Check out the companies making headlines before the bell:
General Electric – GE announced plans to spin off its health-care unit, selling 20 percent and distributing the rest to shareholders, and it will also exit its stake in Baker Hughes over the next two to three years. Today is also the first time since 1907 that the Dow Jones Industrial Average will trade without GE as a member, with the stock replaced in the Dow by Walgreens Boots Alliance.
Lennar – The home builder beat Wall Street forecasts on both the top and bottom lines with its second-quarter earnings, as new orders surged more than 62 percent from a year ago and home prices increased by more than 10 percent.
FactSet Research Systems – The financial information services provider reported adjusted quarterly profit of $2.18 per share, 5 cents a share above estimates. Revenue came in slightly above forecasts. FactSet said it was benefiting from a successful integration of its acquisitions as well as boosting organic growth.
Harley-Davidson– Harley remains on watch, after enduring criticism from President Donald Trump for its plans to move some production out of the U.S. because of European Union tariffs. Harley shares fell yesterday after the motorcycle maker said that the tariffs would add $2,200 to the cost of each motorcycle exported to the EU from the U.S.
Vale, BHP Billiton – The mining companies have signed a settlement with Brazilian authorities that settles a $5.3 billion lawsuit over the 2015 dam disaster that killed 19 people.
GW Pharmaceuticals – GW won Food and Drug Administration approval for its drug to treat epilepsy, the first-ever cannabis-based treatment to be approved in the United States.
Northrop Grumman – The defense contractor struck a deal to sell six U.S. Titan drone aircraft to the Australian government in a $5.1 billion deal.
TJX Cos. – The parent of Marshall’s and TJ Maxx was downgraded to “neutral” from “overweight” at Atlantic Equities, which cited valuation as its key reason. The retailer’s stock is up more than 24 percent so far this year.
AMC Networks – AMC was downgraded to “neutral” from “buy” at Goldman Sachs, which points to slower advertising growth at the cable television channel provider.
Ocwen Financial – Ocwen named its chief investment officer John Britti as interim CEO upon the retirement of current CEO Ronald Faris at the end of this month. Ocwen is in the process of acquiring financial services company PHH Corp., and when that deal closes later this y ear, former PHH CEO Glen Messina will take the same job at Ocwen.
Copart – Copart will be joining the S&P 500 prior to the open on July 2. The provider of online auction and vehicle marketing services will replace Dr Pepper Snapple, which is in the process of merging with Keurig Green Mountain and will no longer be eligible for inclusion in the S&P 500 following that transaction. Copart’s place in the S&P MidCap 400 will be taken by cancer treatment developer Exelixis.
MGM Resorts – MGM was downgraded to "neutral" from “buy” at Goldman Sachs and removed from Goldman’s “Conviction List,” citing delays in various positive factors taking hold including an expected recovery at MGM’s Mandalay Bay property.
Spotify – Spotify was rated “overweight” in new coverage at Barclays, citing the streaming music service’s ability to innovate, create best-in-class products and user experiences.