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Early movers: FDX, TMUS, CSX, MNST, JCP, GPS & more

Traders work on the floor of the New York Stock Exchange, August 1, 2014, in New York.
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Check out which companies are making headlines before the bell:

FedEx—The company's shares were upgraded to "outperform" from "neutral" by Credit Suisse, based in part on expected improved returns from the FedEx Ground service.

Bank of AmericaUBS downgraded the stock to "neutral" from "buy," on worries about "missteps" in the company's capital planning process. Separately, B of A said director and former chairman Chad Holliday, director Clayton Rose, and chief accounting officer Neil Cotty will be leaving the bank in the coming weeks.

T-Mobile USThe mobile provider cut its margin target to 32 to 34 percent for 2017, down from 34 to 36 percent. CEO John Legere told an investor conference the cut was due to the rapid growth in the company's customer base. Legere also said it "makes some sense" for T-Mobile to team up with satellite TV provider Dish Network.

CSXThe railroad operator's stock was upgraded to "outperform" from "market perform" at BMO, which cites a significant cost reduction opportunity and an improving pricing environment, among other factors.

PotbellyChief Financial Officer Charles Talbot will resign to take a position with another company outside the restaurant industry. Talbot will remain until March 27, while a search for his replacement takes place.

Monster Beverage—The energy drink maker earned 72 cents per share for its latest quarter, 13 cents above estimates, while sales were also well above estimates. The company's results were helped by a jump in overseas sales.

J.C. PenneyThe retailer posted a breakeven quarter on an adjusted basis, falling short of the 11 cent consensus analyst estimate. Revenue was above forecasts, and comparable store sales did rise a better than expected 4.4 percent.

GapThe parent of Gap, Old Navy, and Banana Republic earned 75 cents per share for its latest quarter, a penny above estimates, with revenue in line. Gap issued a conservative forecast for 2015, pointing to West Coast port disruptions and a stronger dollar.

Herbalife—The nutritional product maker beat estimates by 19 cents with adjusted quarterly profit of $1.41 per share. However, revenue fell short of analyst forecasts, as does Herbalife's first quarter and full-year sales guidance. Herbalife, like others, said it would be negatively impacted by the effects of a stronger dollar.

Ross StoresThe discount retailer reported quarterly profit of $1.20 per share, 9 cents above estimates, with revenue also beating forecasts. Ross also increased its quarterly dividend to 23½ cents per share from 20 cents, and will buy back $1.4 billion in stock.

SplunkThe provider of data analytics software earned an adjusted 9 cents per share for its latest quarter, 5 cents above estimates, and revenue was also above Street projections. Splunk also issued an upbeat full-year revenue forecast.

Weight Watchers—The weight loss company matched estimates with adjusted quarterly profit of 7 cents per share. However, revenue was shy of forecasts, and Weight Watchers' 2015 earnings guidance is substantially below estimates as it loses members, and people turn to free apps and fitness tracking devices.

Urban OutfittersThe apparel retailer announced a $20 million share buyback.

JDS UniphaseJDS announced the names of the two new companies that will result from its planned split, expected to be completed by September. Lumentum will focus on optical communications and commercial lasers, while Viavi will specialize in network enablement and optical security.

AppleThe company was sued by Sweden's Ericsson for patent infringement, in connection with the use of various mobile networking standards.

TiVoThe maker of digital video recorders is among the companies that bought assets from bankrupt TV-streaming company Aereo, with patent company RPX and Alliance Technology Solutions also participating. The sale brought in less than $2 million, compared to the $4 million Aereo was hoping to raise.

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