Among the companies whose shares are expected to actively trade
in Monday's session are Halliburton Co. (HAL), Chesapeake Energy
Corp. (CHK) and PetMed Express Inc. (PETS).
Halliburton's fourth-quarter earnings rose 50% on strong growth
in North America, as well as lighter growth internationally. The
second-largest oilfield service company after Schlumberger Ltd.
(SLB), Halliburton is the top seller of hydraulic fracturing, or
fracking, services in North America. Shares were down 1.7% to
$35.60 in recent premarket trading even as overall fourth-quarter
results edged analysts' expectations.
Chesapeake said it will reduce drilling activity and curtail
production this year in response to low natural gas prices. The
second-largest U.S. natural-gas producer after Exxon Mobil Corp.
(XOM) has drilled more U.S. gas wells in recent years than any
other company, yet it has warned it would cut spending on such
wells if prices remained at current low levels. Chesapeake shares
rose 5% to $22.00 in recent premarket trading.
PetMed posted a surprise fiscal third-quarter profit increase,
the first bottom-line growth for the online-focused pet-medicine
purveyor in more than a year, with revenue jumping 12% on a 29%
surge in new orders. Shares jumped 23% to $13.82 in recent
premarket trading.
Stifel Nicolaus cuts Procter & Gamble Co. (PG) to hold from
buy and lowers its EPS estimate expecting the company to reduce
guidance for its fiscal second half due to impact from currencies
and input costs, which it says have worsened since the company
reported fiscal first-quarter earnings in late October. The firm
also said the company may need to boost its promotional activity as
competitors didn't follow its lead in raising prices in certain
areas, causing a drop in market share. Morgan Stanley cut Procter
& Gamble to equal-weight Friday for similar reasons. Shares
slipped 0.5% to $65.90.
U.S. regulators said doctors can now test for the risk of a
potentially fatal brain infection caused by Tysabri, a multiple
sclerosis treatment sold by Biogen Idec (BIIB) and Elan Corp. (ELN,
ELN.DB). Shares of Elan were up 2% to $13.43 in recent premarket
trading.
Netflix Inc. (NFLX) said its longtime marketing chief will leave
that position and assume a spot on the board, and it appointed a
temporary replacement while the online video and DVD-rental company
searches for a successor. Shares declined 2.8% to $97.40
premarket.
International Rectifier Corp. (IRF) slashed its fiscal
second-quarter revenue estimate as demand weakened in key markets
in China and Europe. Shares of International Rectifier--which makes
chips used in appliances, cars, computers and military
equipment--fell 1.8% to $23.00.
Fifth Street Finance Corp. (FSC) plans to sell 10 million shares
to raise funds for investments in small and midsize companies. Its
the third time in roughly a year that the specialty-finance company
has tapped capital markets. Shares dropped 4.3% to $10.11 in recent
premarket trading.
Range Resources Corp. (RRC) said its proved reserves were 5.1
trillion cubic feet equivalent at the end of 2011, an increase of
14% from the previous year. Chief Executive Jeff L. Ventura said
the independent oil and gas company has much more land to explore,
making it well-positioned for increased production and reserve
growth for several years. Shares were up 2.9% to $55.60 in recent
premarket trading.
Vancouver-based miner Pan American Silver Corp. (PAAS) said
Monday it has greed to buy fellow miner Minefinders Corp. (MFN) for
cash and stock worth about C$1.5 billion (US$1.48 billion),
expanding its presence in Mexico with the addition of the
multi-million-ounce Dolores gold and silver mine. Shares of
Minefinders Corp. (MFN) surged 30% to $14.74 premarket.
Watch List:
Alliant Energy Corp. (LNT) said Chairman and Chief Executive
William D. Harvey would retire at the end of March and named its
operating chief as his successor.
Allied World Assurance Company (AWH) said it expects to record
roughly $55 million to $65 million in catastrophe losses in the
fourth quarter of 2011.
Bank of Hawaii Corp.'s (BOH) fourth-quarter earnings slipped
3.3% as non-interest income dropped from a year earlier, a decline
the regional bank noted was due in part to lower debit-card revenue
due to new legislation limiting the fees banks can collect on
debit-card transactions.
Country Style Cooking Restaurant Chain Co. (CCSC) named Adam J.
Zhao as its new chief financial officer after its previous finance
chief resigned.
Entergy Corp. (ETR) forecast fourth-quarter earnings slightly
above Wall Street estimates as higher earnings at its utility and
wholesale commodities businesses helped offset increased income tax
expense. The company last month unveiled plans to spin off its
electric transmission business and merge the operation with ITC
Holdings Corp. (ITC) in an effort to increase its financial
flexibility and protect its credit quality.
Moody's Investors Service said it is reviewing Lions Gate
Entertainment Corp.'s (LGF) credit rating for possible upgrade
after the media company unveiled its latest acquisition.
Old Republic International Corp.'s (ORI) mortgage-guaranty
business was placed under supervision of insurance regulators
Friday, the latest setback for the foundering sector.
Ralcorp Holdings Inc. (RAH) said it expects its Post Foods
cereal business will incur a total of $15 million to $20 million in
one-time separation costs during the two years after Post is spun
off. Post hopes its spinoff from food maker Ralcorp, which will
retain its large private-label food business, will create a more
focused company that can attack the cereal category better.
Ralcorp's board expects to use proceeds of about $900 million from
the spinoff to reduce debt, pursue other private-brand
acquisitions, and make additional stock repurchases under its
remaining buyback authorization of about 5 million shares.
Rimage Corp. (RIMG) cut its fiscal fourth-quarter guidance as
revenue from a recently acquired business fell short of
expectations.
Thor Industries Inc. (THO) said it repurchased 2 million shares
of its stock in two private deals with different holders, which
represents 3.6% of the recreational-vehicle maker's shares
outstanding.
TransDigm Group Inc. (TDG) agreed to buy seatbelt-maker AmSafe
Global Holdings Inc. for about $750 million in cash, continuing the
aerospace supplier's recent streak of acquisitions.
VMware Inc. (VMW) shareholders had a rough ride last month, with
part of the pressure coming from disappointing Oracle Corp. (ORCL)
earnings raising IT spending concerns. VMware is set to report its
own quarterly results after the bell, and Collins Stewart says "we
believe the company closed another strong quarter" as its server
virtualization and cloud computing tools remain aligned with
clients' tech priorities. "With the shares trading down recently,
in-line with the software group, we find them attractive," Collins
Stewart says. Wunderlich is less bullish, seeing "limited upside"
to Wall Street's expectations for the fourth-quarter results.
-Edited by Maya Pope-Chappell and Ian Thomson; write to
maya.pope-chappell@dowjones.com and ian.thomson@dowjones.com