Among the companies with shares expected to actively trade in
Wednesday's session are Time Warner Inc. (TWX), Bank of America
Corp. (BAC) and Intel Corp. (INTC).
Abbott Laboratories (ABT) said its second-quarter earnings
decreased 2.2% on tax-related costs, though revenue edged up, led
by the diagnostics business. "We're ahead of our expectations
through the first half of the year and are raising our EPS guidance
range as we continue to shape the company for long-term growth,"
said Chairman and Chief Executive Miles D. White. Shares edged up
2% premarket to $42.01.
Bank of America said its second-quarter profit slid 43% as the
banking giant was again weighed down by large one-time legal
charges and a slump in mortgage originations. The bank also said it
had reached a $650 million deal with American International Group
Inc. (AIG). Shares edged down 1% to $15.66 premarket.
BlackRock Inc. (BLK) said its second-quarter profit and revenue
jumped as assets under management surged, helping the firm's
results easily top analysts' expectations. Shares edged up 1.3% to
$328 premarket.
Intel said it shipped a record number of microprocessors in its
second quarter, posting a 40% jump in profit, in line with an
increased June forecast. Intel predicted another jump in revenue in
the current quarter, with gross profit margins approaching record
levels. Shares rose 5.2% to $33.35 premarket.
Textron Inc. (TXT) said its second-quarter profit climbed 27% as
revenue improved across nearly all of its business segments and
continued to benefit from the aircraft maker's acquisition of
Beechcraft Corp. The company's earnings topped analysts'
expectations, pushing shares up 3.3% to $39.62 premarket.
21st Century Fox Inc. (FOXA) made an offer in early June to buy
Time Warner at $85 a share. Time Warner rejected the offer curtly,
after Chief Executive Jeff Bewkes took the proposal to the board.
Since then, Time Warner has been unwilling to engage with Fox,
according to people familiar with the situation. Time Warner surged
17% to $83.01 premarket.
Watch List:
AAR Corp. (AIR) projected per-share earnings for its recently
started fiscal year that missed analysts expectations, though the
company's fiscal fourth quarter beat estimates.
Cintas Corp. (CTAS) posted higher earnings for its fiscal fourth
quarter, but the workplace-uniform maker said it is cautious on the
economic outlook.
Hershey Co. (HSY) said it would increase prices, citing higher
commodity, utility and transportation costs. It also said it
expects 2014 sales and earnings growth around the low end of its
targets for the year.
Interactive Intelligence Group Inc. (ININ) cut its revenue
projection for the second quarter, saying total orders had fallen
38%.
Pfizer Inc. (PFE) said a regimen for treating patients with
hemophilia B met the primary endpoint of its Phase 3 trial. The
pharmaceutical giant said its Benefix coagulation factor IX regimen
demonstrated a statistically significant reduction in bleeding
rates for patients with moderately severe to severe hemophilia B
compared to rates for those receiving on-demand treatment with
Benefix.
PNC Financial Services Group Inc.'s (PNC) second-quarter
earnings dropped slightly, as the regional lender posted a decline
in revenue. The bottom line beat expectations.
PolyOne Corp. (POL), which produces polymer materials including
color and additive concentrates, vinyl materials and resins, said
it will close two plants in Brazil.
Realogy Holdings Corp. (RLGY) has reached an agreement to buy
ZipRealty Inc. (ZIPR) for $166 million in cash at a big premium,
the companies said Tuesday.
Sirius XM Holdings Inc. (SIRI) has authorized a $2 billion
increase to its stock buyback, citing confidence in its long-term
growth prospects.
St. Jude Medical Inc. (STJ) said its second-quarter earnings
more than doubled as the medical-device maker's revenue improved,
though the year-earlier period was weighed down by
debt-extinguishment costs. Earnings topped expectations, and the
company raised its outlook for the year.
U.S. Bancorp's (USB) second-quarter profit increased slightly as
the regional bank posted higher revenue and loan growth. The
results beat expectations.
Write to Maria Armental at maria.armental@wsj.com
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