Among the companies with shares expected to actively trade in
Wednesday's session are Cliffs Natural Resources Inc. (CLF),
Francesca's Holdings Corp. (FRAN) and Access Midstream Partners LP
(ACMP).
The bloodletting in shares of iron-ore miner Cliffs Natural
Resources Inc. isn't done, contend Morgan Stanley and Credit Suisse
as they slash price targets on the stock. Credit Suisse, already
bearish and which goes to $10 from $30, says, "structural changes
taking place in CLF's key Great Lakes market...will compromise its
pricing power and erode the earnings potential of the US iron-ore
business." Shares dropped 11% premarket to $18.53.
Francesca's Holdings Corp. said some shareholders, including
members of the retailer's management and private-equity firm CCMP
Capital, plan to sell 7.4 million of its shares. Francesca's had
43.9 million shares outstanding as of March 1. Shares fell 5.5% to
$28.50 premarket.
Access Midstream Partners LP said it will sell nine million
units, in part to raise money to repay debt. The energy company
recently had around 97.4 million units outstanding. Units fell 4%
to $39.60 in premarket trading.
Government-services contractor SAIC Inc. (SAI) posted a
stronger-than-expected fourth-quarter profit and declared a special
cash dividend of $1 a share. Share rose 2.6% to $13.30 in premarket
trade.
Watchlist:
Barclays Bank PLC (BCS, BARC.LN) is offering to buy back up to
$1 billion worth of its debt with cash through a modified Dutch
auction, as part of its ongoing liability-management program.
Capital Trust Inc. (CT) filed plans to offer up to $100 million
in common stock. The real-estate finance firm had 29.3 million
Class A shares outstanding as of March 25.
CBS Corp. (CBSA, CBS) has agreed to buy half of TV Guide Network
and will enter a 50-50 partnership with Lions Gate Entertainment
Corp. (LGF) for the entertainment channel and website.
Gleacher & Co. (GLCH), the embattled advisory and trading
firm that has struggled with internal turmoil as it seeks a buyer,
is setting up for a proxy battle later this spring.
Landec Corp.'s (LNDC) fiscal third-quarter profit was roughly
flat as the food-packaging maker's sharp revenue growth was offset
by higher costs and charges. The company said bad weather in
Florida would affect its fourth-quarter results.
LogMeIn Inc. (LOGM) said a federal jury in Virginia has found
that its products don't infringe on a patent held by 01 Communique
Laboratory Inc. (OCQLF, ONE.T).
Mattress Firm Holding Corp.'s (MFRM) fiscal fourth-quarter
earnings fell 56% as impacts from a year-earlier tax benefit masked
strong sales growth at the bedding retailer.
-Write to Mia Lamar at mia.lamar@dowjones.com
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