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Stocks to Watch: November 17, 2016

Check out which companies are making headlines before the bell:

Wal-Mart — The retail giant earned 98 cents per share for the third quarter, two cents a share above estimates. Revenue was below forecasts, and U.S. comparable-store sales were up 1.2 percent compared to estimates of up 1.3 percent. Wal-Mart did raise the lower end of its full-year earnings forecast range.

Best Buy — The electronics retailer reported a blowout quarter, beating earnings estimates by 15 cents a share at an adjusted 62 cents per share. Revenue and same-store sales were both above estimates, as well.

JM Smucker — The food producer earned an adjusted $2.05 per share for its latest quarter, beating estimates of $1.93 a share. Revenue came in below Street forecasts. The company's results were impacted by slower sales of pet foods like Meow Mix, as well as Folgers coffee and JIF peanut butter.

Staples — The office products retailer matched estimates, with adjusted quarterly profit of 34 cents per share. Revenue was below forecasts. Staples saw a bigger-than-expected four percent drop in same-store sales during the quarter, as it continues to work through its turnaround plan., Apple, Alphabet, Facebook, Netflix — Piper Jaffray issued a report saying the "fear trade" that's battered these mega-cap tech stocks presents a rare buying opportunity. Piper feels the fear came from Donald Trump sound bites that are unlikely to manifest themselves in actual policy.

Microsoft — Microsoft was upgraded to "buy" from "neutral" at Goldman Sachs, with the price target raised to $68 per share from $60 a share. The firm said its upgrade is based on improving revenue and profit margins in Microsoft's ongoing shift to cloud-based business.

Chipotle Mexican Grill — Guggenheim downgraded the restaurant chain to "sell" from "neutral," citing increased valuation risk with optimism about a recovery already baked into the stock's price. It said Chipotle faces increasing competition and margin pressures going forward.

First Solar — JMP upgraded the solar company to "market perform" from "market underperform," saying the company's financial issues are now reflected in the stock's price and that it is taking appropriate steps to fix its finances.

Cisco Systems — The networking equipment maker reported adjusted quarterly profit of 61 cents per share, two cents a share above estimates. Revenue was also slightly above forecasts, but the company gave current-quarter guidance below Street forecasts amid increasing competition and slowing demand from the telecom industry.

L Brands — L Brands came in two cents a share ahead of estimates, with quarterly profit of 42 cents per share. Revenue was also slightly above estimates. The Victoria's Secret parent gave current-quarter earnings guidance that came in below consensus forecasts, however, citing an increasingly competitive environment and overall slowing store traffic for retailers.

NetApp — NetApp reported adjusted quarterly profit of 60 cents per share, six cents a share above estimates. Revenue was slightly short of forecasts for the provider of data storage services. NetApp cheered investors by providing better-than-expected guidance for the current quarter, amid cuts in expenses.

Amgen — Amgen announced upbeat results for its experimental migraine drug in a phase 3 study. The biotech firm said the drug significantly reduced monthly migraines and that the study results were statistically significant.

JPMorgan Chase — The bank will reported pay more than $250 million to settle a U.S. probe into its China hiring practices, according to Reuters.

Hain Celestial — Hain's shares are getting a boost after an independent review showed no wrongdoing in the organic food company's accounting practices.

Toyota — The automaker will set up a new electric vehicle unit, aiming to get an all-electric product to market as quickly as possible.