Among the companies with shares expected to actively trade in
Thursday's session are Men's Wearhouse Inc.'s (MW), Pandora Media
Inc. (P), Lululemon Athletica inc. (LULU) and Weatherford
International Ltd. (WFT).
Men's Wearhouse's fiscal second-quarter earnings fell 28% as the
apparel retailer's results were hurt by several one-time charges
and a shift in quarterly tuxedo rental revenue. Results missed
analyst expectations and the company lowered its full-year
guidance. Shares fell 14% to $33.50 premarket.
Lululemon Athletica Inc.'s (LULU) fiscal second-quarter profit
edged down 1.3% as the maker of high-end yoga gear grappled with
higher input costs, outweighing a solid jump in revenue. The
company cut its guidance for the fiscal year and offered a weak
view for the current quarter. Shares were down 7.1% at 64.12.
Weatherford International Ltd.'s (WFT) Chief Financial Officer
John H. Briscoe resigned effective Thursday, just 19 months after
being promoted to the post and barely two years after joining the
oil-field services company. After talking with company officials,
Sterne Agee said it appears Weatherford, "is seeking an individual
with a different skill set...including expertise in asset
divestitures and corporate strategy. Interestingly, it appears
[Weatherford] is moving past the 'fixing' stage of its turnaround
and to a stage with more strategic maneuvers." Shares fell 5.7% to
$14.85 premarket.
Sterling Financial Corp. (STSA) announced it will merge with
Oregon lender Umpqua Holdings Corp. (UMPQ) in a deal valued at
about $2 billion, one of the largest bank transactions announced
this year. The deal will form one of the largest community banks on
the West Coast, with $22 billion in assets and nearly 400 branches
in five states. Sterling Financial shares were up 12% at $29.86
premarket.
Extreme Networks Inc. (EXTR) said it agreed to buy privately
held Enterasys Networks Inc. for $180 million in cash as the
company looks to expand the capabilities of its network operating
systems. The deal is also expected to result in revenue double that
of either company alone, as well as in increased investment in
greater research and development. Shares were up 13% to $4.55.
Halcon Resources Corp. (HK) entered into three separate deals to
divest itself of some noncore assets throughout the U.S. for about
$302 million, giving the oil and natural gas producer additional
liquidity. Shares were up 3% at $5.08.
Glu Mobile Inc. (GLUU), a developer and publisher of games for
smartphones and tablets, unveiled a plan to offer stock to raise
proceeds for working capital and general corporate purposes. Shares
were down 7.9% at $2.22 premarket.
Linn Energy LLC (LINE) and LinnCo LLC (LNCO) said they have
reached a deal to buy oil and natural gas properties in the Permian
Basin for $525 million. Line Energy shares were up 3.2% to
$28.80.
Oclaro Inc. (OCLR) sold its Switzerland-based semiconductor
laser business and related assets to II-VI Inc. (IIVI) for $115
million, allowing the optical-components maker to move forward with
its restructuring plans. II-VI, a maker of engineered materials and
optoelectronic components, also paid $5 million for an exclusive
option, which expires in 30 days, to buy Oclaro's optical amplifier
and micro-optics business for $88 million. Oclaro shares rose 42%
to $1.50 premarket.
Pandora Media Inc. (P) named Brian McAndrews, a former aQuantive
and Microsoft Corp. (MSFT) executive, as its chief executive and
chairman, a move that comes six months after Joe Kennedy said he
would be stepping down from the Internet-radio firm's helm. Shares
rose 7.2% to $22.91 premarket.
SeaWorld Entertainment Inc. (SEAS) said revenue and admissions
through August in the current fiscal year have risen from
year-earlier levels, growing during the critical summer season
despite some challenging weather conditions. Shares rose 5.9% to
$30.33 premarket.
Vera Bradley Inc. (VRA) reported its fiscal second-quarter
earnings rose 12% as the handbag designer's revenue was boosted by
recent store openings, but same-store sales sank and the company
sharply cut its full-year outlook. Shares fell 11% to $17.35
premarket.
Watch list:
Activist investment firm Engaged Capital LLC has withdrawn its
nomination for a director to AeroVironment Inc.'s (AVAV) board and
plans to withhold its votes for all three of the company's board
nominees. In a letter to AeroVironment's board, Engaged Capital
said it is "extremely disappointed" with the way its interactions
with the company--a maker of pilotless drones for the military and
rechargeable-battery technology for electric vehicles--have
progressed over the past several months.
Bristol-Myers Squibb Co. (BMY) on Thursday said its test to
determine if its Yervoy skin-cancer drug can be used to treat
prostate cancer didn't achieve its primary endpoint in a late-stage
trial.
Dunkin' Brands Group Inc. (DNKN) has signed a deal to take its
eponymous donut restaurants to London, as the company continues its
push to expand internationally.
Encana Corp. (ECA), North America's third largest natural-gas
producer, said a review of its assets has identified a number of
areas "where significant changes are required to be successful."
Calgary, Alberta-based Encana, which tasked internal and external
advisers earlier this year to review its operations, has been
grappling with slumping natural-gas prices which have hurt
profits.
Qualcomm Inc.'s (QCOM) board authorized a new $5 billion
share-buyback program, replacing a prior program valued at same
amount that the chip maker unveiled in March but didn't fully
complete.
Vertex Pharmaceuticals Inc. (VRTX) and Ametek Inc. (AME) will
join the S&P 500 index, replacing Advanced Micro Devices Inc.
(AMD) and SAIC Inc. (SAI), said S&P Dow Jones Indices. The
changes will occur after the close of trading on Sept. 20.
Write to Tess Stynes at tess.stynes@wsj.com
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