Among the companies with shares expected to actively trade in
Wednesday's session are Cavium Inc. (CAVM), Medicis Pharmaceutical
Corp. (MRX) and Emcore Corp. (EMKR).
Cavium cut its revenue outlook for the fourth quarter,
reiterating some of the problems that hurt its top line in the
prior quarter as well. The microprocessor maker's shares fell 7.3%
to $26.40 premarket.
Medicis Pharma raised its outlook for earnings this year by a
couple of cents a share, even though the drug maker lowered its
guidance for revenue because of renegotiated contracts. Shares were
down 5.2% at $32 in premarket trading.
Emcore's fiscal fourth-quarter loss widened as the semiconductor
maker's fiber-optics segment was hurt by impacts related to
flooding in Thailand during October. But shares rose 16% to $1.00
in light premarket trading.
Flotek Industries Inc. (FTK) said it will repurchase senior
secured convertible notes and that the redemption process will
retire approximately $36 million of Flotek indebtedness. Shares of
the oilfield technology company rose 4.7% to $10.65 premarket.
JP Morgan lowers its price target on Molycorp Inc. (MCP) to $39
from $57 as China's higher-than-expected 2012 rare earth export
quota and increased production from Molycorp and Lynas are likely
to pressure rare earth prices. JP Morgan also slashes its
earnings-per-share estimates for Molycorp for 2012 and 2013.
Watch List:
Arctic Cat Inc. (ACAT) has paid $79.3 million in cash to buy
back its shares held by Suzuki Motor Corp. (7269.TO), a deal that
sees the Japanese auto maker shed its ownership in the company at a
steep discount to the stock's current trading levels.
Moody's Investors Service placed Computer Sciences Corp.'s (CSC)
investment-grade ratings under review for a possible downgrade,
citing the technology-services company's disclosure that the
British government denied approval of its memorandum of
understanding with the U.K.'s National Health Service as well as
proposed contract amendment.
Two board members who helped Eastman Kodak Co. (EK) in its last
attempt to round up financial support aren't sticking around for
the struggling company's current effort. Herald Chen and Adam
Clammer, who joined Kodak's board in 2009 as representatives of
private equity firm Kohlberg Kravis Roberts, stepped down last
week, according to a securities filing Tuesday.
Emergent Biosolutions Inc. (EBS) said Abbott Laboratories (ABT)
will terminate its co-development and co-commercialization
agreement for the TRU-016 drug, as Abbott told the
biopharmaceutical company it is changing its portfolio
priorities.
Fidelity National Financial Inc. (FNF) said it would sell most
of its personal-lines insurance business to a privately held
company for about $119 million to flush out a cause of earnings
volatility.
New York Times Co. (NYT) agreed to sell the 16 local papers that
make up its regional media group to Halifax Media Holdings LLC,
owner of the News-Journal newspaper in Daytona Beach, Fla. The
papers are being sold for $143 million in cash and Times Co. said
it intends to use the proceeds for "general corporate
purposes."
New York's attorney general said several electronics companies
in Asia, including Sharp Corp. (SHCAY, 6753.TO) and Samsung
Electronics Co. (SSNHY, 005930.SE), have agreed to a settlement of
over $550 million involving allegations of price-fixing liquid
crystal display screens.
Viacom Inc. (VIA, VIAB) is contesting a decision by
dispute-resolution accountants that it owes former shareholders of
Harmonix Music Systems Inc. $383 million in their ongoing
litigation over the media behemoth's 2006 takeover of the maker of
the "Rock Band" video game.
-Edited by Corrie Driebusch and Ian Thomson; write to
corrie.driebusch@dowjones.com and ian.thomson@dowjones.com