Solar-panel maker First Solar again lowered its outlook for the year amid continued project delays in its systems business due to weather and other factors, while also projecting a weak view for 2012 and disclosing a reorganization of some operations. Shares tumbled 12% to $37.35 in recent premarket trading.
Avon shares gained 10% to $17.75 in recent premarket trading after announcing late yesterday that Andrea Jung will step down as CEO. Citigroup calls the announcement "long and broadly anticipated/expected/hoped for," though Jung will remain at Avon as executive chairman. Citigroup thinks the door-to-door beauty products company can perform better, though "we think investors should acknowledge that there is no easy fix, and that any change - whether strategic or just ironing out execution wrinkles - will take time."
Cheniere Energy said Tuesday it will offer 33 million shares of its common stock as the energy company looks to raise funds for general corporate purposes, including repayment of indebtedness. Shares slid 9% to $8.50 in recent premarket trading.
Oppenheimer notes AT&T (T) last week said it's on track to break its single-quarter smartphone sales record, and while that increases the firm's smartphone sales forecast, it leads to lower fiscal year 2011 and 2012 earnings-per-share views to account for higher subsidies. "Positively, we believe subsidy expense growth is peaking," Oppenheimer says, "and although at best we see flat wireless margins in 2012, we believe there could be upside to our 2013 forecast," Shares slipped 1.3% to $28.65 in recent premarket trading.
Stifel Nicolaus cut its stock-investment rating on Altria Group Inc. (MO) to hold from buy after shares rose to its $29 price target. Stifel says it is confident in the cigarette maker's fundamentals into next year, but says the shares are pricing in the upside, noting that Altria is "trading at an 8% discount to the S&P Consumer Staples sector and a 10% premium to the S&P 500, both of which are well above its historical average." Shares edged 0.7% lower to $28.80 in recent premarket trading.
Joy Global Inc.'s (JOY) fiscal fourth-quarter earnings rose 18% as the heavy-duty mining equipment maker continued to report stronger revenue and bookings with a boost from acquisitions. But the results fell short of analysts' expectations, sending the shares down 3.4% to $81.70 in recent premarket trading.
RiT Technologies Ltd. (RITT) said it will convert an outstanding loan of about $3.2 million into over 636,000 ordinary shares at an average price of $5.09 per share, reflecting a 24% premium above its closing price on Tuesday. Shares surged 23% to $5.05 in recent premarket trading.
Sequans Communications SA (SQNS) updated its guidance for the current quarter, announcing a revenue and bottom-line outlook that fell beneath Wall Street's expectations. Shares tumbled 30% to $2.50 in recent premarket trading For the latest updates on the stock market, visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today
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