Early movers: PFE, BIIB, TAP, CVS, MNK, IMS, CLX, COST & more
Check out which companies are making headlines before the bell:
Pfizer — The drug giant and Dow component beat estimates by 12 cents a share with adjusted quarterly profit of 67 cents per share. Revenue was above forecasts, and the company also raised its full-year earnings forecast as it integrates its Hospira acquisition, as well as boosting sales of new cancer treatments.
Biogen — Biogen is spinning off its hemophilia business as a separate, publicly traded company. The company will be named at a later date.
Molson Coors — The beer brewer earned an adjusted 54 cents per share for its most recent quarter, 11 cents a share above estimates. Revenue also beat analysts' forecasts. The company's bottom line was helped improved demand and lower costs.
CVS Health — The drug store operator beat estimates by 2 cents a share with adjusted quarterly profit of $1.18 per share. Revenue beat Street consensus, as well. Increased demand for the company's pharmacy benefit management services was a key driver of its results for the quarter.
Mallinckrodt — The drugmaker reported adjusted quarterly profit of $2.01 per share, well above estimates of $1.73 a share. Revenue also beat estimates. Mallinckrodt gave a full-year forecast above analysts' estimates, with the company saying its strategy of acquiring under-resourced assets for underserved patient populations is working well.
IMS Health — The health care technology and information provider is combining with Quintiles in an all-stock transaction that is being billed as a merger of equals. IMS shareholders will get 0.384 shares of Quintiles for each share of IMS they now hold, and will own 51.4 percent of the combined company.
Clorox — The household products maker earned $1.21 per share for its latest quarter, 11 cents a share above estimates. Revenue also beat forecasts. Clorox raised its full-year forecast, as sales and market share improve.
Costco Wholesale — RBC began coverage on the warehouse retailer with an "outperform" rating, pointing to a growing, high-margin revenue stream. At the same time, RBC rated Wal-Mart Stores "underperform" in new coverage, saying intensifying competition and the growth of online commerce threatens the retail giant's traditional model.
Pitney Bowes — The office technology provider missed estimates by 6 cents a share with adjusted earnings of 34 cents per share. Revenue fell short, as well. The company said it did not execute in its Software Solutions business, but is taking steps to correct that situation.
AIG — The insurer fell far short of estimates with adjusted quarterly profit of 65 cents per share. That was 35 cents a share below the consensus estimate of $1 per share, with AIG seeing a shortfall in income from both underwriting and investments.
Apple — Apple CEO Tim Cook told CNBC that he is still confident in prospects for the China market, despite a recent slowdown in consumer spending and a drop in Apple's sales in that country.
Texas Roadhouse — Texas Roadhouse reported quarterly profit of 50 cents per share, 4 cents a share below estimates, although the restaurant chain's revenue matched forecasts as same-restaurant sales rose 4.6 percent. Texas Roadhouse did see profit margins expand from prior levels and is on pace for better-than-expected same-restaurant sales this quarter.
Yelp — Greenlight Capital's David Einhorn revealed a new stake in the business review site, saying it could double its revenue by 2019.
HSBC — The bank saw profits fall 14 percent from a year ago during the first quarter, although that was a better performance than analysts had expected. Investors are also focusing on the idea that the results are not good enough for the bank to raise its dividend.
Mylan — Mylan reported adjusted quarterly profit of 76 cents per share, 2 cents a share above estimates, although the drugmaker's revenue was slightly below forecasts. Sales did increase by 17 percent from a year earlier on improved sales of generic drugs.
Johnson & Johnson — J&J was ordered to pay $55 million to a woman in a case involving the company's talc-powder feminine hygiene products. The woman had sued, claiming the products caused her to develop ovarian cancer.
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