Among the companies with shares expected to trade actively in
Tuesday's session are Yum Brands Inc. (YUM), J.C. Penney Co. (JCP)
and Orbitz Worldwide Inc. (OWW).
Yum Brands' same-store sales in China slid an estimated 13% in
July, a worse-than-feared decline as the fast-food operator
continues to be stung by the residual effects of bad publicity
related to chicken-supplier quality issues. Shares fell 3.3% to
$72.00 premarket.
Hedge-fund manager William Ackman has resigned from the board of
J.C. Penney, bringing an end to an unusually public rift among
directors that had threatened the struggling company's turnaround
efforts. Shares of the retailer rose 1.4% to $13.35 premarket.
Orbitz said PAR Capital Management, its second-largest holder,
has sold about a third of its investment in the online travel
company, looking to diversify its portfolio. Shares fell 12% to
$10.30 premarket.
Avanir Pharmaceuticals Inc. (AVNR) reached an exclusive
agreement to promote pharmaceutical giant Merck & Co.'s (MRK)
type-2 diabetes drug Januvia in long-term care institutional
settings in the U.S. The biopharmaceutical company's shares were up
9.3% at $4.92 in premarket trading.
NQ Mobile Inc.'s (NQ) second-quarter earnings fell 8.3% as
higher costs masked the mobile Internet services company's strong
revenue growth. The China-based company's American depositary
shares were up 11% at $17.60 in premarket trading as adjusted
earnings beat expectations. NQ Mobile also raised its revenue
outlook for the year and projected third-quarter revenue above
Street estimates.
Digital Generation Inc. (DGIT) agreed to sell its
television-advertising delivery business to Extreme Reach Inc. for
$485 million in cash to focus exclusively on the digital market.
Shares surged 38% to $14.23 premarket as the Dallas provider of
digital media services plans to use the sale proceeds to pay
shareholders a cash distribution of at least $3 a share and retire
all outstanding debt. Shareholders also will receive shares in a
new company that will hold Digital Generation's online
business.
Access Midstream Partners LP (ACMP), a midstream natural gas
provider, is planning to offer eight million common units,
representing limited partner interests owned by Global
Infrastructure Partners II. The company won't receive any proceeds
from the offering, and the number of outstanding units will remain
unchanged. Units were off 2.9% to $47.23 premarket.
Rose Rock Midstream L.P. (RRMS), a partnership formed by
SemGroup Corp. (SEMG) to own and operate midstream energy assets,
is planning to offer nearly 4.8 million units, with plans to use
proceeds to purchase additional units to repay borrowings
outstanding under its revolving credit facility, fund capital
expenditures and for general partnership purposes. Rose Rock has
16.8 million units outstanding. Units were down 5.2% to $33.00
premarket.
Sina Corp. (SINA) swung to a second-quarter loss as the Chinese
Internet company recorded a one-time charge related to a deal with
e-commerce giant Alibaba Group Holding Ltd., masking a jump in
revenue. Shares were up 6.7% premarket to $85.76, as core earnings
and revenue growth exceeded expectations.
Watchlist:
Chesapeake Energy Corp.'s (CHK) new chief executive shook up the
natural-gas giant's top ranks Monday, saying four senior executives
would leave, including the longtime chief operating officer who
served as interim CEO earlier this year.
Diagnostic testing firm GenMark Diagnostics Inc. (GNMK), which
has almost 33 million shares outstanding, is planning to sell about
$60 million worth of stock. It has a market capitalization of
roughly $328 million.
The U.S. Food and Drug Administration has approved
GlaxoSmithKline PLC's (GSK, GSK.LN) Tivicay as a treatment for the
most common form of HIV.
Health Management Associates Inc.'s (HMA) largest stakeholder,
Glenview Capital Management LLC, on Monday said it received
shareholder approval to replace the hospital operator's entire
board with its own nominees.
Biopharmaceutical firm The Medicines Company (MDCO) is planning
to offer up to 5.5 million shares, for general corporate purposes,
which could include acquisitions, repayment or refinancing of debt,
and working capital. It has nearly 56 million shares
outstanding.
Employee benefits software company Wageworks Inc. (WAGE) plans
to offer 7.2 million shares and will use proceeds for general
corporate purposes, including strategic acquisitions, capital
expenditures and operating costs. WageWorks has about 33.8 million
shares outstanding, according to FactSet.
Write to Anna Prior at anna.prior@wsj.com
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