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Check out the companies making headlines before the bell:

Johnson & Johnson – J&J is revamping its iconic baby products line, putting more emphasis on natural ingredients. The company made the announcement ahead of its annual analyst day and said it is confident the move will reverse several years of declining sales of those products.

Starbucks – The coffee chain announced an acceleration of its net new store growth in China to 600 per year. The announcement was made at the company’s first-ever China investment conference. Starbucks is hoping to triple its China revenue by 2022.

3M – Jefferies downgraded 3M to “hold” from “buy” and cut its price target to $220 per share from $250. Jefferies considers 3M to be among the companies on the wrong side of the inflation dynamic and lack structural tailwinds to drive the stock higher.

Churchill Downs – The operator of the iconic Kentucky race track announced an agreement with Golden Nugget Atlantic City to enter the New Jersey online gaming and sports betting markets.

Abaxis – Animal health company Zoetis will buy the maker of veterinary diagnostic instruments for $1.9 billion in cash, or $83 per…

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