Check out the companies making headlines before the bell:
JP Morgan Chase — CEO Jamie Dimon released his annual letter to shareholders, noting that the bank has received a substantial boost from lower tax rates, and saying that the bank plans to maintain a “fortress” balance sheet, among many other points in a long letter.
Netflix — Netflix amended its bylaws to allow shareholders to nominate board members. Under the new rules, a shareholder or a group of up to 20 shareholders with a stake of at least three percent for a three year period may nominate up to two directors. Shareholders had voted in favor of the so-called “proxy access” rule last year.
Walt Disney — Disney’s “Avengers: Endgame” set a one-day ticket sales record for the Fandango ticket-buying service, even though the movie doesn’t hit theaters until the end of this month. Fandango, which is owned by NBCUniversal and CNBC parent Comcast, did not disclose exactly how many tickets were sold. Separately, Goldman Sachs resumed coverage of Disney with a “buy” rating, making favorable comments about the closing of its Fox assets deal as well as the upcoming debut of its new streaming service.
Constellation Brands — Constellation is selling about 30 of its wine brands to E&J Gallo Winery for $1.7 billion. Most of the brands being sold by the Corona beer maker are of the less expensive variety, selling for $11 per bottle or less in stores. Separately, Constellation reported adjusted quarterly profit of $1.84 per share, 13 cents above estimates, with revenue also topping Wall Street forecasts.
PG&E — PG&E named Tennessee Valley Authority CEO Bill Johnson as its new chief executive, with the California utility also announcing a new board of directors. It had been widely reported earlier that Johnson would be named CEO, as the utility deals with liabilities relating to the recent series of California wildfires.
Micron Technology — Morgan Stanley downgraded the chipmaker’s shares to “underweight” from “equal-weight,” noting the stock’s rally amid unchanging fundamentals and reiterating its concerns about a 25-year high in chip producer inventories.
Facebook — The stock was upgraded to “buy” from “neutral” at Guggeheim, which notes that despite concerns over privacy and harmful content, both businesses and consumers are increasing their use of the current digital ecosystem at record rates.
Roku — In that same analyst report, Roku was downgraded to “neutral” from “buy” at Guggenheim, pointing to risks such as the new Apple video product and the CEO’s recent share sale.
Office Depot — The office supplies retailer said its first-quarter profit would come in below forecasts, due to weakness at its CompuCom division.