Among the companies expected to trade actively in Wednesday's
session are FedEx Corp. (FDX), Oracle Corp. (ORCL) and Renren Inc.
(RENN).
FedEx said severe winter weather lowered its operating income in
the third quarter by about $125 million--resulting in the company
missing market estimates--as repeated storms disrupted operations,
lowered shipping volume and raised costs. FedEx's report is the
first glimpse of just how badly the brutal winter hurt not only the
air-express business, but the entire U.S. freight and
transportation industry. Shares fell 57 cents to $138
premarket.
Oracle said fiscal third quarter net income rose 2.4% as the
corporate-software company continues to show it can fend off online
competitors. But Oracle's adjusted profit and revenue growth wasn't
as strong as analysts expected. Shares fell 3.1% to $37.64
premarket.
Renren Inc. (RENN) swung to a fourth-quarter profit as the
Chinese social-networking company booked a gain tied to a former
subsidiary, masking a sharp drop in revenue and higher expenses.
The company's revenue outlook for the current quarter missed Wall
Street's expectations. Shares fell 9% to $3.43 premarket.
Horizon Pharma Inc. (HZNP) agreed to acquire Vidara Therapeutics
Inc. in a cash-and-stock deal valued at about $660 million, as the
specialty pharmaceutical company aims to expand its range of
products. Shares rose 19% to $17.50.
Pacific Sunwear of California Inc. (PSUN) said its loss widened
in the fiscal fourth quarter as the teen-focused specialty retailer
reported a decline in net sales during a challenging holiday
season. However, the company's outlook for the current quarter
surpassed market expectations. Shares rose 9% to $3.27
premarket.
SolarCity Corp. (SCTY) said it swung to a profit in the fourth
quarter as revenue nearly doubled. However, the company that
installs rooftop solar panels for homeowners and businesses also
projected a first-quarter adjusted loss that was wider than
expected. Shares fell 64 cents to $76.46 premarket.
Watchlist:
Adobe Systems Inc. (ADBE) said its fiscal first-quarter profit
slipped 28% as the software company reported higher expenses,
masking a slight increase in revenue. But the adjusted bottom-line
topped the company's expectation.
General Mills Inc. (GIS) said its fiscal third-quarter sales
fell on lower volume, blaming weakness in the overall food industry
and bad weather. The cereal maker's net sales missed Wall Street
expectations, while earnings met the company's estimates.
Steel Dynamics Inc. (STLD) forecast a surprise drop in
first-quarter earnings from last year's level, as the steel
producer said severe cold weather led to higher energy costs and
lower production and shipments.
Tempur Sealy International Inc. (TPX) said Lawrence Rogers,
president and chief executive of Sealy, is retiring from those
roles roughly a year after the mattress maker he led was acquired
by its larger peer.
Vera Bradley Inc. (VRA) said its fiscal fourth-quarter earnings
fell 23% on weaker revenue and as the handbag and accessories
designer was hurt by an inventory write-down related to retired
patterns and other items. The company also projected fiscal
first-quarter and fiscal year earnings that missed
expectations.
Write to John Kell at john.kell@wsj.com and Tess Stynes at
tess.stynes@wsj.com.
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