Among the companies with shares expected to actively trade in
Thursday's session are Hertz Global Holdings Inc. (HTZ), Eli Lilly
& Co. (LLY) and J.C. Penney Co. (JCP).
Hertz lowered its full-year guidance, citing
weaker-than-expected volume generated by its namesake brand in the
U.S. airport car-rental market. "Weaker volume impacts not only
revenues, but also generates related fleet issues, including lower
utilization and the inability of the used-car market to absorb our
excess vehicles at current market prices," said Chairman and Chief
Executive Mark Frissora. Shares dropped 8.8% to $23.50
premarket.
Eli Lilly said its experimental cancer drug ramucirumab failed
to meet its target in a large late-stage trial of breast-cancer
patients, a setback in the company's hopes that the agent will be
effective against a wide range of tumors. But in a separate
late-stage study, the company said the drug successfully met its
goal of demonstrating an improvement in overall survival in
patients with stomach cancer. Shares slipped 5% to $49.96
premarket.
Concerns are growing about J.C. Penney as it considers raising
fresh capital heading into the holiday season. The Wall Street
Journal reported the struggling department store chain is exploring
the possibility of borrowing more money with the help of investment
bankers at Goldman Sachs. Meanwhile, debt analysts from Goldman
Sachs warned Wednesday that weak performance, particularly in
Penney's home department, could put pressure on its available cash
in the quarter that ends in October. Shares dropped 6.4% to $9.48
premarket, following a 15% decline Wednesday.
Jabil Circuit Inc.'s (JBL) fiscal fourth-quarter earnings rose
53%, but the contract electronics manufacturer projected fiscal
first-quarter results below expectations. Also, Jabil estimated
that it will record roughly $35 million to $85 million in charges
during the new fiscal year stemming from its exposure to BlackBerry
Ltd. (BBRY, BB.T), Jabil's second-largest customer in the past
fiscal year. Jabil shares fell 3.5% to $23.15 in premarket
trading.
Bed Bath & Beyond Inc.'s (BBBY) fiscal second-quarter
earnings rose 11% as the home-furnishings retailer recorded a jump
in sales. Shares rose 6% to $78.67 premarket as the company raised
the lower end of its full-year earnings estimate.
Progress Software Corp.'s (PRGS) fiscal third-quarter profit
more than quadrupled as the business software provider posted a
gain on the divestiture of its Apama product line as well as lower
input costs. The results were slightly better than Wall Street
expectations. Shares rose 4.3% to $26.50 in light premarket trading
as the company's fiscal fourth-quarter guidance topped
expectations.
Private equity firm American Industrial Partners has agreed to
buy industrial-waterjet maker Flow International Corp. (FLOW) for
$200 million. American Industrial said it would pay $4.05 a share
in cash for Flow, an 8.6% premium over Flow's closing price
Wednesday. Shares rose 6.7% to $3.98 premarket.
Fibrocell Science Inc. (FCSC) said it intends to sell an
unspecified number of shares in a public offering. The company
recently had 27.5 million shares outstanding, according to FactSet.
Shares fell 14% to $4.30 premarket.
Watch List:
Air Products & Chemicals Inc. (APD) said Chairman and Chief
Executive John McGlade will retire next year and the company will
add three new independent directors to its board, moves that come
about two months after activist investor William Ackman took a
multibillion-dollar stake in the industrial gas maker.
BlackBerry Ltd. (BBRY) said it has canceled its fiscal
second-quarter earnings conference call in light of its sale
agreement with Fairfax Financial Holdings Ltd. (FFH.T). BlackBerry
is scheduled to release its results for the period at 7 a.m. EDT
Friday.
Duke Energy Corp.'s (DUK) renewable energy business plans to
build two large-scale wind power facilities in South Texas, adding
to its Los Vientos wind farm projects. Together they will produce
400 megawatts of electricity.
EBay Inc. (EBAY) confirmed it will buy Braintree, a global
payment platform, for $800 million in cash. The deal for Braintree
will give PayPal access to data and lucrative transaction fees from
Braintree's expanding network, which currently processes more than
$10 billion annually for companies like OpenTable Inc. (OPEN), Uber
Technologies and Airbnb.
Ferrellgas Partners LP's (FGP) fiscal fourth-quarter loss
narrowed, primarily owing to stronger propane sales volume and
improved margins, but the bottom line missed Street
expectations.
H.B. Fuller Co.'s (FUL) fiscal third-quarter earnings fell 66%
as the paint and adhesive manufacturer's results suffered from a
tough year-ago comparison that masked an increase in revenue and
wider margins. Results beat expectations.
Knight Transportation Inc. (KNX) made public its offer to
acquire USA Truck Inc. (USAK) in a deal that values the company at
about $95 million. Knight is offering $9 a share, a 39% premium to
USA Truck's close on Wednesday. A USA Truck spokesman couldn't
immediately be reached for comment. But Knight said it has held
talks with the company about the proposed deal, and it was
rejected.
McCormick & Co.'s (MKC) fiscal third-quarter earnings were
unchanged from a year earlier, but the spice maker said it expects
full-year earnings to be at the lower end of its prior outlook,
noting weak demand for industrial products by quick service
restaurant customers in the Americas has limited year-to-date sales
and is expected to hurt its fourth-quarter results.
Specialty pharmaceutical firm pSivida Corp.'s (PSDV, PVA.AU)
fiscal fourth-quarter loss widened as the company recorded costs
associated with the launch of a clinical trial, as well as charges
tied to compensation bonuses.
Plum Creek Timber Co. (PCL) agreed to acquire an interest in
production at four quarries in the Atlanta market from Vulcan
Materials Co. (VMC) for $154 million.
Sallie Mae (SLM) has agreed to sell its 529 college savings-plan
administrator, Upromise Investments, to Ascensus. Terms of the
transaction weren't disclosed. It is expected to close in the
fourth quarter.
Synnex Corp.'s (SNX) fiscal third-quarter earnings rose 33% as
the company benefited from a legal settlement and revenue
growth.
Western Digital Corp. (WDC) is looking for a new chief financial
officer as the current financial chief, Wolfgang Nickl, will resign
effective Nov. 17. Mr. Nickl, Western Digital's financial chief
since August 2010, will take over the same role at chip-equipment
maker ASML Holding N.V. (ASML, ASML.AE) in the Netherlands.
Worthington Industries Inc.'s (WOR) fiscal first-quarter
earnings jumped 61% as the steel processing and metals-products
company received a boost from tax adjustments related to its
increased interest in its laser welded blanks joint venture.
Write to Lauren Pollock at lauren.pollock@wsj.com
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