Early movers: YUM, AET, STZ, DIS, PG, MSFT & more
Take a look at some of Tuesday's early movers:
JD.com — the Alibaba rival announced a share repurchase program of up to $1.0 billion over the next 24 months. The firm plans to fund repurchases through its available cash balance.
Yum Brands — CLSA upgraded the fast food company to "buy" from "outperform" on expectations of recovery in the firm's China operations. CLSA also raised its price target from $105 to $107 a share for an upside of more than 35 percent from Friday's closing price of $78.89 a share.
Aetna — RBC upgraded the health insurance provider to "outperform" from "sector perform" on positive outlook, especially given the likely acquisition of Humana.
Constellation Brands — RBC removed the wine producer from its top picks list based on the stock's run (up about 30 percent year-to-date) and greater potential for near-term gains in Reynolds American, Energizer Holdings, Cott, Newell Rubbermaid and Estee Lauder. RBC retained an "outperform" rating on the stock given 10 percent growth in beer revenue, expanding margins in beer and improving momentum in wine.
PNC, US Bancorp, and Wells Fargo – Deutsche Bank upgraded the stocks to "buy" from "hold" given the recent pullback in bank names and favorable outlook on large regional banks. The note also reiterated "buy" ratings on M&T Bank and SunTrust Banks.
Wells Fargo — Evercore also upgraded the stock to "buy" from "hold" citing an attractive entry point given the recent pullback to a 12-month low. The note added that Wells is in a "solid position to compete" through effective pricing ability and selective acquisitions.
MGM Resorts International, Boyd Gaming, Churchill Downs — Telsey initiated coverage of casino stocks with an "outperform" rating on these names based on positive earnings momentum for regional and domestic destination gaming, including an upward trajectory for the Las Vegas market. Telsey said it found "no reason to become constructive on Macau at present." The firm initiated coverage of Las Vegas Sands, Gaming & Leisure Properties, Penn National Gaming and Pinnacle Entertainment with a "market perform" rating.
Fitbit — Morgan Stanley upgraded the stock to "overweight" and raised its price target to $58. The research note said the wearable maker retains leadership in a $10 billion, fast-growth market despite the Apple Watch release.
Procter & Gamble — SunTrust upgraded the stock to "buy" from "neutral" given under appreciation (stock is down 25 percent year-to-date), attractive valuation and near-term catalysts such as a new CEO and more favorable comparisons.
Disney — The entertainment firm expanded on-demand access to its films by expanding the service to Amazon.com and Microsoft customers. Disney Movies Anywhere is already available through Apple's iTunes, Google's Play store and Wal-Mart's online store Vudu.
Amazon.com — the e-commerce giant plans to sell a $50 tablet with a 6-inch screen in time for the holidays, sources told Dow Jones.
Media General, Meredith — Media General will acquire all the outstanding common stock of Meredith in a cash and stock transaction valued around $2.4 billion to create Meredith Media General, the two firms announced Tuesday.
Microsoft — the tech giant will pay "quite a few hundred million dollars" for Israeli cloud cybersecurity start-up Adallom, a source familiar with the situation told CNBC.
Concordia Healthcare — the Canadian firm announced it will acquire rare disease drug maker Amdipharm Mercury for about $3.5 billion.
—Reuters contributed to this report.