Facebook, Amazon, Gilead, Boeing, GE & more

Check out the companies making headlines before the bell:

Facebook – Facebook is reportedly close to settling with the Federal Trade Commission by paying a $5 billion fine. The Federal Trade Commission has been conducting a probe of Facebook’s privacy practices.

Amazon.com – Amazon.com has kicked off its fifth annual “Prime Day,” which this year is extending to 48 hours. The event began at 3 a.m. ET and Jefferies analysts said the event will see Amazon add more Prime members despite a hike in its annual fee.

Gilead Sciences – The drugmaker is investing $5.1 billion to increase its stake in Belgian-Dutch biotech firm Galapagos. Gilead will also expand its partnership with Galapagos, agreeing to develop and commercialize its drugs over a 10 year period.

Boeing – Boeing’s 737 Max jet could remain grounded into 2020, according to government and industry officials who spoke to The Wall Street Journal. American Airlines extended its cancellations of flights involving the jet into early November, the fourth time it’s done so.

General Electric – The stock was downgraded to “neutral” from “buy” at UBS, which cites valuation, a decline in interest rates, and ongoing power market weakness.

Carrizo Oil & Gas – The oil and gas company will be acquired by Callon Petroleum in an all-stock transaction valued at $3.2 billion, or $13.12 per Carrizo share. That represents a 24% premium to Carrizo’s Friday closing price of $10.50.

Tiffany – Tiffany was downgraded to “neutral” from “buy” at Citi, based on concerns about near-term dynamics despite what Citi sees as good long-term moves by management at the luxury goods retailer.

Crocs – Crocs was upgraded to “overweight” from “neutral” at Piper Jaffray, based on the belief that the shoe maker has been seeing solid traffic.

Molson Coors – Bank of America/Merrill Lynch downgraded the beer brewer to “underperform” from “buy” and cut its price target for the stock to $50 per share from $70. The firm is concerned that Molson Coors will have to increase spending to stabilize market share for core brands and accelerate investments in premium segments.

International Speedway, Speedway Motorsports – Both stocks were both downgraded to “underperform” from “market perform” at Wells Fargo, which points to a lack of upside potential given takeover offers in play for both race car track operators. The report also notes that Nascar’s popularity is “maturing” and that aging infrastructure will require substantial investment.

Slack Technologies – Slack was rated “overweight” in new coverage at Barclays on revenue growth prospects, despite what it calls a “demanding” valuation for the enterprising message system provider.

Sealed Air – Sealed Air was downgraded to “underweight” from “sector weight” at KeyBanc, which points to wake volume trends for the industrial gas maker as well as the degree of balance sheet leverage.