Check out the companies making headlines before the bell:
Home Depot – Home Depot earned $2.08 per share for the first quarter, 3 cents a share above estimates. Both revenue and comparable-store sales were below Street forecasts, but the home improvement retailer attributes the shortfall to bad weather and is maintaining its full-year sales forecast.
Ulta Beauty – Oppenheimer upgraded the cosmetics retailer to “outperform” from “perform,” noting the potential for improvement in comparable-store sales.
Tesla – Morgan Stanley cut its price target on the stock to $291 from $376 per share, noting that recent management departures and the just-announced reorganization suggest the need to address various technical and fundamental hurdles that are weighing on the automaker’s margins.
Ford Motor – Piper Jaffray downgraded the automaker’s stock to “neutral” from “overweight,” saying Ford will have difficulty finding compelling revenue drivers that will offset what it calls secular threats.
Wynn Resorts – The company announced that director John Hagenbuch will not stand for re-election, while Robert Miller submitted his resignation from the casino operator’s board. Wynn’s biggest shareholder, Elaine Wynn, had been campaigning against Hagenbuch’s re-election.
Symantec – Symantec said an internal accounting probe would likely not result in any material impact on its past financial statement. The cybersecurity software maker also gave an upbeat forecast.
Vipshop – Vipshop earned $1.05 per share for the first quarter, 6 cents a share below estimates. The China-based discount retailer reported slightly better-than-expected revenue. Shares are under pressure after Vipshop issued a weaker-than-expected current quarter revenue forecast.
Switch – Switch earned 14 cents per share for its fiscal fourth quarter, compared to an expected loss of 14 cents per share. The data hosting company’s revenue came in above estimates and it issued an in-line forecast for the current year.
STMicroelectronics – The company is forecasting stronger-than-expected 2018 revenue growth, as the chipmaker’s business accelerates in the automotive, industrial, and other categories.
Amazon.com – Amazon and other Seattle companies will be hit by a new tax on the city’s biggest businesses, which applies to companies grossing at least $20 million per year. Amazon said it would still go ahead with planning for a new major downtown office building.
Gap – The apparel retailer was upgraded to “outperform” from “market perform” at Telsey Advisory Group, which thinks Gap shares are at a compelling valuation and that any promotional pressures during the first half of this year are already known and reflected in the stock’s price.
Agilent – Agilent reported adjusted quarterly profit of 65 cents per share, beating estimates by a penny a share. Revenue was in line with forecasts, but the medical device maker issued a lower-than-expected forecast for the current quarter and the full year.