Among the companies with shares expected to actively trade in
Tuesday's session are Citigroup Inc. (C), Coca-Cola Co. (KO) and
Johnson & Johnson (JNJ).
Citigroup posted disappointing results for its third quarter as
the bank, like its peers, was hit by a slump in fixed-income
trading and mortgage-banking revenue. Both core earnings and
revenue missed the estimates of analysts polled by Thomson Reuters.
Shares dropped 1.2% to $48.99 premarket.
Coca-Cola's third-quarter earnings rose 5.9% as the world's
largest beverage company posted volume growth, driven by gains in
most markets. Shares rose 1.2% to $38.36 premarket.
Johnson & Johnson's third-quarter earnings edged up slightly
as the health-products giant again was buoyed by new prescription
drugs as it seeks to replace older blockbusters that have lost
patent protection. Results beat expectations and J&J raised its
per-share earnings estimate for the year. Shares edged up 1.1% to
$90.82 premarket.
CSC ServiceWorks Inc. agreed to acquire Mac-Gray Corp. (TUC) in
a deal valued at roughly $524 million that combines two providers
of laundry-facilities services. The company's shareholders will
receive $21.25 a share, a premium of 42% over Monday's closing
price. Mac-Gray shares were up 41% at $21.05 premarket.
The other shoe may have dropped today at Molycorp Inc. (MCP) as
the rare-earths miner announces plans to sell at least $200 million
of stock, healthy dilution for a company with a $1.3 billion market
cap. Molycorp said the fresh capital will go toward capital
spending. The company has been burning money of late, and cash and
cash equivalents was $264.2 million at midyear. This is the
company's third capital raising in barely a year as it deals with
cost overruns at a California facility, with the project now
topping $1 billion. Shares plunged 19% to $5.77 premarket.
Flir Systems Inc. (FLIR) predicted lower-than-expected results
for its third quarter, prompting the sensor-systems maker to cut
its full-year outlook. The company also unveiled restructuring
plans aimed at trimming costs. Shares dropped 7.8% to $30.59
premarket.
Coldwater Creek Inc. (CWTR) said it will evaluate its strategic
alternatives--including a possible sale of the struggling women's
apparel retailer. The company also said weakening same-store sales
trends likely will result in fiscal third-quarter results falling
short of its previous guidance. Shares tumbled 29% to 89 cents
premarket.
Teradata Corp. (TDC), which provides data-warehousing, big-data
analytics, and business applications, cut its year guidance as
revenue in the third quarter came in lower than expected, according
to a preliminary reading. Shares fell 15% to $44.49 premarket.
Biopharmaceutical company Savient Pharmaceuticals Inc. (SVNT)
started voluntary Chapter 11 bankruptcy proceedings in a federal
court in Delaware and said it seeks to conduct an auction and sale
under Section 363 of the U.S. Bankruptcy Code. Shares plunged 83%
to 10 cents premarket.
Watch list:
Analog Devices Inc. (ADI) agreed to sell its microphone product
line to InvenSense Inc. (INVN) for $100 million, as Analog aims to
focus on its high priority markets.
Brown & Brown Inc.'s (BRO) third-quarter earnings rose 17%
as the insurance agency and brokerage posted continued growth of
commissions and fees.
Demand Media Inc. (DMD) said its board has accepted the
resignation of Chief Executive and Chairman Richard Rosenblatt, and
has appointed an interim CEO as it begins the search for a
permanent replacement shortly and evaluates the timing of its
spinoff plan.
Newfield Exploration Co.'s (NFX) chief financial officer, Terry
W. Rathert, will retire from the company he helped found more than
25 years ago. The energy exploration and production company's board
intends to name Lawrence S. Massaro to take over the financial
chief role Nov. 11, while Mr. Rathert will remain with the company
in an advisory role until August.
Packaging Corp. of America's (PKG) third-quarter profit more
than doubled as the box maker was lifted by increased volumes and
higher prices implemented earlier this year to offset higher
materials prices. For the fourth quarter, however, the company said
it expected to post seasonally lower volume due to two fewer
shipping days, as well as lower production and higher costs related
to an annual maintenance outage at a Michigan mill.
Resource Capital Corp. (RSO) said it plans to offer $100 million
aggregate principal amount of convertible senior notes due 2018 in
an underwritten public offering. The company said it plans to use
the net proceeds from this offering for general corporate purposes,
including acquisition of investments, loan originations and working
capital. The company recently had a market capitalization of $768.4
million, according to FactSet.
Activist investor Clinton Group called on XenoPort Inc.'s (XNPT)
chief executive to step down and change the company's capital
allocation, claiming the biopharmaceutical company's shares are
undervalued. Among its primary suggestions, Clinton called for the
company to focus more resources toward its XP23829 drug and away
from Horizant. A XenoPort representative wasn't immediately
available for comment.
Write to Lauren Pollock at lauren.pollock@wsj.com
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