Early movers: DAL, WFC, PFE, CSX, K, HOG, NOK, DLTR, FIVE & more
Check out which companies are making headlines before the bell:
Delta Air Lines — The airline reported adjusted quarterly profit of $1.70 per share, beating estimates by five cents a share. However, revenue was below forecasts as the key metric of revenue per available seat mile fell 5.6 percent from a year earlier. Delta also said an August outage cost the airline $100 million.
Wells Fargo — Chief Executive Officer John Stumpf announced his retirement, effective immediately, following the sales practices scandal that's engulfed the bank over the past few weeks. Chief Operating Officer Tim Sloan will succeed Stumpf as CEO, while lead director Stephen Sanger will take the chairman's slot.
Pfizer — Jefferies downgraded the drugmaker to "hold" from "buy," due to a lack of catalysts and drivers for a higher stock price. The firm said AbbVie and Eli Lilly remain its top U.S. picks in the drug sector. Separately, Pfizer lost its appeal in a patent case over its pain drug Lyrica in a U.K. court, but said it would seek a further appeal.
CSX — CSX reported quarterly profit of 48 cents per share, three cents a share above estimates. Revenue for the railroad operator was slightly ahead of forecasts. CSX's results were hurt by a drop in freight volumes, but did manage to beat expectations nonetheless.
Kellogg — The cereal maker bought Ritmo Investimentos, the controlling shareholder of Brazilian food company Parati. Kellogg also said it would cut back on stock buybacks this year to "preserve financial flexibility."
Harley-Davidson — The motorcycle maker is planning to increase its emphasis on Asian sales, according to Chief Executive Officer Matthew Levatich. He told Reuters he is optimistic about growing the company's business in both existing and new Asian markets.
Nokia — The wireless technology company was removed from the "Conviction Buy" list at Goldman Sachs, although the firm retained a "buy" rating. Goldman said the move reflects further declines in global capital expenditures by the wireless industry.
Dollar Tree, Five Below — The two stocks were both rated "overweight" in a new report on discount retailers at KeyBanc, which also rated Dollar General at "sector weight." Keybanc said Dollar Tree is executing well at its legacy stores, as well as successfully turning around the Family Dollar stores it acquired when it bought that company last year. Five Below got praise for good product value, as well as an "exciting shopping experience."
HCA — HCA was upgraded to "overweight" from "sector weight" at KeyBanc, which pointed to both valuation of the hospital operator's stock and a potential upside catalyst of a more likely Hillary Clinton win in the presidential election.
Amazon.com — Amazon announced it would hire more than 120,000 seasonal workers for this y year's holiday season. The online retailer noted that more than 14,000 of last year's seasonal hires stayed on as full-time employees.
Abercrombie & Fitch — The apparel retailer announced a redefined identity for the Abercrombie & Fitch brand, to be accompanied by its largest-ever ad campaign. It will feature a redesigned website and all new digital advertising.
Deckers Outdoor — Susquehanna Financial downgraded the footwear maker to "negative" from "neutral," saying the health of its UGG brand is at risk due to an increase in promotional activity.