Among the companies with shares expected to actively trade in
Tuesday's session are Best Buy Co. (BBY), UBS AG (UBS, UBSN.VX) and
Nuance Communications Inc. (NUAN).
Electronics retailer Best Buy is selling its 50% interest in
Carphone Warehouse Group PLC's (CPW.LN) Europe business back to
Carphone Warehouse in a mostly cash deal valued at about $775
million. The sale marks Best Buy's final step to unwind a costly
and unsuccessful 2008 joint venture with the U.K.-based
mobile-phone chain that it launched to expand into Europe as its
U.S. sales began to stagnate. Best Buy shares rose 4.1% to $25.20
premarket.
Switzerland's biggest bank, UBS, posted a better-than-expected
first-quarter profit Tuesday as the bank pushes through an extended
restructuring program in the wake of the financial crisis. Shares
rose 7% to $17.97 premarket.
Nuance Communications swung to a second-quarter loss, logging
results below Street views, as the speech-software maker also
disclosed a $500 million stock-buyback effort. "We are disappointed
with our results for the second quarter, which were driven by a
combination of execution issues and external factors," said Chief
Executive Paul Ricci. Shares fell 12% to $20.45 premarket.
Drug maker Pfizer Inc.'s (PFE) first-quarter earnings rose 53%
from a year-earlier period weighed down by charges, but results
fell short of Wall Street expectations, as sales of top products
declined on losses of exclusivity and other headaches. The company
also reduced its financial outlook for the year, citing unfavorable
currency trends. Shares fell 3.3% to $29.42 in premarket
trading.
Avon Products Inc. (AVP) swung to a first-quarter loss as the
door-to-door cosmetics vendor recorded charges related to
restructuring, extinguishment of debt and the devaluation of
Venezuelan currency, though adjusted earnings beat Wall Street
expectations. Chief Executive Sheri McCoy said she is pleased with
the performance of the company's Latin America and Europe, Middle
East & Africa regions, particularly in Brazil and Russia.
Shares rose 7.8% to $23.98 premarket.
Pitney Bowes Inc.'s (PBI) first-quarter earnings sank 57% as the
mail-and-document-services company continued to post revenue
declines amid weaker demand for mail. The company also cut its
second-quarter dividend to 18.75 cents a share from 37.5 cents in
the prior quarter. Shares fell 7.7% to $14.95 premarket.
Riverbed Technology Inc. (RVBD) swung to a first-quarter loss as
acquisition costs and feeble government spending hurt the
network-equipment maker's performance. The San Francisco company
also surprised investors with lower-than-expected sales of its main
wide-area network optimization product, which helps large
organizations shuttle data between head offices and smaller branch
offices. Shares were down 6.1% to $13.95 premarket.
Transition Therapeutics Inc. (TTHI) said results of a five-week
proof of concept clinical study of its TT-401 treatment in type 2
diabetic and obese non-diabetic subjects demonstrated significant
improvements in glycemic control and reductions in body weight.
Shares rose 31% to $2.95 premarket.
Biotechnology services company Neostem Inc. (NBS) revealed plans
to offer stock, but didn't say how many shares it plans to sell.
Shares fell 22% premarket to 49 cents.
Northern Tier Energy LP (NTI) said Northern Tier Holdings LLC is
offering 10 million units, decreasing its stake to 55.4% from
66.3%. The energy company's units were off 3.4% to $25.15 in
premarket trading.
Watchlist:
Standard & Poor's Ratings Services lowered its rating on
Allscripts Healthcare Solutions Inc. (MDRX) by one notch, citing
product-integrations issues and declining sales at the electric
health-records company.
Arch Capital Group Ltd.'s (ACGL) first-quarter earnings rose 56%
as the insurance and reinsurance company saw its premiums and its
foreign-exchange gains rise.
A New York State judge denied summary judgment Monday to Bank of
America Corp.(BAC) and MBIA Insurance Corp. (MBI) in a longstanding
battle over who is liable for losses racked up after the collapse
of the housing market.
Cablevision Systems Corp. (CVC) has agreed to sell the bulk of
its Clearview Cinemas movie theaters to privately held Bow Tie
Cinemas as it continues to shed non-core businesses. Terms of the
deal weren't disclosed.
Community Health Systems Inc.'s (CYH) first-quarter earnings
rose 4.9% as the hospital operator benefited from slightly stronger
revenue despite weaker admissions.
