Among the companies with shares expected to actively trade in Wednesday’s session are Men's Wearhouse Inc.(MW), Alcoa Inc.(AA) and Yum Brands Inc.(YUM)
Jos. A. Bank Clothiers Inc. approached Men’s Wearhouse about a combination that would create a nationwide powerhouse in men’s apparel. The offer is worth $2.3 billion, or $48 a share in cash, a 36% premium over the closing price Tuesday. Men’s Wearhouse has said it’s reviewing the proposal. Its shares surged, while Jos. A. Bank rose.
Alcoa swung to a third-quarter profit as the aluminum maker reported lower costs that bolstered the bottom line, though revenue fell slightly due to weaker shipments. Results easily topped analyst expectations, sending shares up.
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Yum’s third-quarter profit fell 68%, as the parent company of KFC, Taco Bell and Pizza Hut continued to take a hit from its Chinese operations. Shares fell, as the company lowered its expectations for its Chinese division, and its results came in below Wall Street expectations.
Family Dollar Stores Inc.'s(FDO) fiscal fourth-quarter earnings rose 26% as the discount retailer reported continued strong sales growth for consumable goods such as groceries. However, comparable-store sales were weaker than expected. The company also gave a cautious view for the recently started fiscal year and its fiscal first-quarter estimate also missed expectations, sending shares down.
Fastenal Co.'s(FAST) third-quarter earnings rose 9.2%, benefiting from increased sales and slightly higher margins. As in its second-quarter report, the company again warned that it believes its sales growth was held back in part by global economic uncertainty, combined with economic policy uncertainty in the U.S. Shares dropped.
K12 Inc.(LRN) said its average student enrollments for the fiscal first quarter came in below the company’s expectations. Shares dropped, as the online-education company also offered revenue guidance for the fiscal year below Wall Street estimates.
Lexicon Pharmaceuticals Inc.(LXRX) said a pilot study of a treatment for ulcerative colitis showed certain clinical benefits, but the results lacked other findings that would indicate a large enough impact to move ahead on developing the treatment for this particular use. Shares dropped.
Ariad Pharmaceuticals Inc.(ARIA) said the Food and Drug Administration placed a partial clinical hold on all new patient enrollments in clinical trials of Iclusig, after follow-ups at 24 months found some patients treated with the drug suffered from serious arterial thrombosis or other conditions. Shares dropped.
Biotechnology company Lpath Inc.(LPTN) warned Pfizer Inc.(PFE) may divest itself of its exclusive option to co-develop the smaller firm’s leading product candidate. Lpath’s stock fell.
Biopharmaceutical development company CytRx Corp.(CYTR) and early-stage diagnostics company Cancer Genetics Inc.(CGIX) separately disclosed plans to sell stock. CytRx, whose offering of 10 million shares priced at an 18% discount, is aiming to raise money to fund its clinical trials, while Cancer Genetics wants to hire more sales and marketing personnel, as well as fund research and development. CytRx dropped, while Cancer Genetics fell.
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