Early movers: BAC, JCP, TWTR, UTX, GS, PSX, ALNY, PYPL & more

Bank of America—A new report by CLSA banking analyst Mike Mayo warns against the possible consequences of a "yes" vote at a September 22 meeting that would combine the chairman and CEO roles. Mayo argues that such a vote would represent a reputational risk for the industry, at a time when BofA already has poor existing oversight practices.

J.C. Penney—Deutsche Bank upgraded the retailer's shares to "buy" from "hold," noting that Penney has already improved its merchandise mix and is now moving toward more efficient pricing.

Twitter—SunTrust upgraded Twitter to "buy" from "neutral," saying the risk/reward equation appears quite compelling following the stock's tumble, as well as what it calls a series of positive catalysts.

United Technologies—Barclays downgraded the company's stock to "equal weight" from "overweight," citing a variety of negative factors including questions about China and the negative impact of currency fluctuations.

Goldman Sachs, Morgan Stanley—Evercore upgraded both Wall Street firms to "buy" from "hold," pointing to attractive valuations following the recent market pullback.

Planet Fitness—Jefferies began coverage of the fitness center chain with a "buy" rating, calling it a well-managed company that continues to gain market share and expand its profit margins.

Amicus Therapeutics—The drug maker is buying privately-held Scioderm in a $229 million cash-and-stock deal. Scioderm specializes in treatments for rare diseases.

Netflix—The video streaming service did not to renew its streaming agreement with cable network Epix. The network has signed a multi-year deal with rival service Hulu that takes effect on October 1.

Bank of New York Mellon—The bank expects a computer glitch that's disrupted pricing of ETFs and mutual funds to be resolved before the markets open today. That's according to CEO Gerald Hassell, who said resolving the issue has taken longer than expected. The comments come from a conference call transcript obtained by Reuters.