Early movers: LULU, STX, COH, PFE, MDLZ, BLK, AFL, DLTR & more
Check out which companies are making headlines before the bell:
Lululemon—The apparel retailer beat estimates by 1 cent with quarterly profit of 34 cents per share, with revenue and a same-store sales increase of six percent also exceeding forecasts. The company did forecast full year earnings that fall slightly below Street forecasts.
Seagate Technology—The disk drive maker announced a restructuring plan which will see it cut 1,050 workers, or about 2 percent of its global workforce. It will take a charge of about $53 million related to the move.
Coach—RBC initiated coverage on the luxury goods maker's stock with an "outperform" rating, saying Coach could be poised to return to growth on the strength of brand transformation efforts.
Pfizer—Jefferies designated the drug maker's stock as a global "top pick," saying Pfizer will outperform rivals thanks to both fundamental strength and merger and acquisition activity.
Mondelez—The snack maker said its ongoing cost management efforts are delivering faster-than-expected results. The company also unveiled new growth plans, which involve increasing spending on well-known brands like Oreos and Cadbury.
BlackRock—Credit Suisse upgraded the asset manager to "outperform" from "neutral," saying it's well-positioned to deal with various headwinds facing the industry including bear market risk and new regulations.
EBay—Cantor Fitzgerald downgraded the stock to "hold" from "buy" following the completion of its PayPal spinoff, in what it calls a reflection of the slower growth rate of what remains.
Aflac—Citi upgraded the insurer's stock to "buy" from "neutral," saying the risk/reward picture is more compelling following a recent sell-off in the stock. Citi points out that Aflac has no earnings sensitivity to the stock market and below-average exposure to interest rate risk.
Dollar Tree—Credit Suisse downgraded the discount retailer to "underperform" from "neutral," pointing to execution risk related to the company's recent acquisition of rival Family Dollar.
Palo Alto Networks—Palo Alto reported adjusted quarterly profit of 28 cents per share, 3 cents above estimates. The cybersecurity company's revenue was also well above forecasts, and it gave an upbeat forecast for the current quarter on increased cybersecurity spending by governments and corporations.
Box—Box lost 28 cents per share for its latest quarter, 1 cent less than expected, while revenue was above forecasts. The cloud storage company also raised its forecast for the year, as it adds new customers.
Krispy Kreme Doughnuts—Krispy Kreme earned an adjusted 15 cents per share for its latest quarter, missing estimates by four cents, and revenue also missed analysts' targets. The doughnut chain also issued weaker than expected guidance for the full year, largely due to a slide in international sales.
Express Scripts—Express Scripts announced the retirement of Chief Executive George Paz as of next May. Company President Tim Wentworth will become the new CEO of the pharmacy benefit manager at that time.
Con-way—Con-way is being bought by rival for $47.60 per share in cash, a 34 percent premium over yesterday's close. The deal is worth a total of $3 billion, including the assumption of debt.
Sun Life Financial—Sun Life is buying the employee benefits business of New York-based insurer Assurant for $975 million.
Delta Air Lines—The airline received approval to use the "I Love NY" logo in its ads. is the only other company approved by the state's Empire State Development agency to use that logo.
Phillips 66—Berkshire Hathaway purchased another 3.5 million shares in the refining company, bring its total stake in Phillips to 11.4 percent.
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