Among the companies with shares expected to actively trade in
Wednesday's session are Walgreen Co. (WAG) and ARM Holdings PLC
(ARMH, ARM.LN).
Walgreen's same-store sales rose 2.3% in June, boosted by
continued improved performance in the pharmacy section, though the
drugstore chain reported another drop in same-store customer
traffic. In a note to clients, analysts at SunTrust Robinson
Humphrey recently said Wall Street expected a 3.1% increase in
same-store sales. Shares fell 1% to $44.00 in premarket
trading.
UBS upgraded ARM Holdings to buy from neutral, calling the
U.K.-based chip maker's pullback on the recent newsflow overdone
and adding that nothing has fundamentally changed in the company's
investment case. The firm said that several positives remain,
including ARM's ability to penetrate new areas like networking and
microcontrollers, and to benefit from low end smart-phone adoption.
American depositary shares rose 2.1% to $37.19 premarket.
Watchlist:
Avanir Pharmaceuticals Inc. (AVNR) and OptiNose AS reached an
exclusive North American licensing deal to develop OptiNose's
Breath Powered system, a potential treatment for acute
migraines.
Embattled beauty company Avon Products Inc. (AVP) said it would
sell its struggling jewelry business for $85 million in cash,
removing another drag on its performance as it works to turn itself
around under Chief Executive Sheri McCoy.
Standard & Poor's Ratings Services lowered its long-term
ratings on Barclays Bank PLC (BCS, BARC.LN), Credit Suisse AG (CS,
CSGN.VX) and Deutsche Bank AG (DB, DBK.XE) by a notch, citing
increasing risks facing Europe's large banks as regulators and
uncertain market conditions continue to make operating in the
industry more difficult.
Chesapeake Energy Corp. (CHK) is selling some assets in the
Northern Eagle Ford Shale and Haynesville Shale to a unit of Exco
Resources Inc. (XCO), with proceeds of the deal estimated at $1
billion.
Entropic Communications Inc. (ENTR) unveiled a restructuring
plan which includes a 10% reduction in its global workforce as the
chip maker also said it expects second-quarter revenue at the lower
end of its previous guidance.
International Speedway Corp.'s (ISCA, ISCB) fiscal
second-quarter profit rose 63% on lower debt-related charges, while
the racetrack operator's revenue edged down slightly.
Martha Stewart Living Omnimedia Inc. (MSO) said namesake Martha
Stewart agreed to a pay cut as part of a modified employment
contract with the company in a bid to return the firm to
profitability.
Write to Anna Prior at anna.prior@dowjones.com
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