Among the companies whose shares are expected to actively trade
in Wednesday's session are Avago Technologies Ltd. (AVGO), United
Therapeutics Corp. (UTHR) and Dycom Industries Inc. (DY).
Avago Technologies' fiscal third-quarter profit rose 17% as
stronger wired-infrastructure sales and wider margins boosted the
semiconductor designer's bottom line. Shares gained 7% to $31.30
premarket on the better-than-expected results.
United Therapeutics' oral-drug candidate to treat pulmonary
arterial hypertension failed to meet its primary goals in a 16-week
Phase 3 trial. The biotechnology company's shares slid 19% to
$39.52 in recent premarket trading.
Dycom Industries' fiscal fourth-quarter earnings more than
doubled as the telecommunications contractor's sales acceleration
continued and it improved margin. Shares were up 8.5% at $15
premarket, as the results beat expectations.
La-Z-Boy Inc. (LZB) swung to a fiscal first-quarter profit on
higher revenue and a tax benefit, as the furniture maker reported
stronger same-store sales and margin. For the quarter La-Z-Boy
posted a profit of $45.5 million, or 85 cents a share. Shares fell
8.4% to $6.99 in premarket trading as profit excluding a favorable
tax-asset valuation change was short of estimates.
Europe's brewers are losing their fizz. Dutch brewer Heineken NV
(HEIA.AE) Wednesday reported disappointing first-half earnings and
warned full year net profit will be flat as volumes stalled in July
and August. Its weak outlook highlights the growing problems facing
the brewing industry as consumers tighten their belts and cut back
on discretionary spending in the face of government austerity cuts
and fears over rising unemployment. Peer Anheuser-Busch InBev NV's
(BUD) American Depositary shares fell 3.9% to $53.39 premarket.
Renren Inc. (RENN) agreed to integrate its social-networking
platform with Shanghai MSN Network Communications Technology Co.,
the operator of Microsoft Corp.'s (MSFT) online business in China.
Renren's American Depositary shares rose 15% to $8.39 in premarket
trading.
Morgan Stanley recommends Nucor Corp. (NUE) as a "defensive play
with considerable upside" in the steel sector. Firm raises its
stock-investment rating on the company to overweight from
equalweight, saying its variable and low cost structure, more solid
balance sheet and high dividend yield should limit downside risk in
the event of a recession. But the market could take a pessimistic
view on Steel Dynamics Inc.'s (STLD) iron-making and downstream
assets, and United States Steel Corp.'s (X) high operating and
financial leverage could work against it if the global economy
slips into a recession, firm says; it cuts both stocks to
equalweight from overweight. Shares of Nucor rose 1% to $32.95
premarket while United States Steel lost 1.7% to $26.79.
Triangle Capital Corp. (TCAP) said it has priced a public
offering of 3.5 million common shares with a price of $17.15 per
share, a 6.2% discount to Tuesday's closing price. The specialty
finance company plans to invest the net proceeds in lower middle
market companies. Shares fell 8% to $16.76 premarket.
Hanwha SolarOne Co. (HSOL) swung to a second-quarter loss amid
soaring operating expenses and falling selling prices. Shares fell
5.2% to $3.66 premarket.
Pacific Sunwear of California Inc.'s (PSUN) fiscal
second-quarter loss narrowed as the company saw same-store sales
growth for the second straight quarter. But the company forecast a
steeper-than-expected loss per share for the current quarter.
Shares slipped 15% to $1.85 premarket.
Watch List:
AmSurg Corp. (AMSG) said it will buy peer surgery-center
operator National Surgical Care for roughly $30 million less than
previously announced, as the company pushes ahead with a purchase
expected to add to earnings this year.
Calpine Corp. (CPN) authorized a new share-buyback plan of up to
$300 million and said Tuesday it secured a $373 million credit
facility to upgrade a natural-gas plant in California.
Fuel Tech Inc. (FTEK) and bank holding company Heritage
Financial Corp. (HFWA) unveiled stock buyback plans Wednesday,
joining a growing list of companies aiming to take advantage of
lower share prices and boost shareholder return.
Standard & Poor's Ratings Services on Tuesday slashed
Horizon Lines Inc.'s (HRZ) junk-level credit status, saying the
shipping company's debt-restructuring plan as written constitutes a
selective default.
Semiconductor company Inphi Corp. (IPHI) reduced its guidance
for the current quarter and predicted little sales improvement in
the following one because of new-product shipment delays and
skittish customers holding off on bookings.
Par Pharmaceutical Cos. (PRX) agreed to acquire privately held
specialty pharmaceutical company Anchen Pharmaceuticals for $410
million in cash, a move that increases the generic drug maker's
current pipeline and enhances its research and development
platform.
Roadrunner Transportation Systems Inc. (RRTS) agreed to buy a
privately held logistics and freight-consolidation company in a
cash-and-stock deal it valued at $97.5 million.
Shanda Games Ltd.'s (GAME) second-quarter earnings inched up
0.3% as the Chinese online-game developer's higher operating costs
and tax expenses nearly overwhelmed a top-line increase.
SurModics Inc. (SRDX) said it will layoff about 9% of its
workforce, including its chief financial officer, as part of a
broad restructuring plan.
Synovis Life Technologies Inc.'s (SYNO) fiscal third-quarter
earnings jumped 32% as the small medical-device company again
posted double-digit sales growth aided by strong demand for its
Peri-Strips product.
Toll Brothers Inc.'s (TOL) fiscal third-quarter earnings jumped
54% with a boost from a bigger tax benefit, yet the luxury home
builder saw a double-digit drop in revenue as it delivered fewer
homes and saw an uptick in its cancellation rate.
Zogenix Inc. (ZGNX) plans to sell 12 million shares as the
specialty pharmaceutical company aims to raise funds to help bring
its drug candidate to treat chronic pain to market.
-Edited by Corrie Driebusch and Caitlin Nish; write to
corrie.driebusch@dowjones.com and caitlin.nish@dowjones.com