Among the companies whose shares are expected to actively trade
in Tuesday's session are General Mills Inc. (GIS), AT&T Inc.
(T) and Navistar International Corp.'s (NAV).
General Mills's fiscal second-quarter earnings fell 28% as
higher costs continued to outpace the food giant's sales growth.
Shares slipped 2.8% to $38.50 in recent premarket trade.
AT&T bowed to U.S. antitrust authorities and withdrew its
$39 billion acquisition of T-Mobile USA, ending a nine-month fight
to complete a deal many saw as a long shot and leaving both
carriers groping for a way forward. The high-profile defeat came
after AT&T had already pulled its application from the Federal
Communications Commission and put on hold efforts to fight the
Justice Department's suit to block the deal. AT&T shares fell
0.8% to $28.50 premarket. Competitor Sprint Nextel Corp. (S),
meanwhile, jumped 6.9% to $2.31 on the news. Clearwire Corp. (CLWR)
a major Sprint partner, was up 4.9% at $2.14.
Navistar's fiscal fourth-quarter earnings surged as the
commercial truck manufacturer saw its margins widen and profits
grow in all major segments, led by its truck business.
Salix Pharmaceuticals, Ltd. (SLXP) and Progenics
Pharmaceuticals, Inc. (PGNX) said a treatment for opioid-induced
constipation met primary endpoints in a phase 3 trial. Salix
Pharma's stock gained 8.7% to $47 premarket while Progenics surged
16% to $7.50.
Red Hat Inc.'s (RHT) fiscal third-quarter earnings rose a
stronger-than-expected 47% as the software provider's margins
continued to expand. But shares dropped 7.7% to $42.50 premarket as
revenue rose in line with expectations rather than topping
estimates, as it had in previous quarters.
Netflix Inc. (NFLX) and BBC Worldwide, the commercial arm of the
BBC, unveiled a new digital licensing agreement, bringing a range
of BBC shows to Netflix members in the United Kingdom and Ireland.
Netflix shares traded up 1.4% to $68.08 premarket.
Targacept Inc. (TRGT) and AstraZeneca PLC (AZN, AZN.LN) said
their potential antidepressant TC-5214 didn't meet the primary
endpoint of a Phase III study. Shares of Targacept recently dropped
26.7% premarket to $5.70, while AstraZenec was trading 1% lower at
$44.99.
TransCanada Corp. (TRP) is buying nine solar projects in Ontario
from Canadian Solar Solutions Inc. (CSIQ) for about C$470 million
(US$452.5 million) as part of its strategy of expanding its
portfolio of alternative or renewable-energy assets. Shares of
Canadian Solar jumped 24% to $2.75 premarket.
ImmunoGen Inc. (IMGN) agreed to a collaboration with Eli Lilly
& Co. (LLY) potentially valued at roughly $220 million in which
the pharmaceutical giant will get exclusive licensing rights to
some of the drug developer's antibody-based cancer therapies.
Shares of Immunogen added 5.6% to $12 premarket.
Watch List:
AllianceBernstein Holding LP (AB) said the leader of its
sell-side research subsidiary would assume the role of chief
operating officer of the fund manager, as part of organizational
changes to streamline management.
Amgen Inc. (AMGN) and Watson Pharmaceuticals Inc. (WPI) agreed
to work together on several cancer antibody biosimilar products,
which they expect to sell under a joint label. Under the deal,
Amgen will lead the development, manufacturing and initial
commercialization of the oncology antibody products. Watson will
initially receive royalties and sales milestones from product
revenues, and it will contribute up to $400 million in
codevelopment costs as well as share product development risks.
Commercial Metals Co.'s (CMC) board recommended that
shareholders reject Carl Icahn's unsolicited $1.73 billion tender
offer as the scrap-metal processor also projected fiscal
first-quarter earnings far above Wall Street estimates thanks to a
tax benefit.
ConAgra Foods Inc.'s (CAG) fiscal second-quarter earnings fell
14% after being hit with hedging losses. The packaged-food company
also reported its consumer-foods unit was hurt by rising
commodities costs. However, its smaller commercial foods segment
saw better-than-expected profit growth and adjusted earnings beat
analysts' expectations.
Moody's Investors Service put Constellation Energy Group Inc.
(CEG) on review for a possible upgrade from the brink of junk after
it and proposed merger partner Exelon Corp. (EXC) reached secured
support from Maryland officials.
Standard & Poor's Ratings Services heightened the chance of
an upgrade for Pall Corp. (PLL), citing solid credit metrics and
good operating performance by the maker of filtration and
purification products.
Sanderson Farms Inc. (SAFM) swung to a fourth-quarter loss as
the poultry producer's margins continued to sink amid high feed
costs, while most selling prices also slid.
Sempra Energy (SRE) said it will likely meet or exceed the high
end of its previous full-year earnings guidance following
broad-based improvement in operating performance. The power company
is slated to report its full-year results on Feb. 28.
Southwestern Energy Co. (SWN) said it plans to boost its capital
investment to $2.3 billion in 2012, compared with this year's $2.1
billion outlay, as it looks to boost natural gas production in
regions like Pennsylvania's Marcellus Shale region.
Vulcan Materials Co. (VMC) said it will streamline its business
units and could cut about 200 jobs in a bid to lower costs amid a
hostile takeover bid.
-Edited by Corrie Driebusch and Ian Thomson; write to
corrie.driebusch@dowjones.com and ian.thomson@dowjones.com