Among the companies with shares expected to actively trade in Friday’s session are J.C. Penney Co.(JCP), Nike Inc. and Finish Line Inc.(FINL)
J.C. Penney’s offering of 84 million shares priced at a 7.4% discount to the retailer’s closing price on Thursday, raising more than $800 million. The department-store chain is seeing some improvement in sales but is still facing concerns from creditors, who worry that the retailer’s road ahead is uncertain. Shares fell 7.5% to $9.64 in recent premarket trading, in line with the offering’s $9.65 price.
Nike's(NKE) fiscal first-quarter earnings rose 38% as its namesake brand posted revenue growth and wider margins. Shares rose 6.6% to $74.95 premarket as the athletic-gear company’s earnings beat Wall Street estimates.
Finish Line’s fiscal second-quarter earnings rose 6.1% as the athletic-gear retailer recorded a double-digit revenue increase. Shares were up 8.8% to $24.36 in light premarket trading as results beat analyst expectations.
Accenture(ACN) PLC’s fiscal fourth-quarter earnings rose 16%, mostly owing to a lower effective tax rate, while the global consulting and outsourcing firm also recorded improved revenue and margins. Shares fell 3.2% to $73.42 in premarket trading as the company forecast current-quarter revenue slightly below analysts’ estimates.
Nektar Therapeutics sa(NKTR)id its treatment for moderate to severe chronic pain in patients with osteoarthritis of the knee failed to meet its primary endpoint in a Phase 2 study. Shares fell 22% to $10.78 premarket.
Toray Industries Inc.(3402.TO), the global market leader in carbon fiber, agreed to buy smaller rival Zoltek Cos.(ZOLT) in a deal valued at $584 million. The Japanese synthetic-fiber maker offered $16.75 a share, a 9.5% discount to Thurday’s close. Zoltek has struggled amid what it has called a cyclical downturn in the wind energy market. Zoltek shares dropped 10% to $16.58 in light premarket trading.
AZZ Inc.'s(AZZ) fiscal second-quarter earnings rose 3.1%, but the company warned that delays in new construction for domestic and international nuclear-power projects and the delayed start for the “petrochemical renaissance” in the Gulf Coast have resulted in a significant portion of its backlog in the electrical and industrial segment. It lowered its outlook for the year and projected weak results for the current quarter.
Electronic Arts Inc.(EA) said it is canceling its popular college-football videogame next year, amid uncertainty about the future of the franchise and the continued legal acrimony surrounding college sports.
Entropic Communications Inc.(ENTR) said its board has authorized a $30 million share-repurchase program. The chip maker recently had a market capitalization of $394.1 million, according to FactSet.
Marathon Petroleum Corp.'s(MPC) board approved an additional $2 billion for stock repurchases, more than doubling the amount the refining-and-pipeline company has available for share buybacks.
Pet-products retailer PetSmart Inc.(PETM) boosted its quarterly dividend by 18% while announcing a plan to repurchase $535 million in shares.
RDA Microelectronics Inc.(RDA) has received a takeover proposal from Shanghai Pudong Science & Technology Investment Co. valuing the Chinese semiconductor company at $745 million. PDSTI, a state-owned investment company, offered to buy RDA for $15.50 an American depositary share, a 12% premium to RDA’s closing price Thursday. RDA shares were halted premarket ahead of the news.
Thor Industries Inc.’s fiscal fourth-quarter earnings jumped 31% as the recreational-vehicle maker reported a surge in sales. The company attributed the uptick in revenue to strong growth in motorized RV sales and more modest growth in towable RV sales.
Vail Resorts Inc.’s fiscal fourth-quarter loss widened as the ski-resort operator’s real-estate revenue shrank during the off-season quarter, missing top-line views.
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