Among the companies with shares expected to actively trade in
Wednesday's session are Joy Global Inc. (JOY) and Costco Wholesale
Corp. (COST).
Mining-equipment maker Joy Global's fiscal fourth-quarter
earnings plummeted 87% as the company struggled to cut costs and an
oversupply of commodities-accentuated weaker demand in emerging
markets. "With a limited number of projects that can book in time
to help 2014, we continue to see both the need and opportunity to
lower the cost base in our business," Chief Executive Mike
Sutherlin said. Shares dropped 4.8% to $53.55 premarket.
Costco Wholesale Corp.'s fiscal first-quarter profit rose 2.2%,
though missed market expectations, as the wholesale club's revenue
grew less than anticipated. Shares slipped 1.7% to $118.05
premarket.
Avanir Pharmaceuticals Inc. (AVNR) said Tuesday a Phase II
clinical trial of an investigational treatment for central
neuropathic pain in multiple sclerosis patients didn't meet its
primary efficacy endpoint. The biopharmaceutical company separately
reported its fiscal fourth-quarter loss widened amid a one-time
charge related to the company's investigational migraine treatment.
Shares fell 14% to $3.68 premarket.
Discovery Communications Inc. (DISCA, DISCB) is mulling a bid
for Scripps Network Interactive Inc. (SNI), the owner of cable
channels like the Food Network and HGTV, according to a person
familiar with the matter. Shares of Scripps jumped 10% to $83.01
premarket.
Laboratory Corp. of America Holdings' (LH) issued a preliminary
2014 profit outlook that missed Wall Street's expectation, as the
medical-testing services provider sees muted demand and an
uncertain healthcare environment. The company's shares slid 9.2% to
$90 premarket.
MasterCard Inc.'s (MA) board approved a series of
shareholder-friendly actions including an 83% boost to its dividend
and an authorization to repurchase as much as $3.5 billion of its
shares. Shares climbed 4.2% to $795.90 premarket.
NorthStar Realty Finance Corp. (NRF) disclosed a plan to spin
off its asset-management business into a separate publicly traded
company, a move investors praised. NorthStar's shares rose 17% to
$11.60 premarket.
Watch List:
Avon Products Inc. (AVP) said it halted a roll-out of a new
order management system, saying a pilot program in Canada resulted
in "significant business disruptions in the market." The company
said the change will result in additional layoffs and
write-downs.
CBOE Holdings Inc. (CBOE) said it will pay a special cash
dividend that will cost nearly $44 million, while the U.S. options
exchange operator also boosted its stock buyback authorization by
an additional $100 million.
Vacation-home rental website operator HomeAway Inc. (AWAY) and
midstream energy owner American Midstream Partners LP (AMID)
separately disclosed plans to offer shares and units, respectively.
HomeAway is aiming to raise proceeds for general corporate
purposes, while American Midstream is looking to use some of the
funds to pay for a previously disclosed acquisition.
Home Depot Inc. (HD) issed a slightly cautious earnings target
for the new year, projecting 17% growth in per-share earnings,
while analysts polled by Thomson Reuters expect growth of 18%. The
home-goods retailer typically issues cautious guidance and then
repeatedly raises expectations throughout the year.
H&R Block Inc.'s (HRB) fiscal second-quarter loss narrowed,
as the tax-services provider recorded a higher income-tax benefit,
though revenue slid and overall expenses climbed.
Marathon Oil Corp. (MRO) boosted its capital budget for next
year and said it expects production to grow as it plans to ramp up
rig activity at U.S. resource plays. Marathon said it will invest
more than 60% of the budget in its North American resource play
assets.
Smith & Wesson Holding Corp.'s (SWHC) fiscal second-quarter
earnings fell 20% despite continued strong growth in handgun sales
and higher margins. The gun maker's revenue was near the high end
of estimates and the company provided fiscal third-quarter guidance
that topped expectations.
Tessera Technologies Inc. (TSRA) named its interim chief
executive, Thomas Lacey, to the top post Tuesday, bringing to a
close a months-long search for a permanent leader.
Write to Lauren Pollock at lauren.pollock@wsj.com
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