Among companies with shares expected to actively trade in
Thursday's session are Citigroup Inc. (C), K-Swiss Inc. (KSWS) and
CBS Corp. (CBS).
Citi's fourth-quarter profit didn't improve as much as analysts
anticipated. The miss comes as Citi's past benefits from boosting
the bottom line with the release of past loan-loss reserves
continue to dwindle. Shares fell 2.7% to $41.29 premarket.
E. Land World Ltd., a South Korean conglomerate specializing in
fashion and retail distribution, will acquire all outstanding
common stock of shoe maker K-Swiss for $4.75 per share in cash, or
a total of about $170 million, the two companies said. K-Swiss
shares rose 48% to $4.72 premarket.
CBS is taking steps to divest itself of its outdoor advertising
business, disclosing Wednesday that it will convert the North and
South American operation into a real-estate investment trust and
put its European and Asian outdoor businesses up for sale. Shares
jumped 10% to $41.75 premarket.
Power-One Inc. (PWER) forecast a surprise fourth-quarter loss as
a soft renewable-energy business, primarily in Italy and Germany,
hurt sales. Shares dropped 15% to $3.70 premarket as the maker of
power-supply products said it now expects revenue between $190
million and $195 million, down from its October projection of $210
million to $230 million.
Nutritional-supplement maker Herbalife Ltd. (HLF) said
preliminary results for its fourth quarter and for 2012 were above
its prior expectations. However, shares dropped 2.1% to $44.13
premarket, perhaps reflecting investor disappointment that the
company didn't accelerate its stock buyback, as Fox News earlier
this week reported was expected.
Brean Capital downgraded biotechnology company Celsion Corp.
(CLSN) to sell from buy, saying in a note to clients the move is
"due to robust share price strength prior to a highly binary event
in 1Q13 that, in our view, will define whether or not the company
remains viable thereafter." The event Brean referred to is results
from a clinical trial for the company's liver cancer treatment,
expected this month. The current valuation leads Brean to expect
more downside from negative results than sustainable upside from
positive results. Shares off 8.6% to $7.40 premarket.
Nu Skin Enterprises Inc. (NUS) raised its fourth-quarter
earnings and revenue guidance, sending the seller of anti-aging
skin-care products shares up 5.6% to $44.88 premarket.
Vivus Inc. (VVUS) received a downgrade to sell from hold by
Brean Capital, which said that following a meeting with the
biopharmaceutical company's management last week, the firm noted
that still only one in five patients are covered by insurance for
the company's weight management drug Qsymia, "leading to continued
prescription sticker shock even with free low dose drug as offered
by Vivus ($150 versus almost twice that amount) for most patients."
In a note to clients, Brean said "the competitive environment is
only going to increase" and competitors Arena Pharmaceuticals Inc.
(ARNA) and Orexigen Therapeutics Inc. (OREX) have larger
salesforces. Shares off 5% to $13.60 premarket.
Country Style Cooking Restaurant Chain Co. (CCSC) said it
anticipates fourth-quarter revenue to be slightly lower than its
previous guidance, as new stores have opened at a
slower-than-expected rate. American depositary shares of the
China-based fast-food restaurant were down 6.2% at $7.60 in
premarket trading.
Northern Tier Energy LP (NTI) is offering nine million units
representing limited-partner interests in the partnership held by
Northern Tier Holdings LLC. The energy company, which has refining,
retail and pipeline operations, said it would have about 91.9
million units outstanding after the offering. Northern Tier won't
receive any proceeds from the sale. Units were off 3.3% to $24.63
premarket.
Williams-Sonoma Inc. (WSM) reported a solid 4.4% increase in
holiday comparable brand revenue and its 4.8% increase in top-line
sales puts the company on course for its fiscal fourth-quarter
target, given holiday weeks usually make up about 70% to 75% of
total quarter revenue. But the company's fourth-quarter
earnings-per-share outlook stayed pat, and analysts were expecting
the EPS target to go a couple cents higher. Shares were down 3.5%
to $45.50 premarket.
Aveo Pharmaceuticals Inc. (AVEO) said it plans to offer an
undisclosed number of shares Wednesday, As of Nov. 1, the drug
maker had about 43.7 million shares outstanding. Shares fell 1.6%
to $7.99 premarket.
Watchlist:
A.M. Castle & Co. (CAS) unveiled restructuring plans,
including plans to cut its workforce by about 10%, that will help
the specialty metals and plastics distributor cut costs and improve
operating performance.
Bank of the Ozarks Inc.'s (OZRK) fourth-quarter profit jumped
18% as the regional bank's noninterest income strengthened and
credit quality improved.
Clarcor Inc.'s (CLC) fiscal fourth-quarter earnings slipped 2.5%
as it recorded weaker sales in its engine/mobile filtration and
packaging divisions. The filter-and-packaging company also offered
guidance for the new year below analyst expectations.
Columbia Sportswear Co. (COLM) lowered its fourth-quarter
expectations as the maker of active outdoor apparel's net sales
were hurt by mild winter weather in North America during most of
the holiday shopping season, lower customer traffic in key markets
and a more promotional environment.
EBay Inc. (EBAY) on Wednesday posted a sharp drop in
fourth-quarter profit due to the big gain the e-commerce giant
recorded the same period last year from its sale of the Skype
Internet phone service. Excluding the Skype comparison and a
resulting 62% drop in earnings, eBay turned in quarterly
performance that largely met Wall Street expectations and bolstered
faith in the ongoing turnaround of its core business.
Oilfield products company Forum Energy Technologies Inc. (FET)
lowered its full-year earnings projection, pointing to lower than
anticipated customer spending on capital equipment and consumable
products especially in its drilling product line, among other
factors.
H.B. Fuller Co.'s (FUL) fiscal fourth-quarter profit fell 4.9%
as the paint and adhesive maker's year-ago results included
recorded flat margins and higher expenses, though revenue continued
to strengthen.
Kinder Morgan Inc.'s (KMI) fourth-quarter earnings more than
doubled as the energy company reported strong performances from its
affiliates Kinder Morgan Energy Partners LP (KMP) and El Paso
Pipeline Partners LP (EPB), driven by strong demand for the
transport of natural gas.
Liquidity Services Inc. (LQDT) said its fiscal first-quarter
gross merchandise volume missed its expectations, due to several
delayed energy equipment sales within the company's capital assets
group.
Michael Baker Corp. (BKR) said its chairman, Richard L. Shaw,
will retire at the end of the month, and will be succeeded by
current board member Robert N. Bontempo.
SLM Corp. (SLM) reported better core earnings than expected in
the fourth quarter, but its level of uncollectible loans jumped.
The U.S.'s largest education loan company, commonly known as Sallie
Mae, has cautioned that its charge-off rate would rise as it steers
more of its borrowers into repayment plans rather than forbearance,
which is a period of suspended payment. But the jump in
uncollectible loans was more grave in the latest period than in the
third quarter, when it first warned of the trend.
Recreational-vehicle maker Thor Industries Inc. (THO) has named
former IDEX Corp. (IEX) executive Dominic Romeo as its chief
financial officer.
Write to Anna Prior at anna.prior@dowjones.com
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