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Check out which companies are making headlines before the bell:

Johnson & Johnson —The medical products maker reported adjusted quarterly profit of $1.49 per share, 4 cents above estimates, but revenue came in below analyst forecasts. J&J's quarter was impacted by negative currency effects, although it did raise its full-year earnings outlook. Separately, the company announced a $10 billion share buyback program, citing a strong balance sheet.

Xerox — The company announced it would not fully complete implementation of its Health Enterprise Medicaid platform in California and Montana, and will take a charge of about $240 million related to that announcement.

United Technologies — RBC Capital cut its rating on the Dow component to "sector perform" from "outperform," saying it now sees the stock as fairly valued given the rally of the past few weeks and no discernible change to fundamentals.

Hewlett-Packard — Hewlett Packard Enterprise said its board had approved a $3 billion share buyback program, according to a U.S. Securities and Exchange Commission filing. Hewlett Packard Enterprise will become a separate publicly traded company in November.

General Electric — The stock was upgraded to "outperform" from "market perform" at William Blair, which feels GE has the potential to double to around $60 per share by 2020.

Dish Network — Goldman Sachs removed the satellite television service from its "Conviction Buy" list, although it did maintain a "buy" rating on the stock. Goldman said the move is a result of its using a more conservative valuation model for the value of the company's spectrum licenses, although it emphasizes it still considers them the most undervalued assets in the telecom industry.

JetBlue — JPMorgan Chase downgraded the airline's stock to "neutral" from "overweight" due to weak industry pricing.

American Airlines Group — Evercore downgraded American to "hold" from "buy," pointing to fare competition with low cost carriers, and possible pressure on profit margins related to higher 2016 fuel costs.

Toll Brothers — Morgan Stanley upgraded the luxury home builder's shares to "overweight" from "equal weight," saying the market is underappreciating the 2016 profit potential in the luxury segment of the housing market.

Wausau Paper — Wausau agreed to be bought by Swedish paper company SCA for $513 million in cash. The price represents a nearly 41 percent premium to Wausau's Monday closing price.

Fortress Investment Group — The firm will reportedly shut down its macro hedge fund after large losses and investor withdrawals this year. The fund began in 2002 and has been run by well-known Wall Street trader Michael Novogratz, who is expected to leave Fortress.

Ryder System — The transportation company cut its current quarter and full-year earnings guidance, citing lower than expected used vehicle sales among other factors.

Barclays — The bank is expected to name former JPMorgan Chase investment banker Jes Staley as its new chief executive officer, according to the Financial Times.

FMC — FMC will cut 800 to 850 jobs and cut its full-year profit forecast, with the chemical maker pointing to weakness in its agricultural solutions unit as well as drop in the value of the Brazilian real.

AB InBev — AB InBev and SABMiller reached agreement on the key terms of a takeover deal, under which AB InBev would buy its beer brewing rival for just over $104 billion. After rejecting several overtures, SABMiller's board has now recommended that shareholders approve the latest offer.

Boeing — Boeing said it expects to sell 150 more of its CH-47F Chinook helicopters to European, Middle East, and African countries through 2022.

PepsiCo, Coca-Cola — The two soda giants are both said to be in talks to buy a stake in Greek yogurt maker Chobani, according to Reuters. The potential deals could value Chobani as high as $3 billion.