Among the companies whose shares are expected to see active trading in Wednesday's session are International Business Machines Corp., Intel Corp., and J.P. Morgan Chase & Co.

Abbott Laboratories (ABT) is expected to report second-quarter earnings of 68 cents a share, according to a survey of analysts by Thomson Financial.

Allstate Corp. (ALL) is expected to post earnings of $1.80 a share for the second quarter.

Altria Group Inc. (MO) is expected to report second-quarter earnings of $1.13 a share.

EBay Inc. (EBAY) is expected to post earnings of 32 cents a share for the second quarter.

Gannett Co. (GCI) is expected to report second-quarter earnings of $1.22 a share.

IBM (IBM) is expected to post earnings of $1.47 a share for the second quarter.

J.P. Morgan Chase (JPM) is expected to report second-quarter earnings of $1.08 a share.

Pfizer Inc. (PFE) is expected to post earnings of 50 cents a share for the second quarter.

Southwest Airlines (LUV) is expected to report second-quarter earnings of 22 cents a share.

Washington Mutual Inc. (WM) is expected to post earnings of 89 cents a share for the second quarter.

After Tuesday's closing bell, Intel Corp. (INTC) reported its net income rose 44 percent from a year ago, helped by a slimmer workforce and solid microprocessor shipments.

Also, Yahoo Inc. (YHOO) said its second-quarter profit fell slightly from the same period a year ago, as the Internet company begins rebuilding following a shakeup in its top executive ranks.

And, Whole Foods Markets Inc. (WFMI) said it's launching an internal probe into the Internet message-board postings made by John Mackey, the company's co-founder and chief executive.

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3Com Corp. (COMS) shares rallied