Check out the companies making headlines before the bell:
Amazon — Amazon has picked New York City and Northern Virginia as the sites for its additional headquarters, according to multiple reports. The company is expected to make an official announcement as soon as Tuesday, The Wall Street Journal reports.
Apple, Lumentum Holdings — Goldman Sachs analyst Rod Hall lowered his iPhone sales estimates on Apple after Lumentum, which makes components for the smartphone’s facial recognition function, cut its outlook. Separately, J.P. Morgan’s Samik Chatterjee downgraded Lumentum to neutral from overweight following the outlook reduction, noting “challenges to Apple supply chain contending with iPhone volume weakness.”
Home Depot — Shares of the home improvement retailer jumped more than 3 percent after the company posted quarterly results that easily beat expectations. Home Depot also raised its sales outlook for fiscal 2018.
Kellogg — Kellogg said late Monday it is looking to sell its fruit snacks business, as well as its Keebler and Famous Amos brands. CEO Steve Cahillane said the company needs to “make strategic choices about our business and these brands have had difficulty competing for resources.”
Goldman Sachs — Malaysian Prime Minister Mahathir Mohamad said the investment bank “cheated” Malaysia in its dealings with 1MDB. Mohamad’s comments come after Goldman’s stock had its worst day in seven years on Monday as Malaysia’s finance minister demanded the bank give back the fees it collected by working on the fund.
Boeing — The Wall Street Journal reported Boeing withheld information about potential hazards associated with an automated stall-prevention system on its 737 MAX 8 and MAX 9 models. The system is suspected to have played a role in a fatal plane crash last month in Indonesia.
Michael Kors — Macquarie initiated coverage of the stock with an “outperform” rating and a price target of $75, implying a 57 percent upside from Monday’s close. The analyst at Macquarie cited “prevailing tailwinds” that will lift Kors higher, noting “untapped synergies from Jimmy Choo and Versace.”
Best Buy — The electronics retailer’s stock was downgraded to “neutral” from “buy” at Bank of America/Merrill Lynch. The analyst also cut his price target to $70 a share from $92 a share, noting: “After several years of outsized growth and likely less opportunity for big beat and raise quarters, it is harder to justify valuing BBY at a premium multiple.”
Nvidia — Susquehanna’s Christopher Rolland upgraded Nvidia’s stock to “positive” from “neutral,” noting: “We believe the company’s near-term issues should pass in a quarter (or two), while valuation supports greatly reduced estimates and longer-term opportunities abound.”