Among the companies with shares expected to actively trade in
Tuesday's session are VMware Inc. (VMW), Valero Energy Corp. (VLO)
and Yahoo Inc. (YHOO).
VMware said it would cut about 900 jobs from certain departments
as its revenue growth slows this year, resetting expectations for
investors accustomed to years of surging top-line expansion. The
outlook came after the Palo Alto, Calif., software provider
reported a 2.7% increase in fourth-quarter earnings. Orders from
federal-government customers declined, however, as overall U.S.
bookings fell short of executives' expectations. VMware shares
tumbled 19% to $80.10 premarket. Shares of data-storage provider
EMC Corp. (EMC), which owns a majority of VMware and gave a weak
2013 view in its quarterly report Tuesday, slid 5.8% to $2375.
Citrix Systems Inc. (CTXS), which competes with VMware in the
virtualization space, saw its shares fall 4% to $68.53 in light
premarket trading.
Surging margins helped Valero Energy to a big fourth-quarter
earnings per share beat, with the refiner's EPS for the period
hitting a seven-year high. The margin strength came as the company
didn't import any light oil last quarter, instead using cheaper
North American sources as the shale boom has made the region awash
in crude. Shares rose 7.6% to $41.75 premarket.
Yahoo posted quarterly results Monday that reflect a slight
uptick in revenue growth following the hiring of CEO Marissa Mayer,
instilling some fresh confidence in the embattled Internet firm.
Shares climbed 3.2% to $20.95 premarket.
Polaris Industries Inc.'s (PII) fourth-quarter earnings rose 38%
as strong off-road vehicle sales helped mitigate weaker snowmobile
sales. Still, the company gave a cautious year view, forecasting
2013 earnings and sales below analysts' estimates. Chief Executive
Scott Wine said the company remains "wary of the fragility of the
global economic, particularly in Europe, where we project our
business will be down slightly." Shares fell 3.7% to $88.50
premarket.
Kulicke & Soffa Industries Inc.'s (KLIC) fiscal
first-quarter profit plunged 58% as the chip and LED-equipment
maker recorded lower revenue and higher expenses. Shares fell 6.8%
to $11.98 premarket as Kulicke gave a revenue view for the
second-quarter well below Wall Street estimates.
Monro Muffler Brake Inc.'s (MNRO) fiscal third-quarter earnings
sank 17% as the automotive-services company recorded higher costs,
hampering its margins, although revenue climbed. Monro cut its
full-year earnings guidance and guided for current quarter earnings
well below what was recently expected by analysts. Shares fell 8.9%
to $33.35 premarket.
Anacor Pharmaceuticals Inc.'s (ANAC) shares tumbled despite what
the biopharmaceutical company characterized as positive preliminary
late-stage results for a study of its nail-fungus infection drug.
Shares dropped 27% to $3.80 in premarket trading on what Wedbush
analyst Gregory R. Wade said likely was a comparison with rival
Valeant Pharmaceuticals International Inc.'s (VRX) competing
product, efinaconazole. A representative from Anacor wasn't
immediately available to comment on the share declines.
Seagate Technology Inc.'s (STX) second-quarter earnings fell 13%
amid slower sales of disk drives, which its executives predicted
will continue in the current quarter. Shares were down 5.8% to
$35.25 premarket. Shares of competitor Western Digital Corp. (WDC)
slid 2.7% to $47.32 premarket.
Netgear Inc. (NTGR) has agreed to acquire almost all the assets
and operations of Sierra Wireless Inc.'s (SWIR) AirCard mobile
broadband devices business for about $138 million in cash, a move
that will help speed up the mobile initiative of its service
provider business unit to provide the latest in LTE data networking
access devices. Shares of Sierra Wireless rose 9.2% to $10
premarket.
Watchlist:
Beazer Homes USA Inc. (BZH) swung to fiscal first-quarter loss
as the home builder's year-ago results were boosted by a larger
income tax benefit, though revenue improved in the latest
period.
