Date : 08/24/2011 @ 9:06AM
Source : Dow Jones News
Stock : Amsurg Corp. (AMSG)
Quote : 67.75  0.0 (0.00%) @ 2:05AM


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Among the companies whose shares are expected to actively trade in Wednesday's session are Avago Technologies Ltd. (AVGO), United Therapeutics Corp. (UTHR) and Dycom Industries Inc. (DY).

Avago Technologies' fiscal third-quarter profit rose 17% as stronger wired-infrastructure sales and wider margins boosted the semiconductor designer's bottom line. Shares gained 7% to $31.30 premarket on the better-than-expected results.

United Therapeutics' oral-drug candidate to treat pulmonary arterial hypertension failed to meet its primary goals in a 16-week Phase 3 trial. The biotechnology company's shares slid 19% to $39.52 in recent premarket trading.

Dycom Industries' fiscal fourth-quarter earnings more than doubled as the telecommunications contractor's sales acceleration continued and it improved margin. Shares were up 8.5% at $15 premarket, as the results beat expectations.

La-Z-Boy Inc. (LZB) swung to a fiscal first-quarter profit on higher revenue and a tax benefit, as the furniture maker reported stronger same-store sales and margin. For the quarter La-Z-Boy posted a profit of $45.5 million, or 85 cents a share. Shares fell 8.4% to $6.99 in premarket trading as profit excluding a favorable tax-asset valuation change was short of estimates.

Europe's brewers are losing their fizz. Dutch brewer Heineken NV (HEIA.AE) Wednesday reported disappointing first-half earnings and warned full year net profit will be flat as volumes stalled in July and August. Its weak outlook highlights the growing problems facing the brewing industry as consumers tighten their belts and cut back on discretionary spending in the face of government austerity cuts and fears over rising unemployment. Peer Anheuser-Busch InBev NV's (BUD) American Depositary shares fell 3.9% to $53.39 premarket.

Renren Inc. (RENN) agreed to integrate its social-networking platform with Shanghai MSN Network Communications Technology Co., the operator of Microsoft Corp.'s (MSFT) online business in China. Renren's American Depositary shares rose 15% to $8.39 in premarket trading.

Morgan Stanley recommends Nucor Corp. (NUE) as a "defensive play with considerable upside" in the steel sector. Firm raises its stock-investment rating on the company to overweight from equalweight, saying its variable and low cost structure, more solid balance sheet and high dividend yield should limit downside risk in the event of a recession. But the market could take a pessimistic view on Steel Dynamics Inc.'s (STLD) iron-making and downstream assets, and United States Steel Corp.'s (X) high operating and financial leverage could work against it if the global economy slips into a recession, firm says; it cuts both stocks to equalweight from overweight. Shares of Nucor rose 1% to $32.95 premarket while United States Steel lost 1.7% to $26.79.

Triangle Capital Corp. (TCAP) said it has priced a public offering of 3.5 million common shares with a price of $17.15 per share, a 6.2% discount to Tuesday's closing price. The specialty finance company plans to invest the net proceeds in lower middle market companies. Shares fell 8% to $16.76 premarket.

Hanwha SolarOne Co. (HSOL) swung to a second-quarter loss amid soaring operating expenses and falling selling prices. Shares fell 5.2% to $3.66 premarket.

Pacific Sunwear of California Inc.'s (PSUN) fiscal second-quarter loss narrowed as the company saw same-store sales growth for the second straight quarter. But the company forecast a steeper-than-expected loss per share for the current quarter. Shares slipped 15% to $1.85 premarket.

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AmSurg Corp. (AMSG) said it will buy peer surgery-center operator National Surgical Care for roughly $30 million less than previously announced, as the company pushes ahead with a purchase expected to add to earnings this year.

Calpine Corp. (CPN) authorized a new share-buyback plan of up to $300 million and said Tuesday it secured a $373 million credit facility to upgrade a natural-gas plant in California.

Fuel Tech Inc. (FTEK) and bank holding company Heritage Financial Corp. (HFWA) unveiled stock buyback plans Wednesday, joining a growing list of companies aiming to take advantage of lower share prices and boost shareholder return.

Standard & Poor's Ratings Services on Tuesday slashed Horizon Lines Inc.'s (HRZ) junk-level credit status, saying the shipping company's debt-restructuring plan as written constitutes a selective default.

Semiconductor company Inphi Corp. (IPHI) reduced its guidance for the current quarter and predicted little sales improvement in the following one because of new-product shipment delays and skittish customers holding off on bookings.

Par Pharmaceutical Cos. (PRX) agreed to acquire privately held specialty pharmaceutical company Anchen Pharmaceuticals for $410 million in cash, a move that increases the generic drug maker's current pipeline and enhances its research and development platform.

Roadrunner Transportation Systems Inc. (RRTS) agreed to buy a privately held logistics and freight-consolidation company in a cash-and-stock deal it valued at $97.5 million.

Shanda Games Ltd.'s (GAME) second-quarter earnings inched up 0.3% as the Chinese online-game developer's higher operating costs and tax expenses nearly overwhelmed a top-line increase.

SurModics Inc. (SRDX) said it will layoff about 9% of its workforce, including its chief financial officer, as part of a broad restructuring plan.

Synovis Life Technologies Inc.'s (SYNO) fiscal third-quarter earnings jumped 32% as the small medical-device company again posted double-digit sales growth aided by strong demand for its Peri-Strips product.

Toll Brothers Inc.'s (TOL) fiscal third-quarter earnings jumped 54% with a boost from a bigger tax benefit, yet the luxury home builder saw a double-digit drop in revenue as it delivered fewer homes and saw an uptick in its cancellation rate.

Zogenix Inc. (ZGNX) plans to sell 12 million shares as the specialty pharmaceutical company aims to raise funds to help bring its drug candidate to treat chronic pain to market.

-Edited by Corrie Driebusch and Caitlin Nish; write to and

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