Check out which companies are making headlines before the bell:
FedEx: FedEx has lowered its 2018 earnings guidance to account for the impact of a cyberattack. The shipping company also said on Tuesday that Hurricane Harvey impacted its fiscal first-quarter results. FedEx now expects earnings of between $11.05 and $11.85 per share, below its previous projection for earnings of between $12 and $12.80 per share.
Adobe: Adobe Systems reported third-quarter earnings after the bell on Tuesday that topped Wall Street estimates. However, the marketing software firm delivered a mixed outlook, causing shares to dip after hours.
Bed Bath & Beyond: Shares of Bed Bath & Beyond fell more than 14 percent in premarket trading, as the home goods retailer slashed its full year outlook on Tuesday and missed earnings estimates for the second quarter. Same-store sales — a metric closely watched by Wall Street for retail stocks — also came in lower than expected.
Wal-Mart: The big-box retailer announced that this year it will be giving its existing employees the opportunity to work extra hours during the holiday season, rather than offering those hours to seasonal workers. "These extra hours will help staff traditional roles like cashier and stocker, and newly created technology-empowered positions such as personal shoppers and Pickup associates," said Judith McKenna, Walmart's chief operating officer. Meantime, retail rival Target is bringing 100,000 temporary workers on board ahead of the holidays.
Amazon: The internet giant is reportedly working on its first wearable device — a pair of "smart glasses," according to the Financial Times. The device would be capable of interacting with Amazon's Alexa, the report said, citing people familiar with the company's plans.
L Brands: L Brands, the parent company of Victoria's Secret, was downgraded by Cowen & Co., which cited "fundamental new competition in the sport bra market," among other obstacles in retail. Cowen analyst Oliver Chen said the company must add more digital components to its brick-and-mortar locations in order to "stimulate demand to drive store traffic."
Pfizer: Pfizer was upgraded to "overweight" from "equal-weight" at Morgan Stanley. The firm cited investors underappreciating the global prospects for Pfizer's "No. 1 growth driver," as it relates to breast cancer, and "M&A optionality." The prospect of U.S. tax reform offers additional optionality, Morgan Stanley analyst David Risinger said.
Mattel: The toymaker's stock is beginning to rebound after investors traded off shares ahead of Toys R Us — one of its biggest retail partners — filing for bankruptcy. Hasbro and Jakks Pacific are among some of the other vendors for Toys R Us that have watched their stocks tumble over the past few weeks. Now, though, with more certainty about Toys R Us' plans ahead of the holidays, toy manufacturers have less to worry about, analysts are saying.
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