Check out which companies are making headlines before the bell:
PepsiCo – The snack and beverage giant reported adjusted quarterly profit of $1.50 per share, 10 cents a share above estimates. Revenue also topped forecasts, and PepsiCo raised its full-year forecast.
Amazon.com – Amazon is in the midst of its annual Prime Day, which began last night and will run through the overnight hours tomorrow morning.
Coach, Michael Kors – MKM began coverage on both companies, issuing a "buy" rating on Coach and a "sell" rating on Michael Kors. It said Coach is a growth story gaining momentum, while pointing to deteriorating sales metrics and bloated inventory at Kors.
Exxon Mobil – Barclays upgraded the energy giant to "overweight" from "equal weight," noting the company's diversified portfolio and recent underperformance by the stock.
Snap — The Snapchat parent's stock was downgraded to "equal-weight" from "overweight" by Morgan Stanley, citing competition from Instagram and slower-than-expected development of Snap's ad product. The stock fell below its $17 initial public offering price for the first time Monday.
Barracuda Networks – Barracuda reported adjusted quarterly profit of 18 cents per share, matching estimates, with the cybersecurity company's revenue coming in above forecasts. Barracuda gave weaker-than-expected current-quarter earnings guidance, however.
Citrix Systems – Citrix appointed Chief Financial Officer David Henshall as its new chief executive officer, replacing Kirill Tatarinov. Tatarinov's departure from the business software provider was described as a "mutual separation."
J.C. Penney — Chief Financial Officer Edward Record is stepping down from that role effective today, although he'll remain in an advisory role for the retailer through August 7. Chief accounting officer Andrew Drexler will handle the CFO duties on an interim basis.
Rent-A-Center – Rent-A-Center received a takeover offer from Vintage Capital for about $800 million. The private-equity firm's proposal to the rent-to-own company is worth $15 per share, compared to Monday's closing price of $11.10. Vintage wouldn't comment on the report, but Rent-A-Center said in a Securities and Exchange Commission filing that the proposal significantly undervalues the company.
Pearson – The publishing company will sell a 22 percent stake in book publisher Penguin Random House to joint venture partner Bertelsmann for about $1 billion. The deal cuts its stake in Penguin Random House to 25 percent.
Western Digital – Western Digital said it has matched outstanding bids for Toshiba's semiconductor unit, which currently peak at $18 billion. That comes ahead of a court hearing on Friday in which the disk drive maker seeks to halt the auction process.
Sanofi – The drugmaker announced a deal to buy privately held Protein Sciences, a Connecticut-based company specializing in vaccines. Sanofi will pay $650 million upfront and up to $100 million depending on the achievement of certain milestones.
Microsoft – Microsoft is proposing a $10 billion program to bring broadband internet to rural areas in the U.S., according to the Seattle Times. The details will be announced at an event in Washington, D.C., scheduled for today.
Arena Pharmaceuticals – Arena said an experimental drug designed to treat a rare but deadly lung disease met its primary goal in a mid-stage study.
Amicus Therapeutics – The drugmaker will submit a new drug application for its treatment of Fabry disease during the fourth quarter of this year. The Food and Drug Administration told Amicus it could submit the application following a series of discussions about the treatment.