Among the companies with shares expected to actively trade in
Tuesday's session are Cyan Inc. (CYNI), Neurocrine Biosciences Inc.
(NBIX) and SandRidge Energy Inc. (SD).
Shares of Cyan slumped 25% to $3.86 premarket after the company
drastically cut its fourth-quarter revenue expectations due to a
sharp drop in orders from the company's largest customer,
Windstream Holdings Inc. (WIN). Cyan is a provider of
software-defined networking and packet-optical platforms for
network operators.
Neurocrine Biosciences said a Phase II study showed positive
results to treat patients suffering from tardive dyskinesia, a
condition that is characterized by involuntary repetitive movements
such as lip smacking and grimacing. Shares of the biopharmaceutical
company soared 54% to $15.05 premarket as Neurocrine said the Phase
II study showed a "statistically significant and clinically
meaningful" reduction in tardive dyskinesia symptoms.
SandRidge Energy agreed to sell its Gulf of Mexico business to
Fieldwood Energy LLC for $750 million in cash, allowing SandRidge
to focus more on its onshore operations. Shares edged up 3.1% to $6
premarket.
Watch List
American Airlines Group Inc. (AAL) said Tuesday that it has
begun to align the customer loyalty programs of American Airlines
and US Airways, a move that comes about a month after the two
airlines merged.
CBS Corp. (CBS, CBS.A) said its outdoor advertising business
plans to offer $800 million in notes ahead of its upcoming spinoff
through an initial public offering.
Commercial Metals Co.'s (CMC) fiscal first-quarter earnings fell
7.6% as the scrap-metal processor's revenue in several key segments
dropped and the top line missed estimates.
Community Health Systems Inc. (CYH) somewhat tempered the
hospital company's 2013 revenue expectations, citing a greater than
expected deterioration in overall volume during the last quarter,
partly hurt by a softer flu season.
Eli Lilly & Co. (LLY) provided an earnings outlook for the
year that was mostly higher than expectations despite anticipated
declines in revenue as key drugs lose market exclusivity.
Honeywell International Inc. (HON) agreed to sell its
friction-materials business unit to Federal-Mogul Corp.'s (FDML)
European business for roughly $155 million. The deal, expected to
close in the second half of this year, includes two plants in China
and Romania.
Madison Square Garden Co. (MSG) said Chief Financial Officer Bob
Pollichino will retire in the fall, capping a 36-year career with
the entertainment company. Until his retirement, Mr. Pollichino
will continue with the company and assist with the search for his
successor.
Oracle Corp. (ORCL) agreed to buy software company Corente,
continuing its recent string of acquisitions that has focused
mostly on bolstering its cloud-based software services.
Orexigen Therapeutics Inc. (OREX) said the U.S. Food and Drug
Administration has set a target date of June 10 to rule on the
company's resubmitted new drug application for weight loss
treatment Contrave.
Write to Lauren Pollock at lauren.pollock@wsj.com
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