Among the companies with shares expected to actively trade in
Thursday's session are Tempur-Pedic International Inc. (TPX), Thor
Industries Inc. (THO) and Hewlett-Packard Co. (HPX).
Tempur-Pedic agreed to acquire mattress company Sealy Corp. (ZZ)
in a deal valued at $229 million that will combine two leading
industry rivals with well-known brands. Sealy shareholders will
receive $2.20 a share, a premium of 2.8% to Wednesday's close.
Sealy shares rose 3.7% to $2.22 premarket, while Tempur-Pedic
jumped 8.9% to $29.17.
Thor's fiscal fourth-quarter earnings rose 20% as the company
reported its recreational vehicle business saw double-digit sales
growth. Shares were up 11% at $38.26 in premarket trading as
earnings and revenue were better than expected.
Hewlett-Packard Co. (HPQ) shares drop 2.4% to $16.70 premarket
as Jefferies cut the PC-giant to underperform from hold and dropped
its target to $14 from $17. Jefferies expects HP to give
fiscal-year 2013 guidance "well below" Street consensus, citing
soft PC demand, a deep slump in printers and customers' weak
confidence in its Business Critical servers, despite its recent
court win against Oracle Corp. (ORCL). While HP could have another
go at making smartphones or tablets, Jefferies said in a note to
clients that so far "almost all PC OEMs have failed to gain
significant traction in consumer tablets/smartphones."
McCormick & Co.'s (MKC) fiscal third-quarter earnings rose
13% as higher prices helped to improve the spice maker's margins,
despite higher costs. Still, shares fell 1.6% to $61.89 premarket
as revenue came in below Wall Street's expectations.
Achillion Pharmaceuticals Inc. (ACHN) said there was positive
proof-of-concept results with its hepatitis C treatment ACH-3102.
Shares of the biopharmaceutical company rose 5.4% to $10.00
premarket as the firm said the second generation inhibitor achieved
"potent antiviral activity." Achillion also initiated enrollment in
a Phase 2 clinical trial evaluating the treatment plus
Ribavirin.
Texas Industries Inc.'s (TXI) fiscal first-quarter loss narrowed
less than analysts had expected, although the
construction-materials company's cement sales improved. Still,
shares fell 4.7% to $40.06 premarket.
Discount retailer Dollar General Corp. (DG) has unveiled a 30
million-share offering, following similar offerings in recent
months. The shares are being sold by Dollar General shareholders
and the company won't get any of the proceeds. KKR & Co. has
slowly scaled back its stake in Dollar General, and the retailer
had about 333.7 million shares outstanding on Aug. 27. Shares off
3.8% at $50.87 in premarket trading.
Watchlist:
BioMarin Pharmaceutical Inc. (BMRN) said a midlevel study of its
investigational treatment for adults born with a rare birth defect
is showing long-term tolerability and signs of efficacy, and
expects to start an advanced study of the drug.
Cepheid (CPHD) expects its third-quarter revenue to fall short
of previous targets due to supply interruptions for molecular
testing parts.
Clarcor Inc. (CLC) said Chief Executive Christopher Conway will
take on the added title of chairman, as the filter and packaging
company also unveiled a 13% raise to its quarterly dividend.
Comtech Telecommunications Corp.'s (CMTL) fiscal fourth-quarter
earnings declined 33% as the maker of advanced communication
systems recorded lower sales in its mobile data-communications
segment. However, results topped analyst expectations.
Eagle Materials Inc. (EXP) is offering three million shares to
help fund its planned acquisition of Lafarge SA's (LFRGY, LG.FR)
aggregate, cement and concrete activities in Missouri and Oklahoma.
Eagle said Wednesday that the $446 million deal, which includes two
large cement plants, will allow it to benefit more fully from the
U.S. construction industry recovery. Eagle Materials had around
45.4 million shares outstanding as of Sept. 25.
H.B. Fuller Co.'s (FUL) fiscal third-quarter profit surged as
the paint and adhesive maker benefited from restructuring efforts
and increased revenue across its regions. But the company lowered
its full-year revenue estimate, citing a slight slowdown in the
industrial adhesives end markets.
Landec Corp.'s (LNDC) fiscal first-quarter earnings jumped 40%
as the food-packaging manufacturer saw continued strength in its
Apio business, boosted by an acquisition earlier this year. Results
exceeded Wall Street estimates.
NorthWestern Corp. (NWE) lowered its full-year earnings guidance
after a judge issued an unfavorable initial ruling related to the
recovery of contracted costs for its Montana plant.
Progress Software Corp.'s (PRGS) fiscal third-quarter earnings
fell 36% as the company's software-license revenue continued to
decline. However, adjusted earnings beat expectations.
Summit Hotel Properties Inc. (INN) launched an offering of 10
million shares, raising funds in part for its planned acquisition
of 10 hotels, eight of them properties of Hyatt Hotels Corp. (H).
The hotel-focused real-estate investment trust had roughly 31.5
million shares outstanding as of Sept. 25.
Worthington Industries Inc.'s (WOR) fiscal first-quarter profit
jumped 32% as the steel-processing and metal-products company
reported improved sales in its pressured cylinder business, and
improved profit margins. Chief Executive John McConnell said the
company has seen some slowing in the automotive, agriculture and
mining issues. The longer-term impact of this slowing remains
uncertain, he added.
Write to Anna Prior at anna.prior@dowjones.com
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