verizon is well-positioned compared to its peers, its strategy to invest more than its competitors is unlikely to be a near-term positive.

Chipotle Mexican Grill – The restaurant chain is experiencing a pork shortage at its restaurants, due to issues with one of its suppliers.

Netflix – Stifel Nicolaus upgraded the stock to "buy" from "hold," saying current valuation provide a compelling risk-to-reward ratio because of strong content cycle.

CSX - The Dow Transportation Average component reported in-line profit of 49 cents per share for the fourth quarter, with revenue slightly above consensus. The rail operator said it sees double-digit earnings growth this year, powered by an increase in its freight operations.

Ocwen Financial – Ocwen said its cooperating with California regulators to resolve an issue which has resulted in a threatened suspension of Ocwen's license in that state. The dispute centers around compliance information involving Ocwen's mortgage business. A spokesman from California's Department of Business Oversight disagreed with Ocwen's assessment, saying "the notion they are cooperating fully does not comport with the record."

GameStop – GameStop reported a 4.4 percent increase in December same-store sales, and said consumer demand for videogame sales was strong. The retailer also improved its same-store sales forecast for the fourth quarter ending in January. Following that news, Pacific Crest upgraded GameStop to "outperform" from "underperform," saying the company's holiday update supports its view that the retailer will return to growth in 2015.

Garmin – Pacific Crest upgraded the GPS device maker to "sector perform" from "underperform," given a more reasonable valuation and its view of little near-term downside risk.

Viacom – Citi cut its rating to "sell" from "buy," given what Citi sees as a 50 percent possibility of Viacom's networks being dropped by Dish Network. Citi does say there are potential positives, such as a possible acquisition of Viacom by another media firm, or a possible purchase of CBS by Viacom.

Suncor Energy – Suncor is the latest energy-related company to cut spending in response to lower oil prices. Suncor will trim $1 billion from its capital spending program, and operating expense reductions of up to $800 million to be phased in over two years.

Tesla - CEO Elon Musk said China sales fell significantly during the fourth quarter, but added that it was due to misperceptions among customers about the difficulty of recharging electric vehicles. Musk said the company is working to correct that misperception and that slow sales are a short-term issue.

JetBlue – The airline said revenue per available seat mile was down six percent in December compared to a year earlier, and that it will come in relatively flat for the fourth quarter. The fourth quarter assessment is an improvement over its prior forecast of a decline of as much as one percent.

Stryker – Stryker said the strong U.S. dollar will impact its 2015 profits more than it had previously thought. The maker of orthopedic devices said the stronger dollar will shave about 20 cents per share off earnings, up from its previous forecast of 10 cents to 12 cents a share.

Ericsson - Ericsson has filed a complaint against Apple regarding mobile technology licenses, a response to a lawsuit filed by Apple against Ericsson earlier this month.

AstraZeneca – The drug maker saw its heart drug Brilinta achieve its goal in a major clinical trial, as it cut the risk of death or heart attack in patients with a previous history of heart attacks.

Newfield Exploration – Newfield will keep its China assets, after the slide in oil prices cut interest in its properties. The company had said in early 2013 that it would sell its international businesses.

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