Early movers: MS, IBM, CSX, UAL, GOOGL, QCOM, MKC, SNAP & more

Check out which companies are making headlines before the bell:

Morgan Stanley – The firm earned 87 cents per share for the second quarter, 11 cents a share above estimates. Revenue beat forecasts, and Morgan Stanley also raised its dividend 25 percent and added $5 billion to its share repurchase program.

IBM – IBM reported adjusted quarterly profit of $2.97 per share, beating estimates of $2.74 a share. Revenue fell short of estimates, however, and declined for the 21st consecutive quarter. IBM also saw profit margins drop across all its units.

CSX – CSX beat estimates by five cents a share, with adjusted quarterly profit of 64 cents per share. The railroad's revenue also beat forecasts as coal shipments improved, and the company announced a $500 million increase in its stock buyback program.

United Continental – United earned an adjusted $2.75 per share for its latest quarter, eight cents a share above estimates. The airline's revenue came in slightly above forecasts. United's results were helped by both strong overall demand, and revenue from items such as upgrades and priority boarding.

Alphabet – The company's Google unit announced an overhaul of its mobile search app, calling the new offering "Google Feed" and offering personalized links on areas of interest. However, Google said it was not trying to duplicate Facebook's news feed.

Qualcomm – The chipmaker faces antitrust allegations from a group of Apple suppliers, who Qualcomm sued back in May to force them to pay license fees that Apple had told them to stop paying.

McCormick – The spice maker is buying the food business of Britain's Beckitt Renckiser for $4.2 billion. The unit is the maker of well-known brand names like French's Mustard.

SnapComcast's NBC News unit is launching a twice-daily news show on Snap's Snapchat service. Comcast – the parent of NBCUniversal and CNBC – invested $500 million in Snap during its initial public offering.

AMC Entertainment – Barclays downgraded the stock to "equal weight" from "overweight," noting the cable channel operator's underperformance and calling the former "overweight" rating one of the firm's "worst calls to date." Barclays is concerned about a number of potential negatives, including reports that the Chinese government has blocked banks from funding AMC's China-based parent, Dalian Wanda.

America Movil – The company posted an 86 percent rise in quarterly profit, with the Latin American telecommunications giant helped by gains in the Mexican peso. America Movil is controlled by the family of Mexican billionaire Carlos Slim.

Vertex Pharmaceuticals –The drugmaker reported significant improvements in cystic fibrosis patients treated with three different drug combinations in clinical trials.

BP – The energy giant is considering spinning off certain U.S. pipeline assets in an initial public offering. BP had first considered such a plan earlier this decade, but the idea was shelved when oil prices plummeted.

Discovery Communications, Scripps Networks – The two cable channel operators are in merger talks, according to The Wall Street Journal. The paper said terms of a tentative deal could not be learned, and that it was possible that another bidder for Scripps could emerge. Discovery operates such cable channels as Discovery and Animal Planet, while Scripps is the parent of Food Network, Cooking Channel, HGTV, and others.

Western Digital – Western Digital's access to data at its joint chipmaking venture with Toshiba has been blocked by the Japanese company once again, as their dispute over the proposed sale of Toshiba's chip unit intensifies.

Northern Trust – The bank is setting up a European Union banking base in Luxembourg, ahead of Britain's departure from the EU.

Dow Chemical – Dow sold some of its Brazilian corn seed assets to a China-based fund for $1.1 billion. The move is designed to win approval in Brazil for its deal to merge with DuPont.

General Motors – The automaker and Softbank are among companies providing new funding for self-driving software and technology startup Nauto, which raised $159 million in a new funding round.

Abercrombie & Fitch – Abercrombie is being called upon to buy back shares, after the teen apparel retailer failed to sell itself. The call comes from shareholder SLS Management, which said the company was not being aggressive enough in its turnaround efforts.

Crown Castle – Crown Castle is buying privately held Lightower Fiber Networks for about $7.1 billion in cash. The tower operator is seeking to expand its presence in northeastern urban areas.

Chipotle Mexican Grill – Opposite opinions on the stock come from Telsey Advisory Group, which is upgrading it to "outperform" from "market perform," while BMO Capital is downgrading the restaurant chain to "market perform" from outperform. Telsey did trim estimates following Tuesday's report of illnesses at a Sterling, Virginia, location, but is making the call on a valuation basis and the expectation that menu innovation efforts will be successful. BMO, however, is expressing concern about media coverage of the story weighing on same-store sales growth.

Goldman Sachs – Goldman was downgraded to "market perform" from "outperform" at Keefe Bruyette & Woods, which said it does not see a catalyst for materially better revenue in the near term.

Textron – The Bell helicopter maker beat estimates by five cents a share, with adjusted quarterly profit of 60 cents per share. Revenue was also above forecasts. Textron was helped by the acquisition of ATV maker Arctic cat, which was completed in March.