Early movers: KO, JNJ, YHOO, IBM, MS, IM & more

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Check out which companies are making headlines before the bell:

Johnson & Johnson (JNJ)-The pharmaceutical company posted first-quarter earnings excluding items of $1.54 a share on $18.1 billion in revenue, beating analysts' expectations.

Coca-Cola (KO)-The beverage company reported earnings per share of 44 cents, excluding items, on $10.58 billion in revenue, versus expectations of earnings of 44 cents a share on $10.55 billion in sales. In an interview with CNBC, CEO Muhtar Kent said the beverage giant was regaining its momentum .

Yahoo (YHOO)-Macquaire upgraded the search engine to outperform from neutral.

IBM (IBM) - Citigroup downgraded the technology company to neutral to buy.

Ingram Micro (IM) - Citigroup upgraded the company to a buy from neutral.

Morgan Stanley (MS) - Bank of America upgraded the investment firm to buy from neutral.

Umpqua (UMPQ) - Standard & Poor's said the lender will replace Scientific Games (SGMS) in theS&P MidCap 400 (CME:Index and Options Market: @MD.1) index after the close of trading on Thursday, with Scientific Games replacing Umpqua in the S&P SmallCap 600 (NYSE Arca: RZG).

-By CNBC's Kate Gibson.

Questions? Comments? Email us at marketinsider@cnbc.com

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