Among the companies whose shares are expected to see active trade in Wednesday's session are Intuit Inc., Ross Stores Inc., and BJ's Wholesale Club Inc.
Intuit (INTU) is likely to report a fiscal first-quarter loss of 12 cents a share, according to analysts surveyed by Thomson Reuters.
Ross Stores (ROST) is estimated to report a profit of 44 cents a share in the third quarter, according to analysts surveyed by FactSet Research.
BJ's Wholesale Club (BJ) is expected to report third-quarter earnings of 46 cents a share, according to analysts surveyed by FactSet Research.
LDK Solar Co. Ltd (LDK) is forecast to post earnings of 73 cents a share in the third quarter, according to analysts surveyed by FactSet Research.
Trina Solar Ltd. (TSL) is projected to post a third-quarter profit of $1.19 a U.S. share, according to analysts surveyed by Thomson Reuters.
Dress Barn Inc. (DBRN) is expected to report earnings of 28 cents a share in the fiscal first quarter, according to analysts surveyed by FactSet Research.
Hot Topic Inc (HOTT) is projected to post a third-quarter profit of 16 cents a share, according to analysts surveyed by FactSet Research.
PetSmart Inc (PETM) is expected to report third-quarter earnings of 26 cents a share, according to analysts surveyed by FactSet Research.
Semtech Corp. (SMTC) is forecast to post earnings of 24 cents a share in the third quarter, according to analysts surveyed by Thomson Reuters.
Gymboree Corp (GYMB) is estimated to report a profit of $1.03 a share in the third quarter, according to analysts surveyed by FactSet Research.
Men's Wearhouse Inc. (MW) is expected to report earnings of 24 cents a share in the third quarter, according to analysts surveyed by Thomson Reuters.
After Tuesday's closing bell, Lawson Software Inc. (LWSN) said it will cut 200 jobs, or about 5% of its global workforce, by the end of the year. The company expects to save about $40 million to $50 million a year from the restructuring. Lawson said it expects to take a charge of $9 million to $12 million for severance pay and related expenses in the second fiscal quarter ending Nov. 30.
Watch list
Fannie Mae (FNM) said it was notified by the New York Stock Exchange that it is deficient in listing standards and is subject to delisting. Fannie Mae shares have closed under $1 more than 30 consecutive trading days ending Nov. 12. Fannie needs to notify the NYSE on how it plans to regain compliance by Nov. 26.
Hanesbrands Inc. (HBI) said it will cut certain management positions and close a yarn plant in North Carolina, resulting in further job cuts. Hanesbrands said it will trim 210 management and corporate positions to reduce costs, and plans to close a China Grove, N.C., yarn plant by the end of the year, affecting 185 employees. Hanesbrands has about 48,600 employees worldwide. The company plans to take a charge of about $14 million, mostly in the fourth quarter, for the restructuring.
KLA-Tencor Corp. (KLAC) said it will cut about 15% of its workforce by the end of June 2009 because of current market conditions. KLA-Tencor employs about 6,000 people. The company expects to save about $165 million to $170 million by the end of fiscal year 2009 from the cuts. KLA-Tencor expects to take a charge of $15 million to $20 million in severance costs.
La-Z-Boy Inc. (LZB) said its fiscal second-quarter loss widened to $53.7 million, or $1.04 a share, from $9.9 million, or 19 cents a share, in the year-ago period. Results for the latest quarter included one-time charges of 78 cents a share. Analysts surveyed by FactSet Research estimated La-Z-Boy would break even. Revenue fell to $331.9 million from $365.4 million last year.
MGM Mirage (MGM) said its board elected James Murren as chairman and chief executive officer, effective Dec. 1, to succeed J. Terrence Lanni who recently announced his retirement. However, Lanni will remain a member of the board and will join the Diversity Committee. Murren was recommended by Lanni as his replacement, MGM Mirage said.
Molson Coors Brewing Co. (TAP) said that Pete Coors will succeed Eric Molson as chairman on Dec. 29. Coors is currently vice chairman. The company said that Eric Molson will also step down from the board in May 2009.
Pacific Sunwear of California Inc. (PSUN) reported its third-quarter net loss narrowed to $2.5 million, or 4 cents a share, from a loss of $20 million, or 29 cents a share, in the same quarter last year. Loss from continuing operations came in at 5 cents a share. "Results for the third quarter of fiscal 2008 include an after-tax, non-cash goodwill impairment charge of approximately $4.2 million, or 6 cents per diluted share," said the clothing retailer. Revenue decreased to $323.6 million from $341.9 million a year ago. Analysts surveyed by FactSet Research had forecast a loss of a penny a share. Pacific Sunwear forecasted a loss of 3 cents to 8 cents a share in the fourth quarter due to additional promotional activity and an assumption of a same-store sales decrease in the "negative high-single digit range."
Phillips-Van Heusen Corp. (PVH) reported its third-quarter net income fell to $53.7 million, or $1.03 a share, from $60.9 million, or $1.05 a share, in the same quarter last year. Excluding items, the company would have earned $1.10 a share. Earnings were negatively impacted by a decline in same-store sales at heritage outlet retail business and a drop in gross margin due to increased promotional deals as a result of a more challenging economic environment. Revenue increased to $727.5 million from $696.4 million, said the clothing manufacturer. Analysts surveyed by FactSet Research had forecast earnings of $1.07 a share on revenue of $722.1 million. The company expects fourth-quarter earnings of 23 cents to 33 cents a share and 2008 earnings of $2.71 to $2.81 a share. Phillips-Van Heusen sees fourth-quarter revenue in a range of $595 million to $615 million and revenue of $2.51 billion to $2.53 billion in 2008.
Principal Financial Group Inc. (PFG) said it applied as a savings and loan holding company to get funds under the Treasury's $700 billion bailout. Principal Financial said it could receive up to $2 billion under the program.
Royal Caribbean Cruises Ltd. (RCL) said its board decided to discontinue common stock dividend after a review of its dividend policy. The move is a part of its cost saving efforts which includes reduction in running costs, general and administrative expenses and capital expenditure. Quarterly dividends were recently 15 cents a share, totaling about $130 million a year, Royal Caribbean said.
Principal Financial Applies For Treasury Bailout Funds
SAN FRANCSICO -- Principal Financial Group Inc. said late Tuesday that it applied as a savings and loan holding company to get funds under the Treasury's $700 billion bailout. Principal Financial said it could receive up to $2 billion under the program.
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