Datalink Corp.'s (DTLK) first-quarter earnings fell 49% as
operating expenses at the provider of data-center infrastructure
and services increased, offsetting stronger revenue that was helped
by an acquisition, although core earnings improved. The company
offered second-quarter revenue guidance above analyst
expectations.
Express Scripts Holding Co. (ESRX) said Monday its first-quarter
earnings rose 39%, fueled by last year's Medco Health Solutions
deal, and the company slightly increased its full-year earnings
outlook.
General Growth Properties Inc.'s (GGP) first-quarter loss
narrowed as the mall landlord posted lower warrant liability
adjustments and a gain on the extinguishment of debt, while revenue
rose.
Hartford Financial Services Group Inc. (HIG) swung to a
first-quarter loss as the insurer booked charges tied to its
transformation into a more-focused company.
HeartWare International Inc.'s (HTWR) first-quarter loss
narrowed on U.S. sales of its implantable heart pumps. The latest
period marks the first full-quarter of U.S. commercial sales of its
HeartWare Ventricular Assist System, which is a
bridge-to-transplant therapy for patients with advanced stage heart
failure. Per-share earnings results topped consensus estimates.
Helen of Troy Corp.'s (HELE) fiscal fourth-quarter earnings rose
7.5% as the personal-care and household-products maker posted sales
growth across its segments.
Herbalife Ltd.'s (HLF) first-quarter earnings rose 9.9% as the
nutritional-supplements maker posted double-digit sales growth.
Per-share earnings topped Herbalife's expectations and the company
again raised its full-year earnings view.
Hertz Global Holdings Inc. (HTZ) swung to a first-quarter
profit, as the car-rental company's sales were boosted by the
recent purchase of Dollar Thrifty Automotive Group. Results easily
exceeded Wall Street's expectations, as both the car and equipment
rental segments benefited from stronger volumes and better
pricing.
Hydrogenics Corp. (HYGS, HYG.T) said it intends to offer an
undisclosed number of shares, using the proceeds for general
purposes.
Macquarie Infrastructure Co. LLC (MIC) said it is offering 3.04
million shares, while Macquarie Investment Management, which owns a
12% stake in the company, is offering 2.49 million shares. The
energy infrastructure owner, which recently had around 37.6 million
shares outstanding, expects to use its portion of the proceeds to
pay down debt.
Masco Corp.'s (MAS) first-quarter profit rose 42% as the
building-products manufacturer benefited from robust new-home
construction in North America. However, results missed analyst
expectations.
Meritor Inc. (MTOR) has agreed to sell its 50% ownership stake
in a Brazilian joint venture to its joint-venture partner Randon SA
Implementos e Participacoes for $195 million, and plans to use
proceeds to strengthen its balance sheet.
Newmont Mining Corp.'s (NEM) first-quarter profit fell 36% as
the gold-mining company reported that its gold production
declined.
New York hedge fund Jana Partners LLC disclosed a 9.1% stake in
Oil States International Inc. (OIS), calling the diversified
oilfield services company's shares undervalued.
PartnerRe Ltd.'s (PRE) first-quarter earnings fell 35% as the
reinsurer posted sharply lower realized and unrealized investment
gains. However, excluding those impacts, operating profit was up
more than expected.
Plum Creek Timber Co.'s (PCL) first-quarter earnings almost
doubled as the real-estate investment trust posted wider
margins.
Post Properties Inc.'s (PPS) first-quarter earnings slipped 7%
as a gain from the sale of real-estate assets boosted the
real-estate investment trust's year-earlier results, though revenue
and funds from operation improved in the latest period.
Qiagen NV's (QGEN) first-quarter earnings fell 30% mostly on
higher business integration expenses and other items as the
medical-testing technologies company also said it acquired
privately held software company Ingenuity Systems Inc. for $105
million, expanding its capabilities in genetic data analysis and
interpretation--a key growth area in the sector.
Safeway Inc. (SWY) has named President Robert L. Edwards to
succeed Steven A. Burd as chief executive when Mr. Burd retires
next month.
Texas Roadhouse Inc.'s (TXRH) first-quarter earnings rose 39% as
the casual steakhouse operator opened new restaurants, and sales
increased at its existing locations.
Time Warner Cable Inc. (TWC) named Arthur T. Minson Jr. as its
new chief financial officer, effective May 2, replacing Irene M.
Esteves.
Write to Anna Prior at anna.prior@dowjones.com
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