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A trader works as American flags are displayed on the floor of the New York Stock Exchange (NYSE) in New York
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Check out which companies are making headlines before the bell:

Valeant Pharmaceuticals — The Canadian drugmaker reported a profit for its latest quarter, compared to a year-ago loss, helped by a one-time tax benefit. It also raised its full-year earnings forecast.

Allergan — The Botox maker reported adjusted quarterly profit of $3.35 per share, five cents a share above estimates. Revenue was also above Street forecasts, and Allergan raised its full-year forecast as sales of newer drugs made up for weakness in its older treatments.

Wayfair — The online home furnishings retailer lost 48 cents per share for its latest quarter, a loss that was 10 cents a share smaller than estimates. Revenue was above consensus, as well, on increased market share in North America and Europe. Wayfair did see a decline in average order value, however.

Office Depot — The office supplies retailer beat estimates by four cents a share, with quarterly profit of 16 cents per share. Office Depot's bottom line was helped by the sale of some of its stores, as well as lower costs. Revenue was below forecasts, however.

Party City — The party supplies retailer beat estimates by one cent a share, with adjusted quarterly profit of five cents per share. Revenue was essentially in line with expectations.

Hertz Global — The car rental company reported a loss of $1.61 per share for its latest quarter, wider than the 91 cents a share loss that analysts were expecting. Revenue was also slightly below estimates. Lower U.S. pricing was among the significant drags on the company's results.

Marriott — The hotel operator beat estimates by 10 cents a share, with adjusted quarterly profit of $1.01 per share. Revenue also topped estimates. Marriott saw both higher room rates and increased occupancy compared to a year earlier.

United Continental — The airline reported a 7.4 percent increase in revenue passenger miles for April compared to a year earlier.

AMC Entertainment — AMC beat estimates by two cents a share, with quarterly profit of seven cents per share. The movie theater chain operator also saw revenue come in ahead of Street forecasts. The company said admissions revenue jumped more than 69 percent compared to a year earlier.

Pandora Media — Pandora lost 24 cents per share for its latest quarter, a loss that was 10 cents a share smaller than forecasts. The streaming music service's revenue fell short of analysts' estimates, but investors are more focused on the news that KKR has agreed to invest $150 million in Pandora while it explores possible strategic alternatives. — JD posted its first profit since going public in 2014, although the China-based e-commerce company did warn that expenses related to its planned expansion would affect income growth.

Western Digital — The hard disk drive maker was warned by Japan's Toshiba not to interfere with the planned sale of Toshiba's chip unit. Western Digital claims the planned sale breaches a joint venture contract between the two.

Target — Target plans to test a next-day delivery service in the Minneapolis area, according to a blog post by the retailer.

Johnson & Johnson — J&J said the Justice Department is conducting a probe into its Janssen biotech unit related to its arthritis drugs Remicade and Simponi Aria, and the U.S. Attorney's office in Massachusetts wants documents related to financial support programs for a number of J&J drugs.

Verizon — Verizon CEO Lowell McAdam told analysts that company does not see an urgent need to make a major acquisition, as some analysts have urged.

Wells Fargo — Wells Fargo may sell its insurance unit, according to a Bloomberg report. The bank could get up to $2 billion for the unit, according to people familiar with the matter.

Apple — Apple is on watch once again, after reaching a record high Monday and topping the $800 billion mark in market capitalization. That followed news that billionaire investor Warren Buffett had tripled his stake in Apple, according to a Securities and Exchange Commission filing.