Check out the companies making headlines before the bell:
Lowe’s – The home improvement retailer’s stock was upgraded to “buy” from “hold” at SunTrust Robinson Humphrey, which sees the potential for earnings acceleration in general and especially in relation to rival Home Depot.
Vail Resorts – The resort operator lost $2.07 per share for its latest quarter, less than the $2.24 per share that analysts were expecting. Revenue, however, came in below Street forecasts. Vail said its just-completed fiscal year suffered from historically poor winter conditions, but that it has momentum going forward thanks to strong season pass sales.
Tesla — CEO Elon Musk was sued by the Securities and Exchange Commission for alleged fraud, with the commission seeking to remove him from his job. Musk was accused of making false and misleading statements about potentially taking Tesla private. In a statement, Musk called the action “unjustified” and the automaker’s board said it had full confidence in him.
Volkswagen – Volkswagen will announce the firing of Audi CEO Rupert Stadler, perhaps as soon as today, according to sources quoted by The Wall Street Journal. Stadler has been in jail in connection with the automaker’s emissions cheating scandal.
Eli Lilly – Lilly’s new migraine drug Emgality won Food and Drug Administration (FDA) approval. Emgality is the latest entry in a new class of treatments for migraine headaches, with prior approvals coming for one treatment from Novartis and Amgen and another from Teva Pharmaceutical.
Goldman Sachs, JPMorgan Chase, Credit Suisse, Morgan Stanley, UBS – The banks will have to face a lawsuit charging that the banks tried to limit competition in the $2 trillion stock lending market. The banks had tried to block the suit from going forward, but a judge ruled against their claim that their actions were reasonable.
J.C. Penney – The retailer’s Chief Financial Officer Jeffrey Davis is resigning to pursue a new opportunity, after less than a year and a half on the job. The retailer’s senior vice president of finance, Jerry Murray, will assume the CFO role on an interim basis.
Progress Software – The company reported adjusted quarterly profit of 60 cents per share, 2 cents a share above estimates. Revenue came in below Wall Street forecasts, however, and the business software maker said it was disappointed with its revenue outlook for the year.
WPP, Omnicom, Interpublic Group– These and other advertising stocks may be under pressure today, after The Wall Street Journal reported that federal prosecutors have opened a probe into media buying practices in the advertising industry.
Trade Desk – RBC raised its price target for the provider of programmatic advertising technology by 35 percent to $170, citing the strength of the company’s new product line. The stock has more than