Check out the companies making headlines before the bell:
PepsiCo – The beverage and snack giant reported adjusted quarterly profit of $1.56 per share, beating consensus estimates by 6 cents a share. Revenue also beat Street forecasts, and the company reported better-than-expected organic revenue growth for the quarter of 4.3%.
Constellation Brands – The spirits producer reported adjusted quarterly profit of $2.72 per share, compared to a consensus estimate of $2.60 a share, and adjusted profit of $2.91 per share when the company's investment in cannabis producer Canopy Growth is excluded. Revenue matched Street forecasts.
Bed Bath & Beyond – Bed Bath & Beyond reported adjusted quarterly profit of 34 cents per share, 7 cents a share above estimates. The housewares retailer's revenue was below Wall Street forecasts, however, and the retailer's comparable-store sales were down a greater-than-expected 6.7%.
Cleveland-Cliffs – Cleveland-Cliffs shares are getting a boost on news that the iron ore producer will join the S&P SmallCap 600 Index.
GoPro – GoPro cut its sales forecast for the second half of 2019, due to production delays for a new line of high definition cameras. GoPro said its Hero8 Black cameras would ship in the fourth quarter instead of the third quarter.
Blackstone – The private-equity firm is buying a 65% stake in Great Wolf Resorts, the largest operator of indoor water parks in North America. Blackstone and current owner Centerbridge Partners will form a joint venture to own Great Wolf.
BlackRock – BlackRock and China internet company Tencent have held talks over the past year, according to The Wall Street Journal. The paper said the asset-management firm has been exploring ways to strengthen its presence in China.
Clorox – Clorox cut its fiscal 2020 earnings outlook, due to revised assumptions about foreign exchange rates. The consumer products maker is also projecting slightly lower gross margins compared to its prior guidance and lowered its sales outlook as well.
Alphabet – Deutsche bank raised its price target on Alphabet to $1,600 per share from $1,475, citing more confidence surrounding Google Cloud.
United Technologies – United Technologies was rated "outperform" in new coverage at Credit Suisse, which points to "significant and durable value" in each of the conglomerate's business segments.