Before the bell: Futures lower ahead of FedEx, Morgan results, oil supply

TD AMERITRADE Holding Corporation (NASDAQ: AMTD) said Tuesday its metrics -- including client trades per day and total client assets -- for May have improved, and that third quarter earnings are expected to be at or near the high end of the prior guidance range. Shares were up nearly 2% in after-hours trading.

Microsoft Corp. (NASDAQ: MSFT) said Wednesday it has acquired Navic Networks, specializing in emerging forms of television advertising technology, to optimize the delivery and placement of TV advertising. Terms of the deal were not disclosed. Meanwhile, China has begun an anti-monopoly investigation into Microsoft with possibility that lawsuits from local companies could follow.

According to The Wall Street Journal, Reliance ADA of India might provide high level executives at DreamWorks, including Steven Spielberg, with financing, enabling the media company to part ways with Viacom (NYSE: VIA)'s Paramount Pictures.

According to FORTUNE, Google Inc. (NASDAQ: GOOG)'s YouTube is experimenting with longer videos and full-length content that would be more appealing to advertisers. YouTube is often going after independent film directors and is poised to make a major announcement at the Los Angeles Film Festival this week.

Pfizer Inc. (NYSE: PFE) said Wednesday that it has agreed to settle patent litigation with India-based generic drugmaker Ranbaxy Laboratories Ltd. where Ranbaxy will obtain a license effective Nov. 30, 2011, to sell generic versions of Pfizer's cholesterol-lowering drug Lipitor and high blood-pressure and cholesterol treatment Caduet in the U.S. PFE shares are up 2.7% in premarket trading.

According to the Wall Street Journal, Boeing (NYSE: BA) may have to forgo its plans to sell its aerial-refueling tankers to overseas buyers if it loses a protest against the U.S. Air Force's decision to buy its tankers from rival Northrop Grumman (NYSE: NOC).

And the exodus at Yahoo! Inc. (NASDAQ: YHOO) continues with Flickr co-founders, Fake and Butterfield, this time quitting.

Last, but not least, Morgan Stanley raised its price target on Apple Inc. (NASDAQ: AAPL) from $185 to $210.