Wal-Mart Stores Inc. (WMT) faces significant legal risks after it disclosed that it is investigating its operations in Mexico for possible violations of the U.S. law that prohibits bribery in foreign countries, legal experts said. Shares dropped 4.2% to $59.87 in recent premarket trading.
Kellogg Co. (K) cut its full-year guidance as weak volume growth in certain U.S. categories and its European business contributed to weaker-than-expected first-quarter results. Shares of the cereal company traded down 6% to $50.75 premarket.
ConocoPhillips’ (COP) first-quarter earnings fell 3% as the company was hurt by lower production and weaker refining margins in the last quarter before its split into two publicly traded companies. Shares were down 2.4% at $71.10 in recent premarket trading as the bottom line missed expectations.
Hasbro Inc. (HAS) swung to a first-quarter loss as the toy maker’s U.S. and Canadian sales slid after a weak holiday period in those markets, masking across-the-board growth abroad, led by Latin America. Hasbro’s adjusted profit, excluding severance costs, missed Wall Street’s expectations for the fourth time in five quarters. Shares tumbled 4.5% to $34.32 premarket.
Brinker International Inc.’s (EAT) fiscal third-quarter earnings rose 12% as the casual-dining company saw increased traffic and same-restaurant sales at both its chains. Shares of the parent company of Chili’s Grill & Bar and Maggiano’s Little Italy rose 5.7% to $29.50 premarket.
Troubled U.K. drug maker AstraZeneca PLC (AZN) Monday bolstered its thin pipeline of new drugs with the acquisition of U.S.-based Ardea Biosciences Inc. (RDEA) for $1.26 billion. Under the terms of the agreement, AstraZeneca will acquire Ardea, a biotech company that develops small-molecule therapeutics, for $32 a share, representing a 54% premium to the target company’s closing share price Friday. Shares jumped 51% to $31.56 premarket. AstraZeneca’s shares shed 1.5% to $45.53 premarket.
Amylin Pharmaceuticals Inc. (AMLN) is exploring the possibility of a sale, Reuters reports on its website Sunday, citing “sources familiar with the situation.” According to the report, Amylin hired Credit Suisse and Goldman Sachs to act as its financial advisers and retained Skadden Arps to give it legal advice. The report, citing the sources familiar, said in the past week Amylin started reaching out to potential buyers. Shares of Amylin climbed 9.2% to $25.02 premarket.
Xerox Corp.’s (XRX) first-quarter earnings fell 4.3% on restructuring charges and weaker margins, though the printer and copier company reported revenue growth as its services segment offset declines at its technology business. For the current quarter, the company forecast per-share earnings that were on the high end of what analysts were predicting. Xerox’s stock gained 1.9% to $8.02 premarket.
Jakks Pacific Inc. (JAKK) agreed to repurchase at least $80 million in stock and increase the size of its board, holding off shareholders who have been pushing for a sale and avoiding a potential proxy fight. Shares added 5.7% to $18.49 in light premarket trading.
CNO Financial Group Inc. (CNO) said its life-insurance subsidiary reached a tentative settlement with parties in a class-action suit that is contesting changes to some of its policies.
Dollar Thrifty Automotive Group Inc. (DTG) raised its full-year profit guidance, saying extremely favorable fleet costs have helped push it ahead of its initial targets for the year.
Edison International’s (EIX) southern California utility said Friday that a fire at the San Onofre nuclear power plant, which has been shut for months over equipment problems, was extinguished.
MGIC Investment Corp.’s (MTG) first-quarter loss narrowed as the private-mortgage insurer saw fewer delinquent loans and an increase in realized gains. The results easily beat expectations.
NeurogesX Inc. (NGSX) said it has received a letter from the Nasdaq stock market saying the drug developer has not met the minimum market capitalization for continued listing on the exchange and must request a hearing before a Nasdaq panel.
Otelco Inc. (OTT, OTT.UN.T) said Time Warner Cable Inc. (TWC) doesn’t expect to renew its contract for wholesale network connections, a major revenue source for the company.
Pro-Dex Inc. (PDEX) said Chief Executive Mark P. Murphy resigned from all his positions with the company and its subsidiaries Friday, and was immediately replaced by Director Michael J. Berthelot.
Qiao Xing Universal Resources Inc. (XING) said it is investigating a June money transfer made to an account controlled by its former chairman and chief executive, a probe that prompted the chairman of its audit committee to resign Wednesday.
Tellabs Inc. (TLAB) Chief Executive and President Rob Pullen disclosed he has been diagnosed with colon cancer but said he is working during the course of his treatment.
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