Before the bell 7-31-07: SIRI, GSK, JNJ, AAPL, WEN ...

Main market news: Before the bell 7-31-07: Poised for a solid higher start

Sirius Satellite Radio Inc. (NASDAQ: SIRI) has reported quarterly results this morning, posting a substantially lower net loss as it added more than a half-million new subscribers and revenue grew by about 50%. Sirius reported a net loss of $134.1 million, or 9 cents per share. Adjusted, Sirius lost 8 cents per share in the period. Revenue rose to $226.4 million from $150.1 million a year earlier. Analysts had expected a loss of 10 cents per share in the quarter on revenue of $228.3 million. Other key metrics were mixed as cost for adding each subscriber and average monthly revenue per subscriber fell but average monthly churn edged up to 2.1%. SIRI shares are up 3.7% in premarket trading (8:06 a.m.).

Shares in GlaxoSmithKline PLC (NYSE: GSK) are rising 4.1% in premarket trading (7:36 a.m) after a U.S. Food and Drug Administration panel recommended that its diabetes drug Avandia remain on the market, but with stronger health warnings. GSK confirmed its 2007 earnings outlook following the announcement.

Johnson & Johnson (NYSE: JNJ) unveiled a restructuring plan designed to improve costs. The plan includes a global work force reduction of up to 4%. The restructuring targets primarily its pharmaceuticals segments, as it consolidates certain operations in the segment.

Apple Inc. (NASDAQ: AAPL) has been hit with a multimillion-dollar lawsuit from Eminem's music publisher as the latter accuses it of violating copyrights by allowing unauthorized downloads of the Eminem's songs.

Judging by Dow Jones's (NYSE: DJ) shares climbing over 7% in premarket trading (7:42 a.m.) then it is close to an agreement with News Corp (NYSE: NWS). The boards of both companies planned to meet today to discuss whether to proceed with the deal according to The Wall Street Journal.

Billionaire investor Nelson Peltz's wants buy Wendy's International Inc. (NYSE: WEN) and made an offer yesterday through Triarc to buy Wendy's for $37 to $41 per share, or between $3.2 billion and $3.6 billion.

Whole Foods Market Inc. (NASDAQ: WFMI) and rival Wild Oats Markets Inc. (NASDAQ: OATS) are going to try and convince a federal judge to allow their proposed merger to proceed despite objections of U.S. antitrust authorities as they head to court today.

Verizon Communications (NYSE: VZ) was upgraded by UBS to Buy from Neutral, citing the company's improving fundamental outlook.