Check out which companies are making headlines before the bell:
Target – The retailer earned an adjusted $1.21 per share for the first quarter, beating estimates by 30 cents a share. Revenue topped forecasts and same-store sales fell less than expected. Target said it was pleased with its performance, especially in light of a "very choppy" environment.
Walt Disney – The stock was downgraded to "neutral" from "outperform" at Macquarie, with the firm pointing to soft ad sales as well as continuing subscriber declines at ESPN.
Urban Outfitters – The apparel seller earned an adjusted 13 cents per share for its latest quarter, compared to the 16 cent a share consensus estimate. Revenue also fell short and comparable-store sales fell 3.1 percent, more than the 2.7 percent drop expected by analysts.
ConocoPhillips – Jefferies upgraded the energy giant's stock to "buy" from "hold," pointing to a quicker-than-expected repair of the balance sheet through divestitures among other factors.
Jack In The Box – Jack In The Box came in seven cents a share above estimates, with adjusted quarterly profit of 98 cents per share. Revenue matched forecasts. The stock is getting a boost from news that it is considering a spinoff of its Qdoba Mexican restaurant chain.
Red Robin Gourmet Burgers – Red Robin earned an adjusted 89 cents per share for its latest quarter, well above the 57 cent a share consensus estimate. Revenue for the restaurant chain was also above forecasts, as is its full-year 2017 outlook. Comparable-store sales at company-owned locations dropped 1.2 percent, but that was less than half the 2.6 percent decline expected by analysts.
Fiat Chrysler – The stock is under pressure for a second day, following a Reuters report that the European Union will start legal action against Italy for not halting alleged emission-test cheating by the automaker.
UnitedHealth Group – The health insurer was sued by the Justice Department, accusing it of taking more than $1 billion from Medicare that the company was not entitled to receive.
CVS Health – CVS agreed to pay $8 million to settle a case involving its Omnicare unit. The federal government and 28 states had claimed that Omnicare's prescription verification system had resulted in the submission of false claims.
McDonald's – McDonald's food delivery is now available in four more cities through Uber's UberEATS service. After being tested in a number of Florida cities, the service is now being offered in Los Angeles, Chicago, Phoenix, and Columbus, Ohio.
Anheuser-Busch InBev – The beer brewer is being accused by Massachusetts regulators of providing nearly $1 million in unlawful giveaways. A report by the state's Alcoholic Beverages Control Commission said a company subsidiary gave out bar equipment to businesses as an incentive to push the company's Budweiser brand. The company said it believes the equipment it provided was done so lawfully and it is working with the commission to resolve the issue.
Colgate-Palmolive - Chief Executive Officer Ian Cook is reportedly willing to sell the company for $100 per share, well above Tuesday's close of $71.58. The New York Post reports that Cook made that comment at a recent meeting with institutional investors. Colgate declined to comment on the story.
Amazon.com - Amazon is taking steps to break into the pharmacy market, according to two people familiar with the company's plans. Sources tell CNBC that although this is not a certainty, the company is hiring people to formulate a strategy for such a move.
Eli Lilly – Eli Lilly was the subject of a cautious note from Bernstein, pointing to an upcoming ruling in a case that challenges the patent on Lilly's Alimta cancer drug. Bernstein said the risk is underappreciated, although it continues to have a long-term "outperform" rating on Lilly.
Pandora – Pandora was removed from the "Conviction Buy" list at Goldman Sachs, although the music streaming service remains "buy" rated. Goldman's move is based on the delayed launch of Pandora's Premium service as well as other execution issues.