Pepsi pops, Fitbit slims down, Pier 1 jumps, Well Fargo getting grilled

Here are some of the stocks the Yahoo Finance team will be watching for you today:

PepsiCo (PEP) shares got a nice pop in early trading. The beverage and snack giant raised its profit outlook for the year after reporting a beat on both its top and bottom lines for the fiscal third quarter. Revenue declined 1.8% from a year ago, but cheaper raw material costs and demand for snacks and beverages in North America lifted its core profit.

Fitbit (FIT) share fell in early trading after Pacific Crest downgraded the stock to underweight from sector weight this morning. The firm citing that the company’s flagship holiday product—the *Charge 2* is off to a slow start.

Pier 1 Imports (PIR) delivered a loss of $0.05 a share for the second quarter. That was in-line with analysts’ estimates. Revenue missed expectations with sales falling 6.7% from a year ago as fewer shoppers visited its stores. The company also cut its outlook for the year.

Wells Fargo (WFC) CEO John Stumpf heads back to Capitol Hill today to get grilled by a House committee about the phony account scandal that’s fueling outrage across the country, with some lawmakers saying it should cost Stumpf his job. It’s already costing him $41 million in stock awards that Wells board is clawing back. And now the state of California is cutting off business with the bank for a year.

Inter-Cellular Therapies (ITCI) shares sank in early trading following news late yesterday that the biotech firm’s experimental drug for treating schizophrenia failed to help patients in a late-stage trial.