Check out which companies are making headlines before the bell:
Hillshire Brands (NYSE:HSH - News)-Pilgrim's Pride (NASDAQ:PPC - News) proposed an acquisition of Hillshire for $45 per share in cash or $6.4 billion. That comes just two weeks after Hillshire announced a $4.3 billion cash-and-stock deal to buy Pinnacle Foods (NYSE:PF - News).
AutoZone (NYSE:AZO - News)-The auto parts retailer reported fiscal third quarter profit of $8.46 per share, beating estimates by one cent, with revenue also topping forecasts. The company's results were helped by stronger sales in North America, Brazil, and Mexico.
Apple (NASDAQ:AAPL - News)-The smartphone giant will announce a software platform for its iPhone that will control home appliances, according to the Financial Times. The announcement will come at the company's Worldwide Developer Conference, which begins June 2.
Staples (NASDAQ:SPLS - News)-Former Home Depot (NYSE:HD - News) chief marketing officer Frank Bifulco has been hired as Executive Vice President/Marketing by the office supplies retailer, effective June 23. Separately, Goldman Sachs downgraded Staples to "sell" from "neutral", citing "structural challenges" that will make margin improvement difficult. At the same time, Goldman upgraded Staples rival Office Depot (NYSE:ODP - News) to "buy" from "neutral."
Arm Holdings -Apple is considering using Arm's chips in a new line of Macs, according to industry blog MacBidouille.
AstraZeneca (London Stock Exchange: AZN-GB)-Pfizer (NYSE:PFE - News) said it would not make a formal offer to buy its rival drug maker. AstraZeneca had said that Pfizer's most recent informal bid still undervalued the company.
General Motors (NYSE:GM - News)-GM is now under scrutiny in Canada, with officials looking into two fatal crashes in vehicles that were under recall for faulty ignition switches.
Bank of America (NYSE:BAC - News)-The bank was able to identify a $4 billion error in its capital calculations due to a change in wording on Federal Reserve forms, according to the Wall Street Journal. Bo A had disclosed that mistake in late April , ahead of a resubmitted capital plan due today.
Sony -The electronics company has set up two joint ventures to manufacture and sell its PlayStation console in China. Video game consoles had been banned in China from 2000 until this past January.
InterContinental Hotels Group (London Stock Exchange: IHG-GB)-The world's largest hotel company reportedly rejected a $10.1 billion takeover bid from an unnamed U.S. bidder, according to Sky News.