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Before the bell: Oil tops $85, Citi reports, futures lower

Not surprising, the recall affected Mattel Inc.'s (NYSE: MAT) earnings as it reported a 1% drop in fiscal third-quarter profit, due to charges related to multiple product recalls. The company earned $236.8 million, or 61 cents per share including charges of about $40 million related to the company's product recalls of lead-tainted merchandise imported from China. Sales rose 3% to $1.84 billion. Analysts surveyed by Thomson Financial had expected profit of 70 cents per share on revenue of $1.91 billion. MAT shares are up over 2% in premarket trading.

Danaher Corp. (NYSE: DHR) is buying Tektronix Inc. (NYSE: TEK) for $2.85 billion or $38 per share for Textronix shares, a 34% premium to Tektronix's closing stock price Friday. TEK shares are up over 32.5% in premarket trading.

Genentech Inc. (NYSE: DNA) is reporting earnings today and is expected to report earnings of 72 cents a share for the third quarter, according to analysts surveyed by Thomson Financial.

PetroChina Co. (NYSE: PTR) gained the most in five months in Hong Kong trading as oil rose to a record above $85 a barrel to become the world's second-largest company, pushing General Electric Co. (NYSE: GE) to third place. Can it take the first place from Exxon Mobil Corp. (NYSE: XOM)? PTR shares are up over 11% in premarket trading.

Greenpeace has attacked Apple Inc. (NASDAQ: AAPL) for failing to make its well hyped cellphone, the iPhone, as green as his competitors'.

According to Reuters: "Ford (NYSE: F) expects to sell its Jaguar and Land Rover UK premium brands in the next two months but does not expect to sell them separately, the head of Ford Europe, John Fleming."

Just a few days after Boeing (NYSE: BA) announced a six-month delay for its 787 Dreamliner, Airbus finally delivered its first A380 superjumbo jet Monday.

Today, News Corp. (NYSE: NWS) will launch its Main Street focused Fox Business Network to challenge the highly profitable Wall Street focused CNBC from General Electric Co. (NYSE: GE).

Motorola Inc. (NYSE: MOT) shares are up over 1.5% this morning after weekend reports said that "activist investor Carl Icahn has signalled the possible launch of a new campaign against the company if performance at the telecommunications equipment maker does not improve."

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