BMC Software Inc. (BMC) lowered its expectations for the current
fiscal year after the information-technology company missed out on
two large renewal contracts. Earnings from the Houston-based
software provider slipped 11% in its fiscal third quarter as higher
operating expenses and stock-based compensation hurt the bottom
line.
Bob Evans Farms Inc. (BOBE) projected fiscal third-quarter
earnings below analyst expectations, citing noncontinuing factors
in each of its segments as well as the timing of marketing expenses
within its namesake foods business, as the restaurant-chain
operator said it has agreed to sell its Mimi's Cafe segment for $50
million to LeDuff America Inc.
Bonanza Creek Energy Inc. (BCEI) disclosed an offering of 10
million shares on behalf of its stockholder Project Black Bear LP.
After the offering, Project Black Bear will no longer be the oil
and natural gas company's majority owner. Bonanza has about 40.1
million shares outstanding and the number of shares outstanding
won't change as a result of the offering.
Standard & Poor's Ratings Services lowered its rating on
Buckeye Partners LP (BPL) to the brink of junk territory, noting
the midstream energy company's weakening financial measures aren't
expected to improve meaningfully until at least 2015.
Crane Co. (CR) swung to a fourth-quarter profit as the
diversified manufacturer recorded significant provisions in the
year-earlier period, and revenue for the latest period grew. The
company also raised its full-year earnings outlook.
General Growth Properties Inc. (GGP) has purchased warrants held
by the Blackstone Group and Fairholme Funds Inc. for about $633
million, making Brookfield Asset Management Inc. (BAM, BAM.A.T) the
sole holder of General Growth's remaining outstanding warrants.
Pervasive Software Inc. (PVSW) has agreed to be acquired by
Actian Corp. in a deal valued at approximately $161.9 million, five
months after Actian's initial bid to buy the database provider.
Actian will acquire Pervasive for $9.20 a share in cash, a 1.7%
premium to Monday's closing price. Actian in August had offered to
buy the company for $8.50 a share.
Piedmont Natural Gas Co. (PNY) plans to offer about 4 million
shares as the natural gas distributor looks to raise funds for
capital expenditures, debt repayment and other general corporate
purposes. The company had 72.3 million shares outstanding as of
Dec. 14.
Plum Creek Timber Co.'s (PCL) fourth-quarter earnings rose 30%
as the real-estate investment trust reported higher revenue across
its segments.
Rent-A-Center Inc.'s (RCII) fourth-quarter net profit fell 3.7%
as the provider of rent-to-own home merchandise saw its profit
margins come under pressure amid an expansion effort, and
same-store sales slid. Results missed analyst expectations.
Sanmina-SCI Corp.'s (SANM) fiscal first-quarter profit declined
93% as the electronics-manufacturing company posted costs related
to an interest-rate swap and narrower margins. Results missed
Sanmina's expectations and the company also issued downbeat
guidance for the current quarter.
Steel Dynamics Inc.'s (STLD) fourth-quarter profit more than
doubled as the steel maker recorded a tax benefit and its margins
improved, masking lower revenue as selling prices continued to
decline.
STR Holdings Inc. (STRI) expects to lay off around 160
employees--or roughly a third of its workforce--in its effort to
cut costs after the maker of solar components said it expected to
lose its biggest customer.
Sunstone Hotel Investors Inc. (SHO) has agreed to sell about
17.3 million shares. The lodging real estate investment trust had
136.8 million shares outstanding as of Nov. 1.
Werner Enterprises Inc.'s (WERN) fourth-quarter earnings fell
12% as margins at the trucking company narrowed on higher fuel
costs, masking a slight revenue increase.
W.R. Berkley Corp.'s (WRB) fourth-quarter profit rose 41%, as
the specialty insurer benefited from stronger core underwriting
results and higher prices that helped mitigate catastrophe losses
related to superstorm Sandy.
Zions Bancorp's (ZION) fourth-quarter earnings declined 35% as
impairment charges on collateralized debt obligation securities
weighed on the Utah regional bank's bottom line, though credit
quality improved.
Write to Anna Prior at anna.prior@dowjones.com
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