Among the companies with shares expected to actively trade in
Wednesday's session are Hovnanian Enterprises Inc. (HOV), AutoZone
Inc. (AZO) and Ascena Retail Group Inc. (ASNA).
Hovnanian is offering as much as $797 million in 10-year senior
notes as the home builder raises funds to repurchase other notes.
Shares fell 3.7% to $3.65 in premarket trading.
AutoZone reported a 7.4% increase in fiscal fourth-quarter
earnings, although same-store sales came in short of the company's
expectations. Shares fell 3.6% to $345.00 premarket. Fellow
auto-parts retailer O'Reilly Automotive Inc. (ORLY) was also
trading lower following the report, shedding 3.3% to $78.50.
Ascena Retail Group Inc.'s (ASNA) fiscal fourth-quarter earnings
fell 94% as the women's apparel retailer was hurt by acquisition
costs. Ascena--formerly known as Dress Barn Inc.--also predicted
earnings for upcoming year that were short of Wall Street
forecasts. Shares fell 4.7% to $20.02 in premarket trade.
Cracker Barrel Old Country Store Inc.'s (CBRL) fiscal
fourth-quarter earnings nearly doubled as the restaurant chain
turned in a better-than-expected 3.8% increase in same-store sales.
The company, which already lifted its dividend significantly in
April, also unveiled another dividend increase of 25%, pushing the
quarterly payout to 50 cents a share. Shares were up 5.4% to $67.05
in premarket trade.
Bank of America Merrill Lynch revised its stance on a pair of
hepatitis-C drugmakers, raising Achillion Pharmaceuticals Inc.
(ACHN) to buy from underperform and cutting Idenix Pharmaceuticals
Inc. (IDIX) to neutral from buy. Noting it is now "more optimistic"
on the market potential for Achillion's hepatitis-C drug combo, the
firm also nearly doubled its price target on the stock, to $13 from
$7 previously. Idenix, meanwhile, is facing increased difficulties
after the Food and Drug Administration placed a clinical hold on
one of its treatments for the liver disease. Achillion shares
surged 12% to $9.11 premarket; Idenix shares were off 5.7% to
$5.32.
Watchlist:
Oil and gas company Approach Resources Inc. (AREX) intends to
offer 5 million shares as it seeks to raise funds to develop its
Wolfcamp oil shale resource play and for general working capital
needs. It may also use the proceeds to pay down debt. Approach
Resources had around 33.5 million shares outstanding as of Sept.
17.
Goldman Sachs Group Inc. (GS) said Chief Financial Officer David
Viniar, the securities firm's only finance chief as a public
company, will retire at the end of January. He will be replaced by
Harvey Schwartz, global co-head of its securities division, in a
move that may signal a new era of relative calm after a period of
historical tumult for the firm.
Health Care REIT Inc. (HCN) priced its increased offering of 26
million shares at $56 each, a discount of 1.2% to its Tuesday
closing price.
Microsoft Corp. (MSFT) raised its quarterly dividend by 15%, as
the software heavyweight looks to boost shareholder returns.
New Frontier Media Inc. (NOOF) Chairman and Chief Executive
Michael Weiner's employment at the adult pay-per-view provider has
been terminated, a move that comes two months after the company
settled a dispute with its majority shareholder over control of New
Frontier.
Sotheby's (BID) said it plans to offer up to $300 million in
senior notes due 2022 as the auctioneer looks to raise funds to
repay debt and for general corporate purposes.
Certain shareholders of Thermon Group Holdings Inc. (THR) are
offering 8 million shares. Thermon, which provides highly
engineered thermal services for energy and chemical processing
industries, had around 30.4 million shares outstanding as of May
31.
W&T Offshore Inc. (WTI) has agreed to acquire assets in the
Gulf of Mexico from oil and gas producer Newfield Exploration Co.
(NFX) for around $228 million, in a deal that will complete
Newfield's exit from the region.
Wynn Resorts Ltd. (WYNN) said Tuesday co-founder Kazuo Okada has
no right to nominate members to the casino operator's board since
Mr. Okada's firm, Aruze Usa Inc., was ejected seven months ago as a
shareholder.
-Write to Mia Lamar at mia.lamar@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires