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Check out which companies are making headlines before the bell:

Bank of America—A new report by CLSA banking analyst Mike Mayo warns against the possible consequences of a "yes" vote at a September 22 meeting that would combine the chairman and CEO roles. Mayo argues that such a vote would represent a reputational risk for the industry, at a time when BofA already has poor existing oversight practices.

J.C. Penney—Deutsche Bank upgraded the retailer's shares to "buy" from "hold," noting that Penney has already improved its merchandise mix and is now moving toward more efficient pricing.

Twitter—SunTrust upgraded Twitter to "buy" from "neutral," saying the risk/reward equation appears quite compelling following the stock's tumble, as well as what it calls a series of positive catalysts.

United Technologies—Barclays downgraded the company's stock to "equal weight" from "overweight," citing a variety of negative factors including questions about China and the negative impact of currency fluctuations.

Goldman Sachs, Morgan Stanley—Evercore upgraded both Wall Street firms to "buy" from "hold," pointing to attractive valuations following the recent market pullback.

Planet Fitness—Jefferies began coverage of the fitness center chain with a "buy" rating, calling it a well-managed company that continues to gain market share and expand its profit margins.

Amicus Therapeutics—The drug maker is buying privately-held Scioderm in a $229 million cash-and-stock deal. Scioderm specializes in treatments for rare diseases.

Netflix—The video streaming service did not to renew its streaming agreement with cable network Epix. The network has signed a multi-year deal with rival service Hulu that takes effect on October 1.

Bank of New York Mellon—The bank expects a computer glitch that's disrupted pricing of ETFs and mutual funds to be resolved before the markets open today. That's according to CEO Gerald Hassell, who said resolving the issue has taken longer than expected. The comments come from a conference call transcript obtained by Reuters.

PayPal Holdings—PayPal stock could rise as much as 40 percent to $46 per share, according to Barron's, if its moves to innovate payment systems succeed.

Alnylam Pharmaceuticals, Medicines Co.—The two drug makers announced favorable results from an early study of a new injectable cholesterol drug. The drug cuts cholesterol as much as rival treatments that need to be given more often, with indications that it might need to be given only every three to six months.

Phillips 66Warren Buffett's Berkshire Hathaway disclosed a roughly 10.8 percent stake in Phillips, according to an SEC filing. Berkshire had once had a significant stake in the oil refinery, but swapped nearly two thirds of its holding in February 2014 for a chemicals business that was folded into Berkshire's Lubrizol unit.

Syngenta—Some major shareholders are upset over the chemical company's rejection of a takeover bid from Monsanto and may seek to replace some board members, according to the Wall Street Journal.

Mylan—The Dutch public employees' pension fund sold all its shares in the drug maker, after finding out that a Mylan drug is present at a U.S. prison where executions are carried out. Mylan has said it sells no products designed for use in executions, but the fund notes that one drug called Rocuronium Bromide can be used for lethal injection.

Microsoft—Microsoft was cleared of patent infringement by the International Trade Commission, which chose not to block imports of Microsoft's mobile phones. The decision reversed an earlier ruling by a trade judge who said Microsoft had infringed wireless patents held by InterDigital and recommended an import ban be put in place.

FedEx—FedEx moved one step closer to a final agreement with pilots, after the union's executive council voted to approve a tentative labor contract. More than four thousand FedEx pilots will vote on the agreement between September 28 and October 20.

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