Among the companies with shares expected to actively trade in
Monday's session are Citigroup Inc. (C), Leap Wireless
International Inc. (LEAP) and OCZ Technology Group Inc. (OCZ).
Citigroup on Monday reported a second-quarter profit of $4.2
billion, up 42% from a year ago, driven by improved capital markets
revenue and loan demand from emerging markets. Results beat
analysts' estimates. The results also show progress in the bank's
efforts to grow abroad, and to shrink the businesses it no longer
deems fit for its global strategy. Shares rose 2.1% to $51.88
premarket.
AT&T Inc. (T) has agreed to buy much smaller rival Leap
Wireless for about $1.2 billion in cash, in a move aimed at shoring
up the telecom giant's access to the airwaves it needs to offer
mobile service. The deal values Leap shares at $15 each, a roughly
88% premium to the company's closing price Friday. Shares more than
doubled to $17.35 premarket.
Data-storage provider OCZ Technology Group forecast a 50% drop
in first-quarter revenue from a year earlier, primarily due to the
continued tight supply of NAND flash memory. Shares fell 4.2% to
$1.58 premarket.
Circuits supplier Power Integrations Inc. (POWI) raised its
second-quarter outlook for revenues and gross margin, with chief
executive Balu Balakrishnan saying that the company saw
stronger-than-expected demand in the second quarter. Shares rose
11% to $49.20 premarket.
Voice-services provider Inteliquent Inc. (IQNT) boosted this
year's estimates, especially on the profit side, while cutting
capital-spending plans. Shares jumped 7.1% to $6.52 in light
premarket trading.
Watchlist:
Aruba Networks Inc.'s (ARUN) board authorized the repurchase of
up to an additional $100 million of stock since the
wireless-equipment maker recently completed its initial $100
million stock-repurchase program launched in June 2012.
Pfizer Inc.'s (PFE) rheumatoid arthritis treatment Xeljanz was
approved for use in Switzerland, Argentina, Kuwait and the United
Arab Emirates.
Rally Software Development Corp. (RALY) and its venture capital
backers are offering $70 million in stock, taking advantage of a
jump in the business software maker's share price since its April
IPO. Rally said it is offering the shares, in part, to increase its
public float, which stands at just 39% of the shares outstanding,
according to FactSet.
Starboard Value LP, the activist hedge fund that owns a big
stake in Smithfield Foods Inc. (SFD), is hiring advisers to help
press its case for a different deal for the pork producer than one
already agreed to with China's Shuanghui International Holdings
Ltd. (SIHL.YY), according to a report from The Wall Street
Journal.
Tellabs Inc. (TLAB) has named Lawrence A. Rieger as its acting
chief financial officer.
Write to Anna Prior at anna.prior@dowjones.com
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