Check out which companies are making headlines before the bell:
Johnson & Johnson—The pharmaceutical company posted first-quarter earnings excluding items of $1.54 a share on $18.1 billion in revenue, beating analysts' expectations.
Coca-Cola—The beverage company reported earnings per share of 44 cents, excluding items, on $10.58 billion in revenue, versus expectations of earnings of 44 cents a share on $10.55 billion in sales. In an interview with CNBC, CEO Muhtar Kent said the beverage giant was regaining its momentum.
Yahoo—Macquaire upgraded the search engine to outperform from neutral.
IBM – Citigroup downgraded the technology company to neutral to buy.
Ingram Micro – Citigroup upgraded the company to a buy from neutral.
Morgan Stanley – Bank of America upgraded the investment firm to buy from neutral.
Umpqua – Standard & Poor's said the lender will replace Scientific Games in the S&P MidCap 400 index after the close of trading on Thursday, with Scientific Games replacing Umpqua in the S&P SmallCap 600.
—By CNBC's Kate Gibson.
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