(Premarket story updated with share price changes and earnings news from Medtronic and Campbell Soup.)
NEW YORK ( TheStreet) -- Medtronic ( MDT) said second-quarter earnings fell 35% to $566 million, or 52 cents a share. On a non-GAAP basis, earnings rose 4% to $887 million, or 82 cents a share.

Analysts, on average, expected earnings of 81 cents a share.

Medtronic ended Monday's trading session up 0.3% at $34.70.

Campbell Soup ( CPB) reported first-quarter earnings fell about 8% to $279 million, or 82 cents a share, from $304 million, or 87 cents a share, a year ago as U.S. soup sales fell. Shares of Campbell ended Monday 0.5% higher at $34.83.

Hewlett-Packard ( HPQ) shares rose 2.2% to $44.19 in premarket trading Tuesday as the tech giant beat on both the fourth-quarter top and bottom lines and hiked its fiscal-year outlook.

Specialty retailer J. Crew ( JCG) is reportedly close to being bought out by private-equity firms TPG Capital and Leonard Green & Partners for about $43.50 a share, or about $2.8 billion. Shares of J. Crew were surging by 22.2% to $46 in premarket trading.

Johnson & Johnson's ( JNJ) McNeil Consumer Healthcare division is once again planning recalls, this time of Children's Benadryl allergy tablets and junior-strength Motrin caplets because of manufacturing problems. The division said the drugs were being recalled due to "insufficiencies in the development of the manufacturing process." Shares of J&J were trading down 0.6% to $63.25 in premarket trading.

American depositary receipts of Turkish cell phone company Turkcell Iletisim Hizmetleri ( TKC) fell 3.9% to $17.50 after news of a downgrade to neutral from buy by Bank of America Merrill Lynch.

Lloyds' ( LYG) and Royal Bank of Scotland's ( RBS) American depositary receipts have fallen 2.4% to $4 and 0.5% to $12.72, respectively, in premarket trading on concerns about their exposure to Ireland's troubled financial sector.

-- Written by Andrea Tse in New York.

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