Among the companies with shares expected to actively trade in
Friday's session are Darden Restaurants Inc. (DRI), Goodyear Tire
& Rubber Co. (GT) and Apple Inc. (AAPL).
Darden's fiscal first-quarter earnings fell a
worse-than-expected 37% as food, beverage and labor costs continued
to rise and the company's biggest chain, Olive Garden, posted a
significant drop in same-restaurant sales. Darden also said it
plans to cut its annual operating support spending by about $50
million through workforce reductions and program spending cuts.
Shares dropped 5.6% to $46.55 premarket.
Goodyear announced plans to restore its dividend, after flirting
with record-low stock prices, closing plants, shedding jobs,
selling off business units and contending with striking workers.
The largest U.S.-based tire producer will pay a 5 cent per share
common stock dividend effective Dec. 1. The last time Goodyear paid
a dividend was in December 2002. Shares climbed 4.9% to $23.32 in
light premarket trading.
Apple began sales of its latest iPhones, hoping for strong
demand to allay concerns about the company's position in the
smartphone market. IPhone sales kicked off across Asia and Europe
on Friday morning, with initial demand tilted heavily toward the
higher end of the two models Apple is rolling out. Shares edged up
1.6% to $479.62.
Tibco Software Inc.'s (TIBX) fiscal third-quarter profit slid
19% as a sharp increase in restructuring costs and weaker margins
more than offset the cloud-platform provider's better-than-expected
revenue growth. Adjusted profit for the quarter also topped
expectations, sending shares up 8.1% to $27.30 premarket.
Cyclacel Pharmaceuticals Inc. (CYCC) said one of its treatments
undergoing tests has shown positive results against ovarian cancer,
including against tumors resistant to therapy. Shares were up 36%
to $5.16 premarket.
AK Steel Holding Corp. (AKS) expects to report a
steeper-than-expected third-quarter loss, as the steelmaker
projected shipment and prices below year-earlier levels and
incurred costs tied to a blast furnace outage. Shares fell 11% to
$3.93 premarket.
GlaxoSmithKline PLC (GSK) and Prosena Holding NV (RNA) said
their treatment for Duchenne muscular dystrophy didn't meet its
primary endpoint in a Phase III study. The drug, drisapersen, is
currently in late stage development for DMD, a rare and fatal
muscular disorder. Prosena shares plummeted 77% to $5.50 in
premarket trading.
A block of J.C. Penney Co. (JCP) shares formerly owned by
Vornado Realty Trust Inc. (VNO) fetched $13.10 a share late
Thursday, according to a person familiar with the matter, a slim
discount to the shares' latest close. Shares rose 1.9% to $13.39
premarket.
BASF SE (BAS.XE) agreed to acquire biotechnology company
Verenium Corp. (VRNM) for about $51 million, or $4 a share, a 59%
premium over Thursday's close. Chemical company BASF said combining
Verenium's scientific and technological services with its enzyme
activities will strengthen its footprint in the strategic enzyme
growth market. Verenium shares surged premarket to match the offer
price.
JinkoSolar Holding Co. (JKS) said its boosted offering of 3.8
million American depositary shares priced at $16.25 per ADS, a mere
1.4% discount to Thursday's close. The Chinese solar-product maker
had said earlier this week that it intended to offer 3.5 million
ADSs. JinkoSolar climbed 3.8% to $17.10 premarket.
Dry-cargo vessel operator Navios Maritime Partners L.P. (NMM)
plans to offer five million units representing limited partnership
interests in a public offering. Shares slid 6.8% to $13.92
premarket.
NGL Energy Partners LP (NGL) unveiled plans to offer 4.1 million
units representing limited partner interests. The company, which
operates in the water services and crude-oil logistics businesses,
among others, intends to use the proceeds to repay debt taken on
from recent acquisitions. Shares were off 4.5% to $32.20 in light
premarket trading.
Baltic Trading Ltd. (BALT) said it has commenced a public
offering of common stock and plans to use net proceeds from the
offering for future vessel acquisitions, working capital and
general corporate purposes. Shares fell 8.8% to $4.65
premarket.
Watch List:
Cintas Corp.'s (CTAS) fiscal first-quarter earnings rose 1.3% as
the supplier of uniforms and restroom supplies posted higher
revenue amid tighter margins. The company also raised its full-year
earnings guidance.
Consolidated Edison Inc. (ED) said President and Chief Executive
Kevin Burke will retire at the end of 2013, leaving the utility
company after a 40-year run. Mr. Burke, 62 years old, had served in
those roles since 2005. He will be succeeded by colleague John
McAvoy, who most recently led ConEd's Orange and Rockland Utilities
Inc. subsidiary, a division Mr. Burke also oversaw.
New York Times Co. (NYT) will restore a dividend payment to
company shareholders that was eliminated four years ago, putting to
use cash raised through a string of recent divestitures. The Times
Co. board of directors approved a dividend payment of four cents
per share to holders of Class A and Class B stock, to be paid Oct.
24.
NextEra Energy Inc. (NEE) agreed to sell $500 million of its
equity units to Citigroup Inc. (C), Morgan Stanley (MS) and Credit
Suisse Group AG (CS), with the power company planning to add the
proceeds to the general fund of NextEra Energy Capital Holdings
Inc.
Aviation-equipment supplier Rockwell Collins Inc. (COL) provided
2014 earnings and revenue guidance below analyst expectations,
noting its government system sales will be hurt by sequestration
impacts.
Texas Instruments Inc. (TXN) raised its quarterly dividend by
7.1%, marking the chip maker's second dividend increase of 2013.
The company said that with both dividend hikes, it has raised its
quarterly payout to shareholders by 43% this year.
Tire maker Titan International Inc. (TWI) on Thursday said it is
withdrawing its guidance on full-year revenue and earnings before
interest, taxes, depreciation and amortization--more than three
months after the company said it planned to cut its view.
Write to Lauren Pollock at lauren.pollock@wsj.com
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