Check out the companies making headlines before the bell:
Constellation Brands – The beer and spirits producer reported adjusted quarterly profit of $2.21 per share, beating the $2.04 a share consensus estimate. Revenue also topped Wall Street forecasts.
Nike – Nike reported quarterly earnings of 62 cents per share, 4 cents a share below estimates. The athletic footwear maker’s revenue beat Street forecasts, however. Nike’s bottom line was impacted by higher spending on marketing and new product launches.
Apple – Apple chief design officer Jony Ive is leaving the company to start his own independent design firm. Ive has been with Apple for since 1992 and helped design such key products as the iMac and iPhone.
Boeing – Boeing is attempting to have all 737 MAX-related fixes done by September, according to sources who spoke to CNBC. That includes a fix for a newly discovered software issue revealed by the company Wednesday.
Bank of America, Citigroup, JPMorgan Chase, Wells Fargo – These and other banks could get a boost today on news that they passed the Fed’s latest stress tests and did not receive objections to capital distribution plans. Credit Suisse received what’s called a “conditional non-objection” to its capital plan, a middle ground between pass and fail based on certain weaknesses. One of the biggest stock winners in early trading was Germany’s Deutsche Bank after it passed the Fed’s tests.
United Continental – The airline is changing its name to United Airlines Holdings, effective today. That removes the last reference to Continental Airlines, which United bought in 2010.
Procter & Gamble – Procter & Gamble was upgraded to “buy” from “neutral” at Goldman Sachs on expectations of stronger margins and profit growth.
Biogen – Biogen was downgraded to “neutral” from “overweight” at Piper Jaffray, which cites competitive pressures for the drugmaker’s multiple sclerosis franchise.
Live Nation Entertainment – The live event producer was downgraded to “sell” from “neutral” at Citi, which likes the company’s consistent operating performance and growth prospects but feels investors are becoming too willing to pay a premium for growth.
Bloomin’ Brands – Deutsche Bank initiated coverage of the Outback Steakhouse parent with a “buy” rating, noting that the restaurant operator is cheap relative to its peers and can rise on any improvement in its profit margins.
AutoZone – Oppenheimer upgraded the auto parts retailer to “outperform” from “perform,” noting the potential of sustained strong commercial sales expansion.
Darden Restaurants, Wingstop – Stephens downgraded both restaurant operators to “equal-weight” from “overweight,” in a move the firm calls “reluctantly downgrading quality” based on current valuation.