Among the companies with shares expected to actively trade in
Wednesday's session are Zions Bancorporation (ZION), Citigroup (C)
and Pacific Sunwear of California Inc. (PSUN).
A number of the biggest U.S. banks late Tuesday announced
dividend raises and stock buybacks, after receiving the results of
the Federal Reserve's stress tests. BB&T Corp. (BBT) said the
Fed had no objection to it raising its dividend by 4 cents. Keycorp
(KEY) said it will buy back $344 million in stock and said its
board will evaluate an increase in the dividend. Zions Bancorp said
it won't have to raise equity in order to repay its $1.4B of TARP
aid. Many have long anticipated the Utah-based regional bank
selling common and/or preferred shares to help raise the necessary
cash. Zions shares climb 6.8% premarket to $20.85, BB&T's stock
added 1.1% to $30.72 and KeyCorp rose 1.1% to $8.35.
Four firms, including Citigroup, MetLife Inc. (MET), SunTrust
Banks Inc. (STI) and Ally Financial (GMA.XX), failed to meet at
least one of the capital requirements under the Fed's hypothetical
stress scenario. Shares of Citi tumbled 4% to $34.99 premarket,
MetLife's stock fell 4.2% to $37.80 and SunTrust shares declined
4.4% to $21.58.
PacSun reported a wider fiscal fourth-quarter loss due to
weaker-than-expected sales and store-closing costs. It also
projected a downbeat first-quarter loss. Shares dropped 14% to
$2.15 premarket.
LSI Corp. (LSI) raised its fiscal first-quarter guidance to
reflect a stronger-than-expected recovery in the hard-disk-drive
market and a ramp of flash-based products. Shares were trading 5.4%
higher at $9 premarket as LSI said it now expects earnings between
12 cents and 16 cents a share on revenue of $585 million to $615
million for the quarter ending April 1.
Guidewire Software Inc.'s (GWRE) fiscal second-quarter earnings
fell 32% as the insurance-software maker reported a higher tax
provision and higher expenses, though revenue jumped. Shares jumped
12% to $28.75 premarket as results beat analyst estimates.
Francesca's Holdings Corp.'s (FRAN) fiscal fourth-quarter
earnings surged a better-than-expected 93%, even after the women's
retailer boosted guidance in January, as holiday sales and margins
improved. Shares jumped 16% to $31.15 premarket.
SciClone Pharmaceuticals Inc.'s (SCLN) fourth-quarter profit
soared as the pharmaceutical company's revenue and margins
strengthened. Shares climbed 22% to $6.40 premarket.
Medifast Inc.'s (MED) fourth-quarter earnings fell 66% as
expenses related to the company's expansion of its weight control
centers weighed on bottom-line results, though revenue improved.
Shares slipped 5.4% to $15.80 premarket.
Cliffs Natural Resources Inc. (CLF) more than doubled its
quarterly dividend, part of a new strategy the mining company said
will shift focus away from big deals while returning more value to
stockholders. Shares rose 4.5% to $67.80 premarket.
Biopharmaceutical company Endocyte Inc. (ECYT) said it will
submit conditional marketing authorization applications for its
ovarian cancer treatment in Europe in the third quarter after
meeting with European health authorities. Shares rose 3.5% to $3.85
in premarket trading.
Benihana Inc. (BNHN) said its board is exploring strategic
alternatives, including a possible sale of the company. Shares rose
2.6% to $12.16 premarket.
American Capital Mortgage Investment Corp. (MTGE) said it plans
to double its shares outstanding with an offering of 10 million
shares. The trust, which started last year, is externally managed
and advised by an affiliate of American Capital Ltd. (ACAS), the
trust's largest shareholder. Shares of the trust fell 2.4% to
$21.94 premarket.
Cheniere Energy Inc. (LNG) plans to sell 17 million shares of
its stock for general corporate purposes, including repaying debt.
Shares were down 4% at $15.37 premarket.
FXCM Inc.'s (FXCM) profit jumped in the fourth quarter, topping
expectations, as the foreign-exchange brokerage benefited from
strong trading volume. Shares climbed 9.5% to $11.50 premarket.
Noranda Aluminum Holding Corp. (NOR) said 10 million of its
shares will be offered by funds affiliated with the company's
largest shareholder. Shares fell 8.1% to $10.36 premarket.
Payment-services provider FleetCor Technologies Inc. (FLT) said
entities associated with Summit Partners and Bain Capital Partners
agreed to sell 6 million shares of its common stock. The company's
stock was down 3.3% premarket at $36.45.
Watchlist
Chip maker Analog Devices Inc. (ADI) will move its listing to
the Nasdaq Global Select Market from the New York Stock Exchange
effective April 2, the latest technology company to make the
switch.
A partnership led by Chesapeake Energy Corp. (CHK)--along with
M3 Midstream LLC and EV Energy Partners LP (EVEP)--plans to spend
about $900 million on a system to collect and move natural gas from
eastern Ohio, deepening Chesapeake's investment in the state's
Utica shale region.
Moody's Investors Service raised its outlook on First Industrial
Realty Trust Inc. (FR) to positive from stable, noting the real
estate investment trust's progress in leasing up its portfolio,
reducing leverage and improving liquidity.
Genesee & Wyoming Inc.'s (GWR) February traffic slid 0.6% in
February from a year earlier as the railroad reporter continued to
see sluggish coal demand.
Health Net Inc.'s (HNT) said it will add $323.7 million to its
share-repurchase program, as the managed care-provider looks to
boost returns to shareholders.
Level 3 Communications Inc. (LVLT) entered into an agreement
with Southeastern Asset Management to exchange about $100 million
of its senior debt for common stock.
Nstar (NST) and Northeast Utilities (NU) said they reached a
comprehensive merger-related agreement with Connecticut's attorney
general and the state's office of consumer counsel in order to
allow their merger to proceed.
Penson Worldwide Inc. said (PNSN) Chief Financial Officer Kevin
McAleer will retire at month's end, and the brokerage and clearing
firm named TD Ameritrade Holding Corp. (AMTD) executive Michael
Chochon as his successor.
Standard & Poor's Ratings Services removed its
investment-grade rating on Ralcorp Holdings Inc. (RAH) from a
CreditWatch that began in May of last year, reducing for now the
likelihood of any potential downgrade into junk territory.
U.S. regulators have asked Roche Holding AG (ROG.VX, RHHBY) for
additional information about its proposed takeover of Illumina Inc.
(ILMN), the drug maker said Tuesday.
-Edited by Corrie Driebusch and Drew FitzGerald; write to
corrie.driebusch@dowjones.com
