Early movers: JNJ, GOOGL, MRK, IMAX, SYNA, ED & more

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Check out which companies are making headlines before the bell:

Johnson & Johnson – The company's diabetes drug Invokana showed a reduction in the risk of serious heart problems, but an increased risk of amputations.

Alphabet – Alphabet's Google unit reached a tax deal with Indonesia for 2016. The country had maintained that Google had not made enough annual payments to the government.

Merck – Merck paused two late-stage studies involving the use of its Keytruda immunotherapy drug as a treatment for multiple myeloma. The drugmaker is investigating increased reports of deaths in the groups using the drug.

Imax – IMAX is laying off 100 workers, amounting to 14 percent of its workforce, in a cost reduction move. The movie theater operator is trying to cut costs by $20 million per year. It also announced a new $200 million stock buyback program.

Tesla – Tesla was upgraded to "buy" from "hold" at Berenberg, which also raised its price target on the automaker's stock to $464 per share from $193. Berenberg points to a lack of real action by traditional automakers in developing electric vehicles for mass market adoption.

Snyaptics – Synaptics announced it would buy audio software company Conexant for $300 million in cash and stock, and will also purchase Marvell's multimedia unit for $95 million in cash. The maker of display and interface products, an Apple supplier, also narrowed its current-quarter revenue guidance to $420 million to $430 million, compared to the prior $410 to $450 million.

Con Edison – Con Edison was downgraded to "hold" from "buy" at Jefferies, which cites several factors including valuation. The utility company's shares have risen more than 13 percent so far this year.

Western Digital – The hard disk drive maker will raise its bid for Toshiba's semiconductor unit to two trillion yen, or about $18.2 billion, according to Japanese newspaper reports. Similar reports have surfaced over the past week. Initially, Wester Digital had bid about 1.6 trillion yen.

Lands' End — Chief Executive Officer James Griffith bought 21,300 shares in the apparel retailer, according to a Securities and Exchange Commission filing, increasing his holdings to 51,700 shares.

Everest Re – The reinsurer will replace Mead Johnson Nutrition in the S&P 500 within the next week, pending completion of Mead Johnson's acquisition by Britain's Reckett Benckiser.

Science Applications International – The company reported quarterly profit of $1.08 per share, beating estimates by four cents a share. The defense contractor reported revenue below Street consensus, however, and lower profit margins, as well.

Tesoro – Goldman Sachs reinstated coverage on the petroleum refiner with a "buy" rating and also added the stock to its "Conviction Buy" list. Goldman points to upside value from its just-completed acquisition of Western Refining as well as underappreciated value in Tesoro's non-refining segments.