Early movers: STZ, PFE, AGN, WFC, CSCO, PLCM, AMZN, JNJ, CREE & more
Check out which companies are making headlines before the bell:
Constellation Brands — The spirits maker reported quarterly profit of $1.19 per share, 5 cents above estimates, with revenue also beating forecasts. Constellation also announced an agreement to buy the Prisoner Wine Co.'s brand portfolio from Huneeus Vintners for an undisclosed amount.
Allergan, Pfizer — Pfizer abandoned its $160 billion merger with Allergan following the Treasury's new rules aimed at discouraging so-called corporate tax inversions. Pfizer will pay a deal termination fee of $150 million to reimburse Allergan for expenses, per their merger agreement.
Wells Fargo — Guggenheim downgraded the bank's shares to "neutral" from "buy." The firm said the stock is fully valued relative to its peer group, among other factors. At the same time, Guggenheim designated Ally Financial as a "Best Idea," citing an improving cost of funds and stable operating expenses.
Cisco Systems — JPMorgan Chase upgraded Cisco to "neutral" from "underweight," saying earnings estimates are conservative enough to offset the risk that Cisco's switching products are becoming commoditized.
Polycom — The provider of video and voice technology is in advanced talks to be acquired by mobile communications company Mitel, according to a Bloomberg report. The price is said to be $12.50 per share, compared to Tuesday's close for Polycom of $10.84 per share.
Wynn Resorts — Wynn released preliminary quarterly results showing a further slowdown in its already slumping Macau operations, while results in the Las Vegas market were relatively flat for the casino operator.
Cree — Cree preannounced quarterly results which are well below its prior guidance as well as the Street's consensus estimates. Cree, which specializes in LED offerings, points to lower commercial orders in its lighting products business.
Amazon.com — Amazon will release a new Kindle e-reader with a rechargeable protective case, according to multiple sources.
Fiat Chrysler — The automaker will spend $500 million to revamp its Argentina plant, where it is planning to produce a new model starting next year. Most of the cars produced at the plant will be exported out of the country.
Johnson & Johnson — The Food and Drug Administration approved a "biosimilar" to Johnson & Johnson's rheumatoid arthritis treatment Remicade. The new drug comes from South Korean drugmaker Celltrion, in partnership with Pfizer.
Facebook — Facebook's WhatsApp standalone messaging app is now fully encrypted and unreadable to anyone, including the authorities, according to the unit's CEO Jan Koum.
Apple — Apple was rated "strong buy" in new coverage at Needham, which set a $150 per share price target. Needham said Apple dominates the wealthiest segment of a rapidly growing consumer market, and the iOS universe has fewer competitive pressures and higher pricing power.
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