Check out the companies making headlines before the bell:
Johnson & Johnson – J&J is revamping its iconic baby products line, putting more emphasis on natural ingredients. The company made the announcement ahead of its annual analyst day and said it is confident the move will reverse several years of declining sales of those products.
Starbucks – The coffee chain announced an acceleration of its net new store growth in China to 600 per year. The announcement was made at the company's first-ever China investment conference. Starbucks is hoping to triple its China revenue by 2022.
3M – Jefferies downgraded 3M to "hold" from "buy" and cut its price target to $220 per share from $250. Jefferies considers 3M to be among the companies on the wrong side of the inflation dynamic and lack structural tailwinds to drive the stock higher.
Churchill Downs – The operator of the iconic Kentucky race track announced an agreement with Golden Nugget Atlantic City to enter the New Jersey online gaming and sports betting markets.
Abaxis – Animal health company Zoetis will buy the maker of veterinary diagnostic instruments for $1.9 billion in cash, or $83 per share. The price represents a premium of about 16 percent over Tuesday's closing price for Abaxis.
Roku – The maker of video streaming devices suffered a multi-hour outage Tuesday, with the devices displaying FBI warnings instead of Netflix and YouTube. Roku said service was restored as of midnight Eastern Time last night.
Micron Technology – RBC Capital began coverage of the chipmaker with an "outperform" rating, saying it offers a unique way to gain exposure to memory chip markets at an attractive price.
Urban Outfitters – The apparel retailer's stock was upgraded to "neutral" from "sell" at MKM partners, which notes an improved product assortment and reduced promotional activity.
Party City – The retailer of party supplies announced a secondary offering of 12 million shares. The stock is being sold by a major Party City shareholder, and the company will receive no proceeds from the sale.
TripAdvisor – The travel website operator was downgraded to "sell" from "neutral" at Guggenheim Securities, noting pressure on margins as well as an increasingly competitive environment.
Novartis – Novartis said its top lawyer Felix Ehrat will depart the drugmaker, in the wake of his involvement in the $1.2 million contract the firm struck with President Trump's personal attorney Michael Cohen.
Yum Brands – Yum's Pizza Hut unit will become the largest pizza chain in Latin America and the Caribbean, after signing a franchise agreement with Spain's Telepizza Group.
Amazon.com – Amazon implemented new discounts at its Whole Foods unit for members of its Prime service, taking 10 percent off already-discounted items, and cutting prices on certain items throughout the store each week.
Teva Pharmaceutical – Berkshire Hathaway more than doubled its investment in Teva, according to the latest 13-F filing by Warren Buffett's firm. Berkshire owned 40.5 million shares in the generic drugmaker as of the end of the first quarter, up from 18.9 million three months earlier.
21st Century Fox – Fox settled lawsuits with 18 former employees of the Fox News Channel, who had sued over alleged racial and gender discrimination.
Automatic Data Processing — Activist hedge funds D.E. Shaw and Sachem Head Capital Management both took small stakes in the payroll processor during the first quarter, according to their quarterly Securities and Exchange Commission 13-F filings. The Wall Street Journal reports the two have not yet decided whether to push for changes at the company.
T. Rowe Price — The stock was upgraded to "outperform" from "neutral" at Credit Suisse, which cites rising organic growth as well as better expense control at the investment firm.