Check out the companies making headlines before the bell:
CVS Health — Oppenheimer downgraded CVS to “perform” from “outperform,” citing near-term legacy business challenges and its opinion that the execution of the company’s strategy is more of a longer term opportunity for investors.
Catalent — Catalent announced a deal to buy closely held Paragon Bioservices for $1.2 billion in cash. The contract drug manufacturer will expand its presence in gene therapy drugs with the acquisition of Paragon.
Best Buy — Best Buy named chief financial officer Corie Barry as its next CEO, effective at the annual meeting on June 11. Current CEO Hubert Joly will move to the newly created role of executive chairman.
Facebook — Former White House chief of staff Erskine Bowles and Netflix CEO Reed Hastings will be leaving the Facebook board later this year. The company announced that neither would stand for re-election later this year after serving on the board since 2011.
Anheuser-Busch InBev — The beer brewer has added Citigroup and Bank of America to its roster of banks working on a $5 billion Asian initial public offering, according to Reuters. Morgan Stanley and JPMorgan Chase area already participants in the deal.
Lyft — The ride-hailing service is recalling several thousand electric bikes in three cities due to some braking issues. The recall affects bicycles in New York, Washington, and San Francisco.
Levi Strauss — The jeans company was rated “overweight” in new coverage at J.P. Morgan Securities and “outperform” at Telsey. J.P. Morgan said the company has a mature brand multiyear growth drivers in place, while Telsey notes a “position of strength” as Levi Strauss returns to the public markets.
American Airlines — The airline extended cancellations of flight’s involving Boeing’s 737 Max jet through August 19, affecting about 115 flights per day.
Alliance Data — The marketing company’s Epsilon unit will be bought by French advertising giant Publicis for $4.4 billion, in a move by Publicis to expand its North American presence.
Walmart, Kroger — Walmart and Kroger were among retail companies sent letters by the Food and Drug Administration asking for a plan of action to prevent the sale of tobacco products to minors. Dollar General’s Family Dollar unit and retail stores run by Chevron and Exxon Mobil were also among those cited.
Apple — Apple is spending “hundreds of millions” of dollars on new video games for its upcoming Arcade subscription service, according to a report in the Financial Times.
Clovis Oncology — Clovis is discontinuing trials for a drug that targets bladder cancer, after a review of data showed that the drug may not provide a meaningful clinical benefit.
Wells Fargo — Wells Fargo was downgraded to “neutral” from “buy” at Goldman Sachs and removed from the “Conviction Buy” list. Goldman questions the bank’s ability to meet near-term and long-term financial targets.
Caesar’s Entertainment — Caesar’s will name Affinity Gaming Chief Executive Officer Anthony Rodio as its next CEO and will evaluate takeover interest in the casino operator, according to the Wall Street Journal.