Among the companies with shares expected to actively trade in
Tuesday's session are 3M Co. (MMM), Boeing Co. (BA) and Athersys
Inc. (ATHX).
3M raised its quarterly dividend by 35%, as the company
continued its effort to consistently boost its payouts to
shareholders. 3M--whose products include Scotch tape, Nexcare
bandages and Post-it Notes--is known as a reliable profit machine.
Dividends have increased annually in each of the past 55 years.
Shares rose 2.8% to $131 premarket.
Boeing said its board authorized a 50% increase to its regular
dividend and $10 billion to repurchase its shares over the next
two-to-three years, efforts to satisfy shareholders who have been
hungry for the company to return some of its soaring earnings to
investors. Shares edged up 2.3% to $137.86 premarket.
Athersys said its therapy to prevent a type of complication in
patients receiving stem cell transplants was granted orphan drug
status by European regulators. Shares surged 8.1% to $2.20 in
premarket trading.
Vringo Inc. (VRNG) said a Germany court found that Chinese
telecommunications firm ZTE Corp. (000063.SZ, 0763.HK, ZTCOY)
infringed one of its European patents and is required to pay
damages. Shares of the small mobile technology and
intellectual-patent firm jumped 10% premarket to $3.40.
FuelCell Energy Inc.'s (FCEL) fiscal fourth-quarter loss
narrowed as the power-equipment maker reported broad sales growth
across all segments and wider gross margins. But the loss was still
steeper than expected, sending shares down 11% to $1.65
premarket.
KKR & Co. (KKR) said it reached a deal to acquire KKR
Financial Holdings LLC (KFN), bringing under its roof the separate,
specialty-finance company managed by the private-equity firm that
pursues debt investments and other bets. KKR, known for large
debt-fueled corporate takeovers, signed an agreement to take over
the sister firm in a $2.6 billion all-stock deal, the New York
company said. Shares of KKR Financial jumped 28% to $12.12 in
premarket trading.
Targacept Inc.'s (TRGT) investigational secondary treatment for
schizophrenia didn't show significant improvement in negative
symptoms or cognitive function in a Phase 2b trial after 24 weeks.
The biopharmaceutical company said it wouldn't pursue further
development of the therapy for the mental illness or for
Alzheimer's Disease. Shares fell 31% to $4.09 premarket.
Shares of Rick's Cabaret International Inc. (RICK) jumped after
the adult nightclub owner reported improving fiscal fourth-quarter
results and projected better profitability in the new fiscal year.
The stock jumped 14% to $12.23 premarket.
Watch List:
AT&T Inc. (T) agreed to sell its wireline business and
statewide fiber network in Connecticut to Frontier Communications
Corp. (FTR) for $2 billion as the telecommunications giant
continues to focus more on its wireless business.
FactSet Research Systems Inc.'s (FDS) fiscal first-quarter
profit rose 4.8% as an increase in its client count offset charges
from the company's acquisition of a financial data service company.
The company gave a cautious earnings view for the current
quarter.
Honeywell International Inc. (HON) gave a cautious profit
outlook for 2014, while the maker of aerospace, building control
and safety products offered a revenue target that fell short of
Wall Street's expectations.
Jefferies Group LLC's fiscal fourth-quarter earnings jumped 68%
on strong investment banking revenue. Part of Leucadia National
Corp. (LUK), it is often seen as something of a barometer for
larger rivals Goldman Sachs Group Inc. (GS) and Morgan Stanley
(MS). Chief Executive Richard B. Handler said the company finished
the year strongly and fixed income improved significantly from the
third quarter.
Magellan Health Services (MGLN), which manages public-sector
pharmacy benefits programs and other health-care services, offered
a preliminary earnings forecast for next year that badly missed
Wall Street expectations as share repurchases and the effect of the
Affordable Care Act tax are seen hurting the bottom line, while its
revenue estimate was stronger than expected.
M&T Bank Corp. (MTB) and Hudson City Bancorp Inc. (HCBK)
said they expect additional delays in completing their merger deal,
and any action isn't expected to occur until the latter half of
2014. "While all parties are disappointed that the transaction is
delayed further, we are gratified that M&T continues to see the
value in the Hudson City franchise," said Hudson City CEO Ronald E.
Hermance Jr.
Sanderson Farms Inc.'s (SAFM) fiscal fourth-quarter earnings
soared as the company continued to gain from a stronger poultry
market, with chicken-breast prices improving and feed costs
dropping. Earnings missed expectations, though the top line
beat.
Starbucks Corp. (SBUX) said it expects record purchases and
activations of its Starbucks Cards on Thursday, as the coffee
company anticipates a reprise of last year's Thursday before
Christmas, when more that 2 million of the cards were purchased in
the U.S. and Canada.
Write to Lauren Pollock at lauren.pollock@wsj.com
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