Check out the companies making headlines before the bell:
Citigroup (C) – Citi reported quarterly profit of $1.90 per share, 6 cents a share above estimates. Revenue also came in above Wall Street forecasts. The bank said growth in Citi’s consumer business and a strong fixed-income performance helped drive results.
JP Morgan Chase (JPM) – The bank reported quarterly profit of $2.57 per share, beating the consensus estimate of $2.35 a share. Revenue also came in above estimates, boosted in part by strong results for fixed income.
Delta Air Lines (DAL) – The airline beat estimates by 30 cents a share, with quarterly profit of $1.70 per share. Revenue topped forecasts as well. CEO Ed Bastian told CNBC that the airline had a very strong holiday season and that Delta has had good success in de-commoditizing its business.
GameStop (GME) – GameStop said holiday season sales fell more than 25% and the videogame retailer also forecast a larger-than-expected drop in same-store sales for fiscal 2019.
McKesson (MCK) – McKesson raised its fiscal 2020 full-year outlook to $14.60 to $14.80 per share from the prior $14.00 to $14.60 a share. The drug distributor cited continued positive momentum in its business, and will give further details on its outlook at the J.P. Morgan Healthcare Conference in San Francisco today.
Amazon.com (AMZN) – Amazon will ask a judge to block Microsoft (MSFT) from working on a $10 billion Pentagon cloud computing contract. Amazon is disputing the awarding of the contract, accusing President Donald Trump of exerting improper pressure on the Defense Department to favor Microsoft.
Boeing (BA) – Boeing is offering very large discounts in order to keep orders for its currently grounded 737 Max jet, according to Britain’s Telegraph newspaper. The paper said the discounts amount to more than 50%.
Zumiez (ZUMZ) – Zumiez reported holiday season comparable sales of 6.8%, with the specialty apparel retailer also raising its fourth-quarter guidance.
Apple (AAPL) – Apple was downgraded to “underweight” from “neutral” at Atlantic Equities, which said Apple’s services and wearables businesses aren’t likely to provide material upside.
Sysco (SYY) – Sysco was downgraded to “neutral” from “overweight” at Piper Sandler, following the announcement that the food distributor’s CEO Tom Bene would step down on Jan. 31 after two years in that role.
Wesco International (WCC) – Wesco was upgraded to “outperform” from “sector perform” at RBC Capital, after the industrial products distributor won a bidding contest to buy networking products maker Anixter International (AXE) for $100 per share in cash and stock.