Among the companies with shares expected to actively trade in
Wednesday's session are True Religion Apparel Inc. (TRLG), Yum
Brands Inc. (YUM) and Cummins Inc. (CMI).
True Religion confirmed it is considering a possible sale after
receiving interest from third parties. The Wall Street Journal
reported late Tuesday that the fading maker of premium jeans was
putting itself up for sale, as it looks for help to boost its
growth. The company said Wednesday its board formed a special
committee to explore and evaluate potential strategic alternatives
available to the company, including a possible sale, though no
decision has been made to engage in a transaction and the committee
hasn't set a timetable to complete its review process. Shares rose
23% to $25.83 premarket.
Yum's third-quarter income jumped 23% as its Taco Bell, Pizza
Hut and KFC chains continued to improve in the U.S., though Yum's
growth in China was held back by the economy. Shares rose 4.9%
premarket to $68.89 after the company beat Wall Street's estimates
and raised its expectations for the year.
Cummins trimmed its sales and profit outlook, citing a weakening
global economy for driving down demand for the company's engines.
Cummins said it countered the slowdown with cost-reduction
measures, including reducing the company's workforce by between
1,000 and 1,500 people, shortening workweeks and slowing production
rates at some factories. Shares slipped 4% to $87.24 premarket.
Data-storage technology company OCZ Technology Group Inc. (OCZ)
appointed Ralph Schmitt as its new president and chief executive,
replacing Ryan Petersen, who resigned last month. OCZ, which had
been scheduled to report its latest earnings Wednesday afternoon,
also said it is filing for an extension and expects to report
"materially lower" revenue from its previous guidance of $110
million to $120 million, which had already been cut. Shares plunged
47% to $1.68 after trading resumed premarket.
AuRico Gold Inc. (AUQ, AUQ.T) has agreed to sell its Ocampo mine
in Mexico and other assets to Minera Frisco SAB de CV (MFRISCO.MX,
MSNFY) for $750 million as it seeks to pay down debt and focus on
its core operations. AuRico shares rose 12% to $7.14 in premarket
trading.
Ferro Corp. (FOE) again lowered its 2012 earnings guidance,
mostly owing to weakening outlook for its business focused on
pastes and metal powders used in the production of solar cells.
Shares were down 12% at $3.18 in premarket trading.
Helen of Troy Corp.'s (HELE) fiscal second-quarter earnings fell
2.6% as the housewares and personal-care products company saw
higher taxes due to recent acquisitions again overshadow improved
revenue. Citing a challenging retail sales environment, the company
again lowered its earnings expectations for the fiscal year. Shares
dropped 7.6% to $29.52 premarket as the company's profit for the
latest period also missed market estimates.
CommonWealth REIT (CWH) is cutting its quarterly dividend in
half to 25 cents a share. The company, which primarily owns office
properties, said it lowered its dividend rate in part because it
believes that retaining more cash flow may enable it to more
aggressively lease space and increase occupancy under the current
market conditions. Shares slid 8.3% to $13.67 premarket.
Monster Beverage Corp. (MNST) shares fell 3.2% to $54.95
premarket amid a downgrade from Stifel Nicolaus to hold from buy.
The firm said it expects greater-than-anticipated deceleration in
sales growth for the energy beverage maker through first-quarter
2013. "Monster Beverage's sales growth missed expectations in 2Q12
and subsequent U.S. scanner data has showed further slowdown," said
Stifel in a note to clients, adding that recent channel checks also
add "conviction to our view."
China-based Cleantech Solutions International Inc. (CLNT), which
manufactures metal components and assemblies used primarily in wind
power, solar and other clean technology industries, said that it
has received new and follow-on purchase orders for its airflow
dyeing machines and related components from its new and existing
domestic companies, totaling about $2.2 million. Shares jumped 18%
to $3.00 premarket.
Avnet Inc. (AVT) reported that fiscal first-quarter sales will
be towards the lower end of original expectations. The company,
which distributes semiconductors and other electronics components
and computer products, also said earnings per share are expected to
be below its previously announced expectations. The company
attributes the miss to the combined negative impacts of lower than
expected revenues, lower gross profit margin in the Western regions
at its electronics marketing segment associated with the weaker
sales environment, and a greater than anticipated geographic mix
shift in the electronics marketing business where
better-than-expected sales in the lower-margin Asia region were
more than offset by weaker sales in the higher-margin Western
regions. Shares fell 11% to $25.53 premarket.
Lexington Realty Trust (LXP) said it is offering 15 million
shares as the real estate investment trust looks to raise funds to
repay debt and for general corporate purposes. The company had
about 156 million shares outstanding as of Aug. 6. Shares fell 4.2%
to $9.40 premarket.
Watchlist:
Aluminum maker Alcoa Inc. (AA) swung to a third-quarter loss,
partly reflecting the costs of settling a four-year legal battle
over bribery allegations, but results were modestly better than
Wall Street's forecasts.
Best Buy Co. (BBY) said its chief financial officer Jim
Muehlbauer is leaving the company after more than a decade and has
launched a search for his replacement, the latest executive change
at the consumer-electronics chain.
Chevron Corp. (CVX) said Tuesday it expects its third-quarter
profit to be substantially hit by Hurricane Isaac and an August
fire at a California refinery.
EXFO Inc. (EXFO) swung to a fiscal fourth-quarter loss as the
maker of telecommunications testing equipment saw sales decrease
amid continued delays in capital spending by network operators.
Healthcare Services Group Inc.'s (HCSG) third-quarter earnings
rose 15% as revenue growth topped expectations.
Jack in the Box Inc. (JACK) said that Gary J. Beisler, the
president and chief executive of its Qdoba Mexican Grill, plans to
retire.
Mistras Group Inc.'s (MG) fiscal first-quarter earnings rose 33%
as the company recorded improved revenue across its business
segments, led by growth at its international business.
National Oilwell Varco Inc. (NOV) and Robbins & Myers Inc.
(RBN) said they each have received a request from the Department of
Justice for additional information and documents related to their
proposed $2.55 billion merger.
Pharmacyclics Inc. (PCYC) has signed an agreement with Novo
Nordisk A/S (NVO, NOVO-B.KO) giving the Danish insulin producer
rights to certain uses of its Factor VIIa molecule inhibitor,
according to a regulatory filing.
Moody's Investors Service has cut its outlook on UnitedHealth
Group Inc. (UNH) after the managed-care firm said it planned to
acquire the bulk of Brazilian insurer and hospital operator Amil
Participacoes S/A (AMPIY, AMIL3.BR) in a $4.3 billion deal.
Write to Anna Prior at anna.prior@dowjones.com
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