Among the companies with shares expected to actively trade in
Thursday's session are Morgan Stanley (MS), Jakks Pacific Inc.
(JAKK) and EBay Inc. (EBAY).
Morgan Stanley's second-quarter net income rose 66%, beating
analyst estimates and topping rivals' revenue growth, as the
investment bank bounced back from a slump in trading revenue a year
earlier. Shares rose 4.9% to $27.85 premarket as the investment
bank said it received Fed approval to repurchase up to $500 million
of stock, a good symbolic sign as the central bank apparently sees
the company as having sufficient flexibility to undertake such
spending.
Toy maker Jakks Pacific, which faces some woes as it struggles
to compete in the toy aisle, said it will enact a restructuring
plan in the third quarter in a bid to slash expenses and return to
profitability in 2014. The company, which suspended its quarterly
dividend and reported second-quarter results that badly missed Wall
Street's expectations, said the cuts would result in a "substantial
reduction of leased space, employees and other overhead expenses."
Shares tumbled 25% to $8.61 premarket.
EBay's second-quarter earnings shrank 7.5% as the online
retailer was hampered by higher costs while the year-ago period
benefited from a one-time gain, though revenue continued to benefit
from growth in its two main businesses. Shares sank 6.6% premarket,
to $53.61, after the company posted third-quarter estimates below
expectations.
Johnson Controls Inc.'s (JCI) fiscal third-quarter earnings rose
32% as sales rose across the car battery maker's business segments,
offsetting higher costs. The company also unveiled plans to sell
its HomeLink assets for $700 million to Gentex Corp. (GNTX).
Johnson Controls shares rose 5.7% to $39.45 premarket.
Select Comfort Corp.'s (SCSS) second-quarter earnings fell 42%
as the mattress seller recorded weaker margins and higher operating
expenses. Shares fell 6.7% to $24.79 premarket as results missed
Wall Street estimates.
Intel Corp.'s (INTC) second-quarter profit fell 29% as the chip
maker continued to be hurt by sinking demand for personal
computers. The company lowered its full-year revenue outlook, now
seeing its sales roughly flat from the previous year. Shares were
down 2.9% to $23.44 premarket.
Sherwin-Williams Co. (SHW) reported a second-quarter top- and
bottom-line miss and projected this quarter's per-share earnings
would not meet consensus. The paint company's shares fell 5.8% to
$172.50 premarket.
SanDisk Corp.'s (SNDK) second-quarter earnings soared sharply
higher as the flash-memory maker posted a jump in sales and margins
that helped results easily soar past Wall Street's expectations.
Shares were up 4.5% to $62.10 premarket.
Swedish network equipment vendor Ericsson (ERIC) reported
second-quarter earnings well below market expectations as one-off
charges and slow growth in Asian markets hurt the result. Still,
the company's chief executive said European build-out projects and
Chinese investments in high-speed mobile broadband should provide
good business opportunities later on. American depositary shares
fell 4.5% to $11.63 premarket.
Transition Therapeutics Inc. (TTHI) said the U.S. Food and Drug
Administration has granted fast track status for its treatment of
neuropsychiatric symptoms in Alzheimer's disease, ELND005. Shares
soared 32% to $3.96 premarket.
Cypress Semiconductor Corp.'s (CY) second-quarter earnings fell
24% as the chip maker's revenue declined and input costs rose,
though results beat market expectations. Shares rose 8.2% to $13.06
premarket.
Xilinx Inc.'s (XLNX) fiscal first-quarter earnings rose 21% as
the manufacturer cut costs and improved its profit margins, masking
slightly lower sales. Shares were up 3.4% to $45.00 premarket as
results beat Wall Street expectations and the company gave a rosy
view of the second quarter.
Watchlist:
Two drug companies, AcelRx Pharmaceuticals Inc. (ACRX) and TG
Therapeutics Inc. (TGTX), disclosed plans to sell shares of their
common stock to raise funds for the ongoing development of their
treatments. Both declined to say how many shares they plan to sell
in the public offering. AcelRx has about 37.3 million shares
outstanding, while TG Therapeutics has 26.3 million outstanding,
according to FactSet Research.
Allstate Corp. (ALL) has agreed to sell its Lincoln Benefit Life
Company to Resolution Life Holdings Inc. for $600 million, as the
insurance company looks to sharpen its focus on its namesake agency
channel.
American Express Co.'s (AXP) second-quarter profit rose 4.9%,
beating Wall Street expectations, while spending by its credit-card
customers increased 7%.
Berry Plastics Group Inc. (BERY) said an offering of 15 million
shares from stockholders priced at $21.63 apiece, in line with its
Wednesday closing price.
Crown Holdings Inc.'s (CCK) second-quarter profit edged down
0.7% as the food-packaging company's higher interest expenses cut
into sales gains, though its core per-share earnings improved.
International Business Machines Corp. (IBM) posted a
fifth-straight quarterly decline in revenue, underscoring the
challenge Chief Executive Virginia Rometty faces getting the
technology giant's sales growing again. However, earnings beat
expectations and the company lifted its full-year view.
Kinder Morgan Inc. (KMI) swung to a second-quarter profit as
earnings surged at its Kinder Morgan Energy Partners LP (KMP)
affiliate and El Paso Pipeline Partners LP's (EPB) bottom line
increased by 35%.
Noble Corp.'s (NE) second-quarter earnings increased 11% as the
offshore oil driller's revenue continued to strengthen and as it
logged a smaller tax provision.
Moody's Investors Service raised its outlook on Prologis Inc.
(PLD) to positive from stable, citing the warehouse real-estate
investment trust's improved operational metrics.
Quest Diagnostics Inc. (DGX) has named Mark Guinan, the chief
financial officer at hospital-bed supplier Hill-Rom Holdings Inc.
(HRC), to serve in that role at the diagnostic-testing
provider.
Plexus Corp.'s (PLXS) fiscal third-quarter profit edged down
1.4% as the manufacturing-components vendor reported an overall
decline in sales. Still, earnings beat the company's expectations
and Plexus raised its full-year earnings outlook.
Sallie Mae (SLM) second-quarter profit jumped 86% as the
education-loan company recorded a $257 million gain tied to the
sale of residual interest in three federally guaranteed student
loan trusts.
Steel Dynamics Inc.'s (STLD) second-quarter earnings dropped 35%
as the steel maker reported choppy shipment trends and weaker
prices for the company's steel operations.
The Federal Trade Commission has requested more information on
funeral home and cemetery owner Service Corp. International's (SCI)
proposed acquisition of smaller peer Stewart Enterprises Inc.
(STEI), the companies said.
Universal Forest Products Inc.'s (UFPI) second-quarter profit
fell 9.9% as the wood-products and construction materials company's
year ago period was boosted by a real-estate sale, masking a jump
in revenue.
Valmont Industries Inc.'s (VMI) second-quarter profit grew 49%
as the manufacturer reported higher sales across all business
segments, led by a sharp increase in demand for irrigation
equipment and parts.
WhiteWave Foods Co. (WWAV) said an offering of 29.9 million of
its shares by Dean Foods Co. (DF) priced at a 2.1% discount to its
Wednesday closing price. The organic-food company said the
offering, which priced at $17.75, was expected to leave Dean Foods
with a roughly 2.6% stake in WhiteWave, or 4.5 million Class A
shares.
Write to Anna Prior at anna.prior@dowjones.com
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