Check out which companies are making headlines before the bell:
Panera Bread — Panera was upgraded to "overweight" from "equal-weight" at Morgan Stanley, which said the restaurant chain's digital initiatives will help boost sales and earnings.
AutoNation — The auto dealer's shares were downgraded to "sell" from "neutral" at Goldman Sachs, which cites pressures on used-vehicle profit margins and limited upset from additional spending on marketing.
Dick's Sporting Goods — The sporting goods retailer missed estimates by 2 cents with quarterly profit of $1.13 per share, while revenue was also slightly below forecasts. The company said it was pleased with its performance in the face of challenges during the quarter, including unseasonably warm weather.
JetBlue — The airline said it sees February revenue per available seat mile down by 10 to 10.5 percent, pointing to tougher comparisons and capacity additions by the industry.
Southwest Airlines — Southwest reported a 13.5 percent increase in revenue passenger miles for February, slightly smaller than the 14.7 percent increase in available seat miles. The airline expects current quarter revenue per available seat mile to be in line with year-ago figures.
Shake Shack — The restaurant chain reported adjusted quarterly profit of 8 cents per share, 1 cent above estimates, while revenue was also above forecasts. However, Shake Shack's same-store sales guidance of a 2.5 to 3 percent increase for 2016 comes in below consensus forecasts.
Urban Outfitters — Urban Outfitters came in 5 cents above estimates with quarterly profit of 61 cents per share, while the apparel retailer's revenue was in line with analysts' forecasts. The company's profit was down for a second consecutive year in 2015, but investors were cheered by the better-than-expected results.
J.M. Smucker — Smucker appointed Mark Smucker as chief executive officer effective May 1, succeeding Richard Smucker who will become executive chairman. Mark Smucker is currently president of the company's consumer and natural foods unit.
Navistar — The truckmaker lost 40 cents per share for its latest quarter, smaller than the 69 cent loss analysts were expecting, but its revenue was well below Street forecasts. Navistar is dealing with falling demand for commercial trucks, among other factors.
International Business Machines — IBM Chief Executive Officer Ginny Rometty earned $19.8 million in 2015 compensation, according to a Securities and Exchange Commission filing. Her compensation was up by 2 percent from 2014 levels.
Volkswagen — The automaker delayed announcing its U.S. diesel emissions cheating scandal because it hoped to strike a deal with regulators, according to the carmaker's lawyers.
Nike — Nike suspended its ties with Russian tennis star Maria Sharapova, after she announced she had failed a drug test at the Australian Open.
Apple — Apple repeated its opposition to writing encryption-cracking software for its iPhone, after the Department of Justice asked a judge to reconsider a New York drug case in which he had refused to force Apple to unlock a phone.
Facebook — Facebook is working on new ways to authenticate users after their devices have been lost, stolen, or destroyed, according to the company's Chief Security Officer Alex Stamos.
Boston Beer — The maker of Sam Adams beer was rated "sell" in new coverage at Citi, which notes that despite overall growth in the craft beer industry, fragmentation is slowing growth for well-entrenched brewers.