Check out which companies are making headlines before the bell:
Twitter—Evercore downgraded Twitter to "hold" from "buy," based on more conservative long term growth prospects and a lack of visibility regarding user growth.
Nordstrom—Credit Suisse downgraded the retailer's stock to "neutral" from "outperform." The firm notes that footwear, accessories, and beauty products – which have been a driving force for sales growth for Nordstrom and others for several years – are showing signs of leveling off.
Verizon, AT&T—JPMorgan Chase downgraded Verizon to "neutral" from "overweight," while upgrading AT&T to "overweight" from "neutral." JPM points to a lack of near term catalysts for Verizon and the fact that benefits from its AOL acquisition may take a few years to materialize. As for AT&T, JPM said it will benefit from the DirecTV acquisition as well as recent cost-cutting moves.
Joy Global—The mining equipment maker reported adjusted quarterly profit of 59 cents per share, 3 cents above estimates, with revenue essentially in line. In a weak environment, Joy Global now sees full year profits at the low end of its prior forecast.
J.M. Smucker—The food producer reported adjusted quarterly profit of 98 cents per share, 1 cent below estimates, though revenue exceeded forecasts. Smucker said results were impacted by challenges in the U.S. retail coffee segment, but that it is optimistic about the long term prospects for the coffee business.
Ciena—The maker of networking equipment beat estimates by 11 cents with quarterly profit of 35 cents per share, with revenue beating analyst expectations as well. The company, which has been mentioned as a buyout candidate, has seen its shares rise almost 30 percent off its April lows.
Michaels Cos.—The crafts retailer missed estimates by 1 cent, reporting quarterly profit of 32 cents per share, while revenue was essentially in line. Michaels said its results were impacted by unfavorable weather and the stronger dollar, but added it is confident in its outlook for the remainder of the year.
L Brands—The Victoria's Secret parent reported a same-store sales increase of 5 percent for May, above the Thomson Reuters consensus estimate of a 2.8 percent increase.
Five Below—Five Below earned an adjusted eight cents per share for its latest quarter, 1 cent above estimates, with revenue also exceeding forecasts. The discount retailer also raised its outlook for the year, with sales up 22 percent over a year ago.
Apple—Apple will not be unveiling a new Apple TV box at its Worldwide Developer Conference next week as had been thought, according to the New York Times.
Starz—Starz and other TV networks could be targets of movie studio Lions Gate. Investor John Malone, who owns 3 percent of Lions Gate, told the Wall Street Journal that Starz and other "free radicals" in the industry could be targets.
Goodyear Tire—Goodyear has ended a 16-year alliance with Japan's Sumitomo Rubber, following more than a year of arbitration proceedings to dissolve the partnership.
General Electric—GE has reached out to potential buyers of GE Capital Healthcare Financial Services, according to the Journal, in a sale that could bring in up to $11 billion.
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