Among the companies whose shares are expected to actively trade
in Wednesday's session are First Solar Inc. (FSLR), Avon Products
Inc. (AVP) and Cheniere Energy Inc. (LNG).
Solar-panel maker First Solar again lowered its outlook for the
year amid continued project delays in its systems business due to
weather and other factors, while also projecting a weak view for
2012 and disclosing a reorganization of some operations. Shares
tumbled 12% to $37.35 in recent premarket trading.
Avon shares gained 10% to $17.75 in recent premarket trading
after announcing late yesterday that Andrea Jung will step down as
CEO. Citigroup calls the announcement "long and broadly
anticipated/expected/hoped for," though Jung will remain at Avon as
executive chairman. Citigroup thinks the door-to-door beauty
products company can perform better, though "we think investors
should acknowledge that there is no easy fix, and that any change -
whether strategic or just ironing out execution wrinkles - will
take time."
Cheniere Energy said Tuesday it will offer 33 million shares of
its common stock as the energy company looks to raise funds for
general corporate purposes, including repayment of indebtedness.
Shares slid 9% to $8.50 in recent premarket trading.
Oppenheimer notes AT&T (T) last week said it's on track to
break its single-quarter smartphone sales record, and while that
increases the firm's smartphone sales forecast, it leads to lower
fiscal year 2011 and 2012 earnings-per-share views to account for
higher subsidies. "Positively, we believe subsidy expense growth is
peaking," Oppenheimer says, "and although at best we see flat
wireless margins in 2012, we believe there could be upside to our
2013 forecast," Shares slipped 1.3% to $28.65 in recent premarket
trading.
Stifel Nicolaus cut its stock-investment rating on Altria Group
Inc. (MO) to hold from buy after shares rose to its $29 price
target. Stifel says it is confident in the cigarette maker's
fundamentals into next year, but says the shares are pricing in the
upside, noting that Altria is "trading at an 8% discount to the
S&P Consumer Staples sector and a 10% premium to the S&P
500, both of which are well above its historical average." Shares
edged 0.7% lower to $28.80 in recent premarket trading.
Joy Global Inc.'s (JOY) fiscal fourth-quarter earnings rose 18%
as the heavy-duty mining equipment maker continued to report
stronger revenue and bookings with a boost from acquisitions. But
the results fell short of analysts' expectations, sending the
shares down 3.4% to $81.70 in recent premarket trading.
RiT Technologies Ltd. (RITT) said it will convert an outstanding
loan of about $3.2 million into over 636,000 ordinary shares at an
average price of $5.09 per share, reflecting a 24% premium above
its closing price on Tuesday. Shares surged 23% to $5.05 in recent
premarket trading.
Sequans Communications SA (SQNS) updated its guidance for the
current quarter, announcing a revenue and bottom-line outlook that
fell beneath Wall Street's expectations. Shares tumbled 30% to
$2.50 in recent premarket trading.
Watch List:
American Woodmark Corp. (AMWD) disclosed plans to reduce
production capacity and to adjust the overall retirement program
offered to employees as the seller of kitchen cabinets and vanities
continues to struggle with a slump in the housing market.
ING lowered its stock-investment rating on Carrefour SA (CRRFY)
(CA.FR) to sell from hold and cut its target price to EUR15.50 from
EUR19.00. The firm says this follows the December 6 profit warning
issued by peer Metro AG (MEO.XE), a clear signal of declining
consumer spending trends throughout Europe. Carrefour has said it
expects its 2011 fiscal year earnings before interest and taxation
to be 15%-20% down on the year. ING says, "We believe this target
is vulnerable to decreasing consumer confidence...triggered by the
ongoing sovereign debt crisis and by expected new austerity
measures."
Oil and gas explorer Endeavour International Corp. (END) said it
has terminated its agreement to purchase Marcellus shale assets
from SM Energy Co. (SM).
Pharmacy-benefits company Express Scripts Inc. (ESRX) said in a
regulatory filing that it's locked in a contract dispute with
WellPoint Inc. (WLP), and the companies may go to court and fight
it out. Express Scripts previously has said that WellPoint
represented nearly 30% of the company's revenue for the nine months
ended Sept. 30.
Knight Capital Group Inc.'s (KCG) domestic equity trading volume
slumped 14% month-over-month in November amid a turbulent month for
financial markets.
Moody's Corp.'s (MCO) raised its quarterly dividend 14%, as the
credit rating and market research company joined a growing list of
firms looking to bolster shareholder value.
Pentair Inc. (PNR) trimmed its earnings target for the current
quarter amid lighter-than-expected European sales, while also
offering a forecast for next year that came in shy of estimates. In
addition to weakness in Europe, the maker of water treatment and
storage systems also cited lower-than-expected residential water
treatment component volume as cause for its reduced forecast for
the current quarter.
PG&E Corp. (PCG) said Tuesday that it is liable for a fatal
2010 pipeline explosion and will compensate victims who have sued
the company, ahead of a court hearing. The lawsuits stem from the
Sept. 9, 2010 explosion of PG&E's natural-gas pipeline in San
Bruno, Calif., that killed eight people and injured 58 others.
Stein Mart Inc. (SMRT) said it received a noncompliance letter
from Nasdaq related to delays in filing its third-quarter report
with the Securities and Exchange Commission. The discount retailer
said the notice was expected and that it plans to submit the
financial filing well within the 60-day deadline.
Synovis Life Technologies Inc.'s (SYNO) fiscal fourth-quarter
earnings rose a better-than-expected 83% as the medical device
company continued its streak of double-digit sales growth, helped
by demand for its Peri-Strips product.
Tellabs Inc. (TLAB) said Chief Financial Officer Timothy J.
Wiggins will resign on Dec. 30 to take the finance chief post at
for-profit education company DeVry Inc. (DV). The
telecommunications-equipment maker named Tom Minichiello, its chief
accounting officer, as interim chief financial officer, as it said
it plans to conduct a search for Wiggins' replacement.
Warnaco Group Inc. (WRC) said Chief Operating Officer Helen
McCluskey will become the apparel maker's new president and chief
executive upon CEO Joe Gromek's retirement, effective Feb. 1.
-Edited by Ian Thomson and Corrie Driebusch; write to
ian.thomson@dowjones.com and corrie.driebusch@dowjones.com