Among the companies expected to trade actively in Tuesday's
session are Yum Brands Inc. (YUM), Cypress Semiconductor Corp. (CY)
and Fusion-io Inc. (FIO).
Yum said it expects its same-store sales in China to fall more
than previously expected in the fourth quarter, citing poor
publicity from a government review of China poultry supplies that
badly impacted KFC operations last month. Shares fell 4.1%
premarket to $65.11.
Cypress cut its fourth quarter revenue and profit forecast,
saying the "anemic" macro climate in the semiconductor industry
hurt business more than it had expected. Shares fell 6.3% to $10.35
premarket.
Data-storage stocks are flashing warning signs after William
Blair downgraded industry stalwart EMC Corp. (EMC) and its younger
cousin, Fusion-io, to market perform. The firm is basing the
neutral ratings on overly "aggressive" 2013 Street estimates,
warning EMC could suffer "choppy" near-term results as companies
move data to cloud systems and show renewed enthusiasm for
server-storage bundles, sapping demand with more efficient data
center architecture. EMC fell 1.4% to $23.80 in premarket trade
while Fusion-io shed 4.5% to $20.25.
Calumet Specialty Products Partners LP (CLMT) is offering 5
million shares as it seeks to raise funds to repay debt. The maker
of oil and fuel products recently had 57.6 million shares
outstanding. Shares fell 5.6% premarket to $31.42.
Investment firm Solar Capital Ltd. (SLRC) will sell 6 million
shares to pay down borrowings and to make new investments. Solar
Capital recently had around 38.7 million shares outstanding. Shares
fell 3% premarket to $24.15.
Watchlist:
ConAgra Foods Inc. (CAG) is offering to sell around $240 million
of its shares, in order to help fund its proposed $6.8 billion
acquisition of Ralcorp Holdings Inc. (RAH). The food company
recently had a market capitalization of roughly $12.2 billion.
Dynegy Inc.'s (DYN) chief operating officer Kevin Howell has
stepped down, and the power company said it expects to name his
successor in the first quarter. Mr. Howell will remain at the
company in an advisory role and to support the transition, and will
continue reporting to Chief Executive Robert Flexon.
Lockheed Martin Corp. (LMT) has agreed to acquire certain assets
of the engine-maintenance, repair and overhaul business of
insolvent Canadian aircraft maintenance company Aveos Fleet
Performance Inc. as the U.S. defense contractor seeks to expand in
Canada. Terms of the deal weren't disclosed.
Newcastle Investment Corp.'s (NCT) larger-than-expected offering
of 50 million shares priced at a 2.6% discount to its Monday close.
The company intends to use the proceeds for general corporate needs
and to make several investments.
Weight-loss program provider Medifast Inc. (MED) has named
Timothy G. Robinson as its new chief financial officer, filling a
role that has been in flux in recent months.
Manufacturing services company Plexus Corp. (PLXS) said it
expects fiscal first-quarter earnings and revenue to fall short of
its previous guidance, due to weak demand in its networking and
communications business.
Summit Hotel Properties Inc. (INN) has launched an offering of
13 million shares, intending to put the proceeds in part toward
planned acquisitions of Hyatt Hotels Corp. (H) properties, and to
pay down debt. The real-estate investment trust recently had 11.9
million shares outstanding.
Team Inc.'s (TISI) fiscal second-quarter profit rose 35% as the
industrial-services company saw continued revenue growth,
particularly in its inspection and assessment business.
Tesoro Logistics LP (TLLP) is offering 8.5 million units
representing limited partner interests. The company plans to use
the proceeds to help fund its proposed acquisition of Chevron
Corp.'s (CVX) northwest products system, including a 760-mile
pipeline. Tesoro recently had 35.5 million units outstanding.
Williams Partners L.P. (WPZ) is seeking regulatory approval to
build an additional natural gas delivery point from its Transco
pipeline to Brooklyn and Queens, New York.
Wet Seal Inc. (WTSLA) named John D. Goodman as its new chief
executive, filling a post that had been empty for several months
with someone who has led and sold another teen retailer.
Yingli Green Energy Holding Co. (YGE) said it expects
photovoltaic module shipments for 2012 to be slightly ahead of its
latest guidance, as the Chinese solar-products maker saw strong
results in its fourth quarter.
Write to Mia Lamar at mia.lamar@dowjones.com
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