Early movers: YUM, ADBE, BIIB, MS, LULU, STZ, BUD, P & more
Check out which companies are making headlines before the bell:
Constellation Brands — The spirits maker earned an adjusted $1.56 per share for its latest quarter, well above estimates of $1.32 a share, with revenue matching forecasts. Constellation also raised its full-year forecast thanks to a strong beer business, although the numbers are still somewhat below Street estimates.
Yum Brands — The restaurant operator missed estimates by seven cents with adjusted quarterly profit of $1 per share. Revenue also came in below forecasts, and Yum's sales in the key China market were up a less-than-expected 2 percent. The parent of KFC, Taco Bell, and Pizza Hut also cut its full-year forecast, although it did release some positive news in the form of a 12 percent dividend increase.
Twitter — Saudi Prince Alwaleed and his Kingdom Holding investment firm have increased their combined stake in Twitter to more than five percent.
Adobe Systems — The software company cut its 2016 profit forecast, in response to the negative effects of a stronger dollar.
Biogen — The drug maker released new data showing favorable results for its Tecfidera drug in newly diagnosed multiple sclerosis patients, as well as those who are in the early stages of the disease. Tecfidera is already the most-prescribed MS drug in the country, and Biogen is hoping to expand its use.
Morgan Stanley — RBC upgraded the investment firm's stock to "outperform" from "sector perform," saying it expects Morgan Stanley's wealth management business to drive earnings growth.
Lululemon, TJX, Tiffany, Urban Outfitters — These four retailers are Citigroup's top picks in new coverage of the retail sector, with buy ratings on those stocks as well as Ross Stores, Nordstrom, Signet Jewelers, and Burlington Stores.
Starbucks — Starbucks named former Adobe Systems executive Gerri Martin-Flickinger as its first-ever chief technology officer.
Nike — Nike announced the departure of Bob Hurley as chief executive officer of its Hurley Brand, which specializes in surf and action-related apparel and accessories.
Express Scripts — The pharmacy benefits manager will cover the costs of new cholesterol drugs Praluent and Repatha. Praluent is made by Regeneron Pharmaceuticals while Repatha comes from biotech giant Amgen.
Nu Skin Enterprises — Nu Skin cut its revenue estimate for its third quarter, with the skin care products maker pointing to a strong dollar and weaker than expected sales in China.
AB InBev — The company made a $104.1 billion bid for rival beer brewer SABMiller, a deal that would combine the two biggest brewers in the world. This marks the third takeover proposal AB InBev has made to SABMiller, which has so far resisted the overtures. SABMiller shareholder Altria said it supports the offer, but SABMiller maintains its view that AB InBev is undervaluing it.
Nokia — Nokia executives will make up the bulk of the leadership team after the network equipment maker completes its proposed acquisition of Alcatel-Lucent.
Diageo — The spirits maker exchanged emerging market brewing assets with Heineken, selling its stake in Red Stripe brewer D&G and emerging market distributor GAPL, while buying out Heineken's stake in Guinness Ghana.
Media General — Media General has dropped its bid to buy TV station operator and magazine publisher Meredith Corp., according to the New York Post, because Media General shareholders are unlikely to approve the deal. Media General itself is the target of a bid from Nexstar Broadcasting.
Pandora – The online music service is near a deal to buy ticketing agency Ticketfly for about $450 million in cash and stock, according to Re/code.