Check out which companies are making headlines before the bell:
Oracle — The business software giant reported adjusted quarterly profit of 70 cents per share, 2 cents a share above estimates. Revenue also beat forecasts and the company also added $12 billion to its share buyback program. Oracle gave weaker-than-expected guidance for growth of its cloud-computing business for the second consecutive quarter, however.
Hess — Hess is once again the target of activist investor Elliott Management, which said it is frustrated by the energy giant’s “continuing underperformance” by the energy giant. The Wall Street Journal said Elliott wants to either oust CEO John Hess or push him to sell all or part of the company. Hess and Elliott engaged in a contentious battle in 2013 that led to the addition of Elliott nominees to the board of directors.
Adobe Systems – Adobe came in 10 cents a share above estimates, with adjusted quarterly profit of $1.26 per share. The design software company’s revenue also came in above Street forecasts and Adobe raised its outlook for 2018.
Costco – Costco earned an adjusted $1.36 per share for its latest quarter, beating estimates by 2 cents a share. Revenue for the warehouse retailer was slightly above forecasts. Its comparable-store sales jumped 10.5 percent, while comparable e-commerce sales surged 43.5 percent.
Teva Pharmaceutical – Goldman Sachs upgraded the generic drug maker to “buy” from “neutral,” saying the company is in the early innings of a credible turnaround following Thursday’s announcement of workforce reductions and a dividend suspension.
Foot Locker – Canaccord upgraded the athletic apparel and footwear retailer to “buy” from “hold,” citing the company’s strong relationship with Nike and terming current headwinds for the industry cyclical rather than structural.
T-Mobile US – Macquarie upgraded the wireless services provider to “outperform” from “neutral,” saying the company is poised for a new phase of growth and pointing to T-Mobile’s ability to out-execute its peers.
Fitbit – Stifel Nicolaus downgraded the wearable fitness device maker to “sell” from “hold,” saying the company has a “high hurdle” to clear to achieve a breakeven operating margin.
Jabil Circuit – Jabil beat estimates by a penny a share, with adjusted quarterly profit of 80 cents per share. Revenue was above estimates, as well. The contract electronics manufacturer, one of Apple’s biggest suppliers, also gave an upbeat current-quarter forecast.
Waste Management – The environmental services company increased its quarterly dividend by 9.4 percent to 46.5 cents per share, and also approved a $1.25 billion stock buyback program.
CSX – Chief Executive Officer Hunter Harrison is taking a medical leave of absence, due to complications from an unspecified illness. Chief Operating Officer James Foote was named acting CEO.
Pfizer – The drugmaker received Food and Drug Administration approval for expanded use of its Xeljanz drug, which can now be used for to treatment of psoriatic arthritis.
Wells Fargo – The bank cut 60 jobs in its mortgage unit, according to The Wall Street Journal, as it continues to revamp its business following increased scrutiny by federal regulators.
Sinclair Broadcasting – Sinclair may have to sell off about a dozen TV stations to win government approval of its planned buyout of Tribune Media, according to The Wall Street Journal. The paper said the Justice Department has signaled it is willing to approve the deal with that concession.
Discovery Communications — Discovery shares are getting a boost, following a Securities and Exchange Commission filing showing media mogul John Malone bought nearly 333,000 new shares in the cable channel operator. That puts the total holdings of Malone and his wife to about 939,000 shares.