Among the companies with shares expected to actively trade in
Wednesday's session are Bank of America Corp. (BAC), Textron Inc.
(TXT) and Yahoo Inc. (YHOO).
Bank of America's first-quarter profit and revenue rose, but
shares sank in premarket trading Wednesday as the banking giant
continues to struggle in a lackluster economic environment with low
interest rates. Although the bank was able to cut $1 billion in
expenses, loan growth showed signs of sluggishness. Shares fell
2.7% to $11.95 premarket.
Textron's first-quarter earnings edged up 0.8%, but missed
consensus estimates, as the aircraft, defense and industrial
company's Bell helicopter sales declined and the company warned of
weakness in the business jet market. Shares fell 8.7% to $26.81
premarket.
Yahoo posted a 36% jump in profit for its first quarter on the
robust performance of China-based e-commerce giant Alibaba Group
Holding Ltd., in which Yahoo holds a 24% stake. But quarterly
revenue fell 7% from a year ago as Yahoo's core online-advertising
business deteriorated while its biggest clients--advertising
agencies--have become more vocal about their impatience with Chief
Executive Marissa Mayer's management. Shares were down 2.2% to
$23.27 premarket.
Dutch chip manufacturing equipment maker ASML Holding NV (ASML,
ASML.AE) announced that current financial chief, Peter Wennink,
will become chief executive in July, succeeding Eric Meurice who
will become chairman until his contract ends in March 2014. The
company posted a drop in sales and profit due to weak end-market in
the semiconductor industry, but repeated it expects 2013 full year
sales at a similar level as 2012. American depositary shares rose
6.8% to $72.38 premarket.
E2open Inc. (EOPN) swung to a loss for the fiscal fourth quarter
as the cloud-based business software provider's increase in
expenses outpaced slight revenue growth. Shares tumbled 27% to
$13.60 premarket as the company offered guidance for the first
quarter and full year below analyst expectations.
Cirrus Logic Inc. (CRUS), a supplier for Apple Inc. (AAPL), said
it expects to record a significant inventory reserve charge in the
fourth quarter and that its margins for the period will be weaker
than expected. The chip maker's shares sank 8.2% to $19.65
premarket as the company also offered downbeat first-quarter
revenue guidance.
InnerWorkings Inc. (INWK), which provides print procurement
services, cut its full-year expectations, citing a significant
reduction in scope of work at a large retail client and also
projected first-quarter results below analyst expectations. Shares
slumped 25% to $10.60 premarket.
Boston Private Financial Holdings Inc. (BPFH) has agreed to
repurchase all of the shares of its preferred stock held by its
largest shareholder, Carlyle Group LP (CG), a deal that the
financial-services company said will benefit all shareholders.
Shares rose 8.5% to $10.40 in light premarket trading as Boston
Private also reported that its first-quarter earnings rose 39% and
its assets under management grew.
Biopharmaceutical development company BioLine RX Ltd. (BLRX,
BLRX.TV) announced positive Phase IIa results for BL-7040, an
orally available drug for treating inflammatory bowel disease,
meeting its primary efficacy endpoint. The company said the
treatment was shown to be safe and well-tolerated. Shares rose 13%
to $2.05 premarket.
Watchlist:
Amgen Inc. (AMGN) will pay $24.9 million to settle allegations
that it paid kickbacks to long-term care pharmacy providers in
exchange for switching Medicare and Medicaid patients to its
anti-anemia drug Aranesp, the Justice Department said.
Atlas Pipeline Partners LP (APL) has agreed to acquire Teak
Midstream LLC for $1 billion in cash, giving the company an entry
point into the liquids-rich Eagle Ford Shale in south Texas.
Badger Meter Inc.'s (BMI) first-quarter profit fell 53% as bad
weather hurt sales for the manufacturer of fluids measurement and
control products. Results sharply missed analysts' estimates.
BioScrip Inc. (BIOS) said it is offering $75 million in shares,
while affiliates of its largest shareholders are offering $25
million in shares. BioScrip, a pharmaceutical services provider,
won't receive any proceeds from the shareholders' sale.
CSX Corp.'s (CSX) first-quarter earnings rose 2.2% as the
railroad company reduced its expenses amid roughly flat
revenue.
Intel Corp.'s (INTC) bottom line continued to suffer from the
sagging personal computer market in the first quarter, but the
numbers and the company's outlook for the current period were less
gloomy than some analysts feared. The chip maker's profit dropped
25% on a 2.5% decline in revenue, reflecting declining sales of
both desktop and laptop computers that use Intel
microprocessors.
Interactive Brokers Group Inc.'s (IBKR) first-quarter earnings
fell 40% as the electronic broker and market maker reported that
currency fluctuations led to a segment loss in its market-making
division and continued low volatility also weighed on performance.
Adjusted earnings and revenue missed expectations.
Chinese solar company LDK Solar Co. (LDK) has agreed to sell its
interest in an Anhui-province based subsidiary to an affiliate of
the Hefei city government for around 120 million yuan, or $19.4
million. The company expects to realize a net loss of $80 million
to $90 million for the transaction.
Computer-mouse maker Logitech International SA (LOGI, LOGN.EB)
said its finance chief, Erik K. Bardman, is leaving the company to
join TV set-top vendor Roku.
Navistar International Corp. (NAV) has named Jack Allen its
chief operating officer, after his predecessor in the role was
tapped as chief executive.
Performant Financial Corp. (PFMT) said certain stockholders will
offer 6.5 million shares. Performant won't receive any proceeds
from the offering. Performant Financial, which provides debt
recovery and analytics services, recently had around 46.7 million
shares outstanding.
Moody's Investors Service raised its outlook on Sears Holdings
Corp. (SHLD), citing improvements to the retailer's bottom
line.
United Rentals Inc.'s (URI) first-quarter earnings climbed 62%
as the equipment-rental company's revenue continued to
strengthen.
Write to Anna Prior at anna.prior@dowjones.com
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