WASHINGTON (MarketWatch) — Among the stocks that could see active trade in Tuesday’s session are Netflix Inc., Hormel Foods Corp. and Hewlett-Packard Co.
Companies on deck to report results include Medtronic Inc. /zigman2/quotes/206816578/composite MDT +2.57% , Campbell Soup Co. /zigman2/quotes/202107764/composite CPB -1.31% , American Woodmark Corp. /zigman2/quotes/209470000/composite AMWD +0.21% , TiVo Inc. , LDK Solar Co. , Diana Containerships Inc. , Eaton Vance Corp. , Genesco Inc. /zigman2/quotes/203016164/composite GCO +0.07% , DSW Inc. , Chico’s FAS Inc. /zigman2/quotes/203348060/composite CHS +3.40% , Cracker Barrel Old Country Store Inc. /zigman2/quotes/205921983/composite CBRL -1.58% , Books-A-Million Inc. and Patterson Cos. /zigman2/quotes/205416678/composite PDCO -0.40% , among others.
Hormel Foods /zigman2/quotes/209170265/composite HRL -0.15% is also on Tuesday’s earnings calendar. Late Monday, Hormel’s board voted an increase of nearly 18% in the Austin, Minn.-based company’s dividend on common stock, to an annual rate of 60 cents a share. A quarterly dividend of 15 cents a share will be paid Feb. 15 to stockholders of record as of Jan. 23. It marks the 46th straight year in which the company’s annual dividend has been increased,. Hormel said.
Netflix /zigman2/quotes/202353025/composite NFLX -0.72% said it anticipates generating net proceeds of about $397 million through concurrent offerings of common stock and convertible notes. The company agreed to sell $200 million in stock to mutual funds and accounts managed by T. Rowe Price Associates Inc., in the form of about 2.86 million shares priced at $70 each. Another $200 million would be raised via a private placement of convertible notes to funds affiliated with Technology Crossover Ventures. The 7-year notes will be convertible into shares of Netflix common at an initial conversion rate of 11.6553 shares per $1,000 principal amount, equivalent to an initial conversion price of about $85.80 a share, subject to adjustment. “With this additional capital from two long-term oriented investors, we have strengthened our balance sheet and remain focused on growing our streaming subscriptions and returning to global profitability after our launch of the U.K. in 2012,” said David Wells, chief financial officer of Los Gatos, Calif.-based Netflix, in a statement. The two offerings are scheduled to close on or about Nov. 28, the company said.
Glatfelter /zigman2/quotes/201799418/composite GLT +2.14% said it expects to take an after-tax charge of $6.3 million against results for the fourth quarter in connection with the company’s decision to retire high-yield debt. The manufacturer of specialty papers and fiber-based engineered materials will retire in December $100 million in 7.125% notes due May 2016, using funds from an expanded revolving credit facility. Terms of the revolver were amended to, among other things, increase the size of it to $350 million from $225 million previously, the York, Pa.-based company said. Funds from the facility also will go toward working capital, growth initiatives and other general corporate purposes, according to Glatfelter’s management.
Fusion-io Inc. priced a secondary public offering of common stock at $33 each, with gross proceeds pegged at $99 million. More than 8.8 million shares are being sold in the offering — 3 million by the Salt Lake City-based company and the rest by selling stockholders. Underwriters have an option to buy up more than 1.3 million additional shares from the selling stockholders on the same terms and conditions.
Unilife Corp. completed an institutional offering of 8.25 million common shares priced at $4.35 each. Net proceeds of $33.8 million are expected to be earmarked to develop and supply advanced drug-delivery systems and to help fund an expanded workforce, the York, Pa.-based company said. Underwriters have a 30-day option to buy as many as 1.24 million additional shares if investor demand warrants.
Monday earnings recap
Hewlett-Packard /zigman2/quotes/203461582/composite HPQ +2.86% steered Wall Street lower as the Dow Jones Industrial Average component reported results for the fourth quarter ended Oct. 31. The Palo Alto, Calif.-based company posted a net profit of $239 million, or 12 cents a share, down from $2.54 billion, or $1.10 a share, earned in the final three months of fiscal 2010. Quarterly revenue fell to $32.12 billion from the prior year’s $33.28 billion. On an adjusted basis, income for the latest quarter would have been $1.17 a share. Analysts had been looking for H-P’s earnings to come in at $1.13 a share on revenue of $32.05 billion, according to the consensus in a survey by FactSet Research. But for the first quarter, the company said it expects adjusted profit in a range of 83 cents to 86 cents a share, along with adjusted earnings of “at least” $4 a share for all of fiscal 2012. The FactSet-derived consensus estimates stood at $1.11 a share for the quarter and $4.53 a share for the year. Read more on headwinds facing Dow component Hewlett-Packard.