Early movers: JCP, JWN, DDS, TIF, SHAK, JNJ, AGN, HMC & more
Check out which companies are making headlines before the bell:
J.C. Penney — The retailer reported an adjusted quarterly loss of 32 cents per share, smaller than the 38 cent a share loss analysts were predicting. However, sales were below estimates, and the company also lowered its full-year gross profit margin guidance.
Nordstrom — Nordstrom is the latest big-name retailer to report an earnings miss. Nordstrom reported quarterly profit of 26 cents per share, well below estimates of 45 cents a share. Revenue was slightly below analysts' forecasts, as well. Nordstrom also cut its full-year outlook after instituting bigger discounts to clear out excess inventory.
Dillard's — Dillard's is another retailer joining the earnings misery parade, posting quarterly profit of $2.17 per share. That was 35 cents a share below estimates. Revenue registers a slight miss, as well. Dillard's saw a third consecutive quarterly decline in same-store sales, and the drop of 5 percent was more than twice what analysts had been predicting.
Tiffany — The luxury goods retailer said Chief Financial Officer Ralph Nicoletti is resigning to join Newell Brands as CFO, effective June 8. His resignation from Tiffany is effective May 20, with the company now beginning the search for a successor.
Shake Shack — Shake Shack reported adjusted quarterly profit of 8 cents per share, 3 cents a share above estimates. The restaurant chain's revenue also beat forecasts. Same-store sales jumped 9.9 percent, more than twice what analysts had projected, and Shake Shack also raised its revenue and sales growth forecast for the full year.
Johnson & Johnson — BTIG downgraded J&J to "neutral" from "buy," saying it is less confident in the outlook for merger and acquisition activity in the medical device sector. That had been a primary driver of its prior "buy" rating.
Allergan — Goldman Sachs added the drugmaker's stock to its "Conviction Buy" list, based on an improved business model and a stronger balance sheet, among other factors.
Lockheed Martin — Stifel Nicolaus cut its rating on the defense contractor's stock to "hold" from "buy," in what it terms primarily a valuation call.
Nvidia — Nvidia beat estimates by 1 cent a share, with quarterly profit of 33 cents per share. Its revenue was also above analysts' estimates. The graphics chipmaker's profit was up by 46 percent from a year earlier on increasing demand from video game players willing to pay for better performance.
Honda — The automaker posted a surprise fourth-quarter loss, due to costs related to recalls of airbag inflators made by Japan's Takata Corp. Honda lost nearly $860 million for the quarter.
Apple — Apple invested $1 billion in China ride-hailing service Didi Chuxing, in a move that Apple CEO Tim Cook said would give Apple a greater understanding of the Chinese market.
Facebook — Facebook released its official employee guidelines as it battles accusations of political bias in the news stories that appear in user feeds.
Activision Blizzard, Electronic Arts — The two biggest video game makers will be on watch, after NPD reported that video game hardware sales were down 23 percent in April compared to a year earlier, while software sales fell 21 percent.
Mobileye — The mobile technology provider struck agreements with two unnamed automakers to provide self-driving car systems in 2019, according to an interview with company chairman Amnon Shashua in The Wall Street Journal.
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