Check out which companies are making headlines before the bell:
PepsiCo PEP – The snack and beverage maker reported adjusted quarterly profit of $1.61 per share , beating estimates by 9 cents a share. Revenue also came in above forecasts. PepsiCo also reported overall organic revenue growth that beat Street forecasts, and reiterated its full-year guidance.
EBay EBAY – EBay was downgraded to “hold” from “buy” at SunTrust, which feels eBay will face some headwinds following the Supreme Court’s recent ruling on e-commerce tax collections.
Pfizer PFE – Pfizer responded to criticism from President Donald Trump about raising drug prices, saying that prices have remained unchanged for the majority of its drugs and that in some cases, prices have fallen. The president criticized Pfizer and other drug companies for their pricing practices in a Monday tweet.
Walgreens Boots Alliance WBA – Evercore downgraded the drugstore chain operator’s stock to “in-line” from “outperform,” with Amazon’s AMZN purchase of PillPack only one of several factors that could pressure the longer-term outlook for Walgreens.
Shire SHP-GB — Japan’s Takeda Pharmaceutical received approval from the Federal Trade Commission for its $62 billion purchase of the British drugmaker. Takeda still needs regulatory approval from the European Union and China.
Altaba AABA — SoftBank increased its stake in Yahoo Japan to over 48 percent from about 43 percent, as part of a complex deal with Altaba for a net investment of about $9 million. Altaba, the company formerly known as Yahoo, will now have a 27 percent stake in Yahoo Japan.
Xerox XRX — Fuji Xerox CEO Kouichi Tamai told Reuters the joint venture between Xerox and Fujifilm would not be broken up, despite the ongoing dispute between the two companies over the planned merger that was canceled by Xerox.
Chipotle Mexican Grill CMG – The restaurant chain’s stock was downgraded to “underperform” from “neutral” at Mizuho, which points out that the stock has jumped 80 percent since Brian Niccol’s appointment as CEO and that the stock is currently pricing in an aggressive recovery in both comparable sales and profit margins.
Baidu BIDU – The China-based firm will collaborate with automaker BMW to develop autonomous driving technology in China.
WPP WPP-GB – The ad agency was outbid by former CEO Martin Sorrell for Netherlands-based digital production agency MediaMonks. The Wall Street Journal reports that a new venture founded by Sorrell will pay about $352 million for MediaMonks.
Microsoft MSFT – Microsoft is cutting prices on its Surface devices , and has introduced a $399 tablet designed to compete with Apple’s AAPL iPads.
J.M. Smucker SJM — Smucker will sell its U.S. baking business to private-equity firm Brynwood Partners for $375 million, including assumed debt. Among the names included in the deal are Pillsbury baking mixes and Hungry Jack pancakes.
Wynn Resorts WYNN – Wynn Resorts was upgraded to “buy” from “hold” at Stifel Nicolaus, which said a recent pullback in the stock’s price has created a compelling risk/reward profile for the casino operator.
Paccar PCAR – Paccar announced a $300 million share repurchase program, following the recent completion of the truck maker’s previous $300 million buyback.
Quest Diagnostics DGX – Evercore upgraded the medical lab operator’s stock to “outperform” from “in-line”, noting that the business is “safe haven” less exposed to factors like Amazon.com and political risk. Evercore also notes that Quest has engineered an “epic turnaround” under new management.
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