Among the companies whose shares are expected to actively trade
in Friday's session are Wells Fargo & Co. (WFC), Aveo
Pharmaceuticals Inc. (AVEO) and Valero Energy Corp. (VLO).
Wells Fargo on Friday posted strong results for the second
quarter, reporting a 19% rise in net income as its lucrative
mortgage business continued to bolster results despite rising
interest rates. Results topped Street estimates. Shares rose 1.6%
to $42.55 premarket.
Aveo Pharmaceuticals said it has received a subpoena from the
U.S. Securities and Exchange Commission requesting documents and
information related to the company's treatment for advanced renal
cell carcinoma, which regulators declined to approve last month.
Shares fell 12% to $2.24 premarket.
Valero expects its second-quarter profit to fall short of
analysts' estimates, as its refining earnings are hit by rising
crude-oil prices. Shares fell 3.5% premarket to $33.32.
WebMD Health Corp. (WBMD) again raised its revenue forecast for
the year and now predicts it will post a profit, saying demand for
advertising and sponsorship services has grown, particularly from
biopharmaceutical customers. Shares of the health-information
website provider rose 18% to $31.87 premarket.
Spreadtrum Communications Inc. (SPRD) has agreed to be acquired
by Tsinghua Unigroup Ltd. for about $1.78 billion, in a deal the
China-based fabless-semiconductor provider says will bolster its
growth prospects. Shareholders will receive $31 per American
depositary share, representing a 17% premium to Thursday's close.
ADSs rose 14% to $30.16 premarket.
Mobile electronic device accessories maker iGo Inc. (IGOI) said
it has entered into a definitive stock purchase and sale agreement
with Steel Excel Inc. (SXCL). According to the agreement, Steel
Excel will commence a cash tender offer to purchase up to 44% of
the outstanding shares of the iGo's common stock at a price of
$3.95 a share, representing a 72% premium to iGo's closing stock
price on July 10. Shares of iGo rose 53% to $3.50 premarket.
India's Infosys Ltd. (INFY, 500209.BY) maintained its forecast
of 6% to 10% revenue growth in dollar terms for the current fiscal
year, it said Friday. Meanwhile, April-to-June quarter earnings
beat analyst estimates. ADSs rose 9% to $47.98 premarket.
Watchlist:
AngioDynamics Inc.'s (ANGO) fiscal fourth-quarter loss narrowed
as the medical-device company reported sales growth from its
oncology and surgery business.
Bank of the Ozarks Inc.'s (OZRK) second-quarter earnings rose
6.8% as the regional bank's interest income and noninterest income
both improved.
Dell Inc.'s (DELL) special committee dismissed activist investor
Carl Icahn's push for shareholders to seek an appraisal of their
shares, saying the move would involve substantial risks and costs.
Mr. Icahn also told Bloomberg TV Thursday he is pledging to offer a
warrant to his tender offer for Dell and said he would have a
"higher" bid for Dell by Friday morning.
H&R Block Inc. (HRB) agreed to sell the assets and
liabilities of H&R Block Bank to Republic Bank and Trust Co.,
allowing the tax-preparation company to exit the banking
business.
J.P. Morgan Chase & Co.'s (JPM) second-quarter earnings rose
31% as the bank bounced back from a massive trading loss a year
earlier, while investment banking profit and credit quality both
strengthened. Revenue beat the estimates of analysts polled by
Thomson Reuters.
Terreno Realty Corp. (TRNO) plans to sell five million shares,
as the owner of industrial property seeks to pay down debt. The
company said its offering priced at a 1.6% discount to Thursday's
closing price. The company had about 19.2 million shares
outstanding as of May 6.
Write to Anna Prior at anna.prior@dowjones.com
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