Among the companies with shares expected to actively trade in
Wednesday's session are Macy's Inc. (M), Pandora Media Inc. (P) and
Vipshop Holdings Ltd. (VIPS).
Macy's reported fiscal first-quarter revenue in-line with
consensus estimates, while per-share earnings edged consensus amid
a solid 3.8% same-store-sales growth. The department store operator
also reiterated its fiscal year view and announced a 25% dividend
increase. Shares rose 1.2% to $47.94 premarket.
Google Inc.'s (GOOG) Android unit is set to launch a paid
subscription music-streaming service akin to that of Spotify AB as
soon as this week, according to an article in The Wall Street
Journal that cites people familiar with the matter. Shares of
online music-streaming radio company Pandora slipped 3.9% to $16.10
premarket.
Vipshop swung to a first-quarter profit as the Chinese online
discount retailer reported a surge in revenue as it continued to
add customers and orders. Vipshop's American depositary shares were
up 9.7% at $36.75 in premarket trading as adjusted earnings and
revenue beat expectations and the company gave upbeat sales
guidance for the current quarter.
SunPower Corp. (SPWR) said Wednesday it expects second-quarter
results far above Street views. However, the solar panel maker gave
an earnings view for fiscal 2013 that was roughly in-line with
consensus estimates. Shares jumped 6.1% to $20.19 premarket.
Pharmaceutical company Rockwell Medical Inc. (RMTI) said an
offering of 11.5 million of its shares priced at $2.05 a share, a
15% discount to Tuesday's close. The company had 25.9 million
shares outstanding as of May 1. Shares fell 9.5% to $3.25
premarket.
Comstock Holding Cos. Inc. (CHCI), a Washington, D.C.
metropolitan area homebuilder, raised its fiscal year revenue
outlook citing a strong start to the spring season and robust
ongoing sales at its communities. The company said that project
performance continues to outpace early expectations, and that at
these higher revenue levels, it is confident that Comstock will be
restored to profitability in 2013. Shares jumped 47% to $3.68
premarket.
Watchlist:
Agilent Technologies Inc.'s (A) fiscal second-quarter earnings
fell 35% due to weaker margins and restructuring-related costs,
write-downs and other items--although adjusted earnings exceeded
expectations. The company also unveiled a restructuring plan that
includes reducing the size of its global workforce by 2%, or
roughly 450 positions.
Ashland Inc. (ASH) said its board has raised its quarterly
dividend by more than 50% while also authorizing a new share
buyback program of $600 million, nearly double the amount remaining
under the prior buyback authorization unveiled in 2011.
Brown Shoe Co. (BWS) said it has sold its Avia and Nevados
brands to Galaxy Brand Holdings Inc. for $74 million and plans to
use the proceeds to pay down debt. The footwear company expects the
deal to result in a charge of $15 million to $17 million in fiscal
2013, or around 28 cents to 33 cents a share.
Eastman Chemical Co. (EMN) will promote Mark J. Costa to succeed
James P. Rogers as the chemical maker's chief executive in January
2014. Mr. Costa is currently head of the company's additives and
functional products and advanced materials segments, and its chief
marketing officer.
Moody's Investors Service cut the credit rating of Merck &
Co. (MRK) by one notch, saying the drug manufacturer's credit
ratios will steadily weaken, but remain solid, as it executes $15
billion in share buybacks over the next few years.
Northrop Grumman Corp.'s (NOC) board approved an 11% increase in
the defense company's quarterly dividend, marking the 10th annual
consecutive increase for the payout to shareholders.
Photronics Inc.'s (PLAB) fiscal second-quarter profit fell 45%
as lower input costs at the company failed to offset a decline in
revenue. Results also missed consensus estimates.
RadioShack Corp. (RSH) entered into a five-year deal with the
National Association of College Stores, allowing the retailer to
bring RadioShack-branded sections into college stores starting this
fall.
The U.S. Food and Drug Administration has approved a companion
diagnostic test for Roche Holding AG's (RHHBY) cancer drug Tarceva,
which detects certain gene mutations present in some non-small cell
lung cancers.
Rogers Corp. (ROG) unveiled cost-cutting measures that the
specialty-materials manufacturer said will result in annual savings
and a second-quarter charge.
Safeway Inc.'s (SWY) board has approved raising the grocer's
quarterly cash dividend by 14%, to 20 cents a share, with the aim
to improve shareholder value.
Moody's Investors Service lifted TD Ameritrade Holding Corp.'s
(AMTD) rating a notch, noting its solid performance in a
challenging environment for retail brokers.
Tidewater Inc. (TDW) has agreed to acquire Troms Offshore Supply
AS from European private-equity firm HitecVision AS (HITV.NO) for
about $150 million in cash, in a deal expected to expand
Tidewater's footprint in the North Sea.
Write to Anna Prior at anna.prior@dowjones.com
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