Among the companies with shares expected to actively trade in
Wednesday's session are Vivus Inc. (VVUS), EMC Corp. (EMC) and
VMWare Inc. (VMW).
The U.S. Food and Drug Administration late Tuesday approved
Vivus's weight-loss drug Qsymia, marking the second approval of a
new weight-loss drug in less than a month. The agency in June
approved a drug called Belviq, marketed by Arena Pharmaceuticals
Inc. (ARNA). Cowen analysts say the debate now shifts to whether
Qsymia or Belviq will sell better. "There is room for at least two,
if not more, sizable drugs in the space. However, we believe that
Qsymia has a significant advantage over Belviq given its
considerably better efficacy," analysts wrote. Vivus shares surged
19% to $31.42 in premarket trade; Arena shares fell 8.1% to $10.15.
Orexigen Therapeutics Inc. (OREX)--which is aiming to bring a diet
drug to market--added 3.4% to $7.38.
EMC moved forward its succession plans for Chief Executive Joe
Tucci by naming a top executive to run VMware, a company it
controls, as both companies gave strong preliminary revenue views
for the second quarter. EMC shares jumped 6% to $24.30 premarket
while VMware shares were up 5.9% to $85.05.
Stanley Black & Decker Inc.'s (SWK) second-quarter earnings
tumbled 22% as the tool maker's results came in lower than expected
and the company unveiled additional cost-saving measures and
lowered its full-year guidance. Shares were down 3.7% to $57.50 in
premarket trade.
Bank of America Corp. (BAC) swung to a second-quarter profit as
the banking giant recorded double-digital revenue growth and
benefited from a tough year-ago period when it took a hit from
soured mortgages. Shares were last trading 1.1% higher at $8.01
premarket.
Sally Beauty Holdings Inc. (SBH) said its largest
shareholder--private equity firm Clayton, Dubilier & Rice
LLC--plans to sell its stake by offering 23.1 million shares of the
seller and distributor of professional beauty supplies. Shares of
the company slid 8.8% to $24.71 premarket as it also reported
preliminary third-quarter revenue that missed analyst
expectations.
Shares of Infinity Pharmaceuticals Inc. (INFI) slumped after the
company said it had a restructured a pact with two strategic
partners that will see it regain development and commercialization
rights to all of its drug programs. Infinity in 2008 entered into
an alliance with Purdue Pharmaceutical Products LP and Mundipharma
International Corp. that was expected to help the company to expand
its pipeline for cancer-fighting treatments. Under termination of
the agreement disclosed Wednesday, Mundipharma will no longer
provide research-and-development funding to Infinity. Infinity also
Wednesday said it will issue 5.4 million of its shares as part of
an equity investment being made by Purdue and to repay debt. Shares
were down 11.5% to $13 premarket.
Rovi Corp. (ROVI) projected fiscal second-quarter earnings below
analyst expectations on weaker revenue from its
consumer-electronics business, as the entertainment-data and
technology company also cut its full-year view, citing delays in
adding new patent licensees and the launches of certain products.
Shares sank 26% to $13.12 premarket.
Horizon Technology Finance Corp. (HRZN) will offer about 1.7
million shares of its common stock as the business-development
company looks to repay debt. Shares were down 3.8% to $16.20
premarket.
SS&C Technologies Holdings Inc. (SSNC) said its largest
stakeholder, private-equity firm Carlyle Group LP (CG), will offer
7 million shares of the financial-software company's common stock,
about 9% of total shares outstanding. Shares fell 6.3% to $24.30
premarket.
Watchlist:
AAR Corp.'s (AIR) fiscal fourth-quarter earnings fell 40% as the
aircraft leasing and maintenance company logged heavy charges,
resulting from restructuring and an adjustment to a defense
contract.
Abbott Laboratories's (ABT) second-quarter earnings fell 11% as
restructuring and integration charges continued to mask the
health-care company's revenue growth.
Albemarle Corp.'s (ALB) second-quarter earnings slipped 67% as
restructuring charges weighed on the specialty-chemicals maker's
bottom-line results and as revenue grew less than expected.
American Capital Agency Corp. (AGNC) said it plans to offer 32
million shares to raise funds to acquire additional agency
securities and for general corporate purposes.
American Safety Insurance Holdings Ltd. (ASI) sees
second-quarter earnings falling far short of Wall Street
expectations, as the reinsurer expects charges resulting from U.S.
hail storms.
Amicus Therapeutics Inc. (FOLD) and GlaxoSmithKline PLC (GSK,
GSK.LN) said they are expanding their collaboration to develop a
treatment for Fabry disease, with Glaxo agreeing to buy a larger
stake in the smaller pharmaceutical company.
Books-A-Million Inc. (BAMM) said its chairman and his family
have withdrawn their contentious bid to buy out the company.
CareFusion Corp. (CFN) issued another urgent recall on its EnVe
ventilators last month, citing a potential leak in the patient
breathing circuit or the system.
CSX Corp. (CSX) reported a 1.2% uptick in second-quarter
earnings despite a big drop in the volume of coal the railroad
hauled to electric utilities, as expense controls and higher
shipments of automobiles and containerized freight buoyed
results.
DirecTV Group Inc. (DTV) said it is getting closer to resolving
its fee dispute with Viacom Inc. (VIA, VIAB) and said it keeps
asking the operator of cable-television channels to return its
networks as details are finalized.
FIS Inc.'s (FIS) second-quarter earnings rose 22% as the
payment- and bank-processing services company posted stronger
revenue, led by growth in its financial segment. Adjusted earnings
topped expectations.
Harte-Hanks Inc. (HHS) projected second-quarter earnings and
revenue below analyst expectations, noting weaker direct marketing
revenue from its high tech, pharmaceutical and financial services
customers.
Honeywell International Inc.'s (HON) second-quarter profit rose
11% as the company's sales edged up, particularly in its aerospace
unit.
Intel Corp. (INTC) cut its full-year guidance and provided a
soft outlook for the current period as a tough economic environment
and consumer caution weigh on PC sales.
Moody's Investors Service lowered Kinder Morgan Inc. (KMI) a
notch further into junk territory, based on its recent acquisition
of El Paso Corp.
The U.S. Food and Drug Administration approved Vivus Inc.'s
(VVUS) weight-loss drug Qsymia Tuesday, marking the second approval
of a new weight-loss drug in less than a month.
Wynn Resorts Ltd.'s (WYNN) second-quarter profit rose 13% but
the casino operator's results fell short of analyst
expectations.
Yahoo Inc.'s (YHOO) second-quarter profit shrank 4.4% as the
online-media company saw restructuring charges weigh down its
results, though contributions from its Asian assets continued to
grow.
Write to Mia Lamar at mia.lamar@dowjones.com
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