By Dow Jones
Among the companies whose shares are expected to actively trade in Friday's session are Gymboree Corp. , Hewlett-Packard Co. /zigman2/quotes/203461582/composite HPQ -0.94% and Borders Group Inc. .
Children's clothing retailer Gymboree is exploring the possibility of a sale to private equity firms, people familiar with the matter told The Wall Street Journal. Bankers for San Francisco-based Gymboree have been putting out feelers for the San Francisco-based company, but they cautioned there is no auction process. Shares surged 23% to $51 in premarket trading.
H-P named former SAP AG (SAP, SAP.XE) Chief Executive Leo Apotheker to that post, replacing Mark Hurd, who resigned last month amid a sexual-harassment investigation. Apotheker spent more than 20 years at the business-software giant, eventually rising to chief executive and surprisingly resigning from that post in February after less than a year at the helm. Shares fell 3% to $40.80 before the bell.
Borders Group Inc. announced that shareholders have approved two measures that stand to increase Chairman Bennett LeBow's grip on the struggling bookseller, voting for proposals to issue warrants and give an entity LeBow controls veto power on changes to any executive officer post. Shares rose 6.7% after-hours to $1.60.
The U.S. Treasury Department Thursday moved to sell down its Citigroup Inc. /zigman2/quotes/207741460/composite C +0.08% holdings, the latest government effort to unwind the hefty ownership stakes it took in financial institutions at the height of the financial crisis. The Treasury Department said it would cash out all of the trust preferred securities it holds in Citi for $2.25 billion, and had sold 1.5 billion shares of Citi's common stock, taking its ownership stake to 12.4% from 17.5%. Citi shares gained 1.8% to $3.98 in premarket action.
Accenture PLC's /zigman2/quotes/201711136/composite ACN -1.13% fiscal fourth-quarter earnings rose 75% as the company rebounded from a year-earlier quarter that included $253 million in restructuring charges. Shares rose 4.5% to $44.40 in premarket as profit topped analysts' expectations and the company projected earnings for the new year ahead of estimates.
DynaVox Inc. indicated its performance in the quarter ending Friday would be a disappointing aberration because of worse-than-expected demand weakness, prompting it to withdraw its full-year guidance. Shares in the company specializing in speech-generating technology plunged 25% to $6.11 in premarket trading.
In one of the largest Chinese oil acquisitions to date, Spain's Repsol SA announced the sale of 40% of its Brazilian assets to China Petrochemical Corp., or Sinopec Group, for $7.1 billion. The joint venture, valued at $17.8 billion overall, guarantees Repsol key funding to explore vast and coveted offshore oil fields in South America's biggest economy. Repsol's American despositary shares gained 6.4% to $27.37 in premarket trading.
Internet-service provider EarthLink Inc. agreed to acquire Southeastern U.S. business communications provider ITC DeltaCom Inc. for $191 million plus debt assumption as EarthLink aims to create a leading Internet, telecommunications and service provider. Meanwhile, EarthLink also raised the low end of its 2010 forecast. EarthLink shares fell 5% to $8.64 in premarket trading while ITC hadn't traded yet.
Teekay Tankers Ltd. /zigman2/quotes/202990483/composite TNK -0.77% said it plans to sell at least 8.2 million Class A shares, raising capital to pay down its revolving credit line. The stock dropped 7.8% to $12 in before the bell trading.
Tessco Technologies Inc.'s /zigman2/quotes/201101603/composite TESS +2.67% board unanimously rejected an unsolicited bid from investment firm Discovery Group, its largest non-management shareholder, saying the offer undervalues the company. Its shares rose 4.8% to $15.80 in after-hours trading.
Platinum Group Metals Ltd. (PLG, PTM.T), a Vancouver platinum miner, will see 49 million shares to raise capital intended for boosting its interest in a joint venture. The company said it completed "an extensive strategic review of its options" including selling the company or announcing a merger, and determined the plan to advance this key project was the best option. Its shares fell 10% to $2.10 in premarket trading in New York.
AZZ Inc.'s /zigman2/quotes/207538123/composite AZZ +1.64% fiscal second-quarter earnings dropped 13% as costs grew and the electrical and industrial products markets failed to show the level of stability or recovery the company had anticipated.
Alimentation Couche-Tard Inc. (ATD.B.T, ANCUF) has let its tender offer for Casey's General Stores Inc. /zigman2/quotes/208156554/composite CASY +0.08% expire, given the convenience-store operator board's "repeated refusal to negotiate with us." The announcement came a week after Casey's said its shareholders voted to re-elect "by a wide margin" all eight of the company's incumbent directors, with the directors nominated by Couche-Tard receiving less than 10% of the vote at Casey's annual meeting.
Christopher & Banks Corp.'s fiscal second-quarter loss widened as shoppers at the women's clothing retailer had a tepid response to new merchandise late in the quarter. Results for the company, which targets mostly women over 40 with above-average incomes, fell short of analysts' expectations.
DemandTec Inc.'s /zigman2/quotes/206298766/composite DMAN -1.88% fiscal second-quarter loss narrowed on fewer charges while core profit and sales were both better than predicted. The results for the company, which makes software to predict demand for retail and consumer-product companies, posted results that beat its already-optimistic guidance.
Flagstone Reinsurance Holdings Ltd. /zigman2/quotes/209924856/composite FSR -2.18% put its losses from a 7.1-magnitude earthquake earlier this month in New Zealand at $52.5 million, although the company said it still expects to produce positive growth in book value per share for the quarter.
Lawson Software Inc.'s fiscal first-quarter profit surged 61% as revenue grew and margins slightly improved, helping results top the company's July expectations.
A Massachusetts jury ruled that a former Schering-Plough unit caused the commonwealth to overpay local pharmacists for prescriptions of albuterol, used to treat symptoms of lung disease, hitting current Schering-Plough owner Merck & Co. /zigman2/quotes/209956077/composite MRK +1.99% with $4.6 million in damages. The drug giant said it will "vigorously" appeal.
Northfield Bancorp Inc. /zigman2/quotes/204203074/composite NFBK +0.23% said it has postponed its stock offering--part of its conversion to a stock-holding company from a mutual-holding one--because of "unfavorable market conditions."
Smart Modular Technologies (WWH) Inc. swung to a fiscal fourth-quarter profit as sales doubled and margins improved. The memory-chip maker's results topped its guidance, but it forecast first-quarter earnings slightly below estimates.
Yahoo Inc. confirmed the departures of three high-level executives Thursday, as the company's top ranks continue to lose key figures. Hilary Schneider, one of Yahoo's top U.S. executives, will remain at the company for a transition period, as Senior Vice President David Ko, who worked in North American audience, mobile and local operations, and Jimmy Pitaro, a vice president of media also leave.