Among the companies with shares expected to actively trade in
Wednesday's session are DSW Inc. (DSW), Toll Brothers Inc. (TOL)
and Workday Inc. (WDAY).
Discount shoe retailer DSW slashed its earnings guidance for the
year and posted underwhelming results for its fiscal first quarter.
The company said rough weather and competitive discounting weighed
on its sales for the most recent period. DSW's stock fell 21% to
$25.78 in premarket trading.
Propylene maker PetroLogistics L.P. (PDH) agreed to be acquired
by a Koch Industries Inc. unit for about $2.1 billion in cash.
Flint Hills Resources LLC, the Koch subsidiary, will acquire
PetroLogistics common units for $14 each in cash, an 8.3% premium
over Tuesday's close. The units climbed 11% to $14.30
premarket.
Toll Brothers said its fiscal second-quarter profit more than
doubled as the homebuilder continued to benefit from higher home
prices and more deliveries. Shares edged up 3.5% to $36.90
premarket.
Wet Seal Inc. (WSTL) swung to a fiscal first-quarter loss as the
women's apparel retailer struggled with a sharp drop in sales. The
company had said last month it planned to wind down its Arden B
brand as it sought to shore up its namesake brand amid falling
sales. Shares dropped 12% to 89 cents premarket.
Workday's first-quarter loss widened as a surge in costs masked
higher revenues. The Pleasanton, Calif., enterprise-software
company raised its revenue outlook for the year and gave a strong
top-line view for the current quarter, sending shares up 4.7% to
$85.96 premarket.
Watch List:
Valeant Pharmaceuticals International Inc. (VRX) on Wednesday
said it raised its offer to buy Botox maker Allergan Inc. (AGN),
increasing the cash portion of its bid and lifting its overall
value to more than $49 billion.
Brown Shoe Co. (BWS) swung to a fiscal first-quarter profit as
its Famous Footwear chain and wholesale business both posted
improved sales. The bottom line slightly beat expectations.
Chico's FAS Inc. (CHS) said its fiscal first-quarter profit
declined 22% as the women's apparel retailer reported higher costs
and expenses, which offset a slight increase in sales. Earnings
missed expectations.
Cliffs Natural Resources Inc. (CLF) said it is further cutting
its expected capital spending range for the year by 25% as the
mining company continues reining in costs.
Cracker Barrel Old Country Store Inc. (CBRL) said its fiscal
third-quarter earnings grew 17% as the restaurant operator lowered
costs and posted a slight increase in revenue. Earnings came in at
the high end of the company's reduced range.
FormFactor Inc. (FORM) raised its revenue guidance for the
second quarter, pointing to strong demand across its system-on-chip
and dynamic random access memory segments.
GlaxoSmithKline PLC (GSK) is being investigated by the U.K.'s
Serious Fraud Office for possible criminal violations in its
commercial practices, the pharmaceutical company said. The company
said it is cooperating with investigators.
MasterCard (MA) on Wednesday said it has taken steps to boost
security for its cardholders, a move that comes amid several recent
data breaches at high-profile companies. MasterCard said all of its
credit, debit, prepaid and small-business cards issued in the U.S.
will now come with the company's identity theft resolution
assistance.
Michael Kors Holdings Ltd. (KORS) said its fiscal fourth-quarter
profit surged 59% as the retailer posted a robust rise in sales
across regions. Results easily topped the company's own
expectations.
Nasdaq OMX Group Inc. (NDAQ) said its private-market unit formed
a six-member board of advisers and expects to appoint additional
members over the next few months. Nasdaq Private Market is the
company's latest attempt to break into pre-IPO trading.
Spectranetics Corp. (SPNC) agreed to acquire privately held
AngioScore Inc. for $230 million in cash and stock, as well as
potential milestone payments. The combined entity will focus on
cardiovascular challenges in the peripheral and coronary
markets.
Volcano Corp. (VOLC) agreed to acquire AtheroMed Inc. for an
initial $115 million cash payment, gaining access to the privately
held company's Phoenix Atherectomy System to treat peripheral
artery disease. AtheroMed could also receive milestone payments
related to a Phoenix device being considered by the Food and Drug
Administration.
Westlake Chemical Corp. (WLK) said Wednesday that it will
acquire Germany-based Vinnolit Holdings GmbH for 490 million euros
(about $667 million) from private equity firm Advent International.
Vinnolit, which produces specialty polyvinyl chloride, or PVC,
resins, has six production facilities in Germany and the U.K.
Write to Maria Armental at maria.armental@wsj.com
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