U.S. Hot Stocks: Hot Stocks to Watch
June 01 2016 - 9:42AM
Dow Jones News
Among the companies with shares expected to trade actively in
Wednesday's session are Salesforce.com Inc. (CRM), Michael Kors
Holdings Ltd. (KORS) and Lands' End Inc. (LE).
Michael Kors Holdings Ltd. logged a much better-than-expected
11% rise in revenue in the final quarter of the year but gave a dim
outlook for the current quarter and year as it expects to spend on
global investments amid a comparable sales decline. Shares rose
7.33% to $45.85 in premarket trading.
Salesforce.com Inc. agreed to buy digital commerce platform
company Demandware for $2.8 billion. Shares fell 0.97% to 82.90
premarket.
Lands' End Inc. swung to a loss in its latest quarter, dragged
by a steep sales decline and aggressive discounting. Shares fell
6.38% to $15.70 premarket.
Corning Inc. (GLW) said it had successfully exchanged shares of
silicone company Dow Corning for cash and an interest in a
semiconductor company, ending a 73-year joint venture with Dow
Chemical Co. (DOW). Corning shares rose 0.43% to $20.98
premarket.
G-III Apparel Group Ltd. (GIII) on Wednesday said profit fell on
higher expenses and a "challenging retail climate" for its retail
division, though the decline wasn't as bad as expected because of
strength in its wholesale business. Shares rose 2.25% to $40.00
premarket.
Ascena Retail Group Inc.(ASNA), the owner of Ann Taylor and
other brands, on Tuesday cut its projections for the year following
disappointing results for the April quarter.
SoftBank Group Corp. of Japan said Tuesday it would sell up to
$8.9 billion of its stock in Chinese e-commerce company Alibaba
Group Ltd.(BABA), cutting its stake in the Chinese company to about
28%, as it looks to cut down its debt.
Ashland Inc. (ASH) on Tuesday filed to reorganize as a public
holding company while its Valvoline business filed to go public,
key steps in Ashland's previously announced plans to split in two
by year's end. The proposed reorganization, subject to
shareholders' approval, would move the legal headquarters of the
holding company, Ashland Global Holdings Inc., to Delaware. Ashland
is currently based in Kentucky.
BioMarin Pharmaceutical Inc. (BMRN) will abandon development of
an experimental treatment for Duchenne muscular dystrophy and three
other related products, the company said Tuesday. The California
biopharmaceutical company, which on Tuesday said it still expects
to at least break even in 2017 on an adjusted basis, had warned
that a rejection or abandonment of Kyndrisa would force it to
"write off all or a significant portion of the costs" tied to its
2014 acquisition of Prosensa. On Tuesday, BioMarin didn't say what,
if any, charges it would book.
Boyd Gaming Corp. (BYD) agreed to sell its 50% stake in Atlantic
City's Borgata Hotel Casino & Spa to its partner, MGM Resorts
International. (MGM) MGM expects to sell Borgata's real-estate
assets to the real-estate investment trust that was spun off from
the Las Vegas-based casino company and went public in April.
Hanesbrands Inc. (HBI) on Tuesday raised its projections for the
year, citing its impending acquisitions of Champion Europe and
Pacific Brands Ltd., slated to close in late June and July,
respectively. On a fully reported basis, however, the company
lowered its profit view on higher acquisition-related costs.
Krispy Kreme Doughnuts Inc.'s (KKD) revenue rose 3% in the
latest quarter, mostly driven by sales in its domestic
business.
Staples (SPLS) said Chief Executive Ron Sargent will step down
on June 14, weeks after the office-products retailer and Office
Depot Inc. called off their merger amid regulatory roadblocks.
Television set-top box maker TiVo Inc. (TIVO)'s revenue fell
6.5% in the latest quarter as a decline in the company's hardware
segment offset growth in its service and software business and its
technology segment.
Under Armour Inc. (UA) on Tuesday cut its projections for the
year, citing the bankruptcy of Sports Authority. Under Armour said
it would only realize about one-quarter of the revenue it had
projected from Sports Authority and would book a $23 million charge
in the current quarter.
Zoës's Kitchen Inc. (ZOES) on Tuesday raised its sales
projections for the year after profit more than doubled in the
April quarter.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
June 01, 2016 09:27 ET (13:27 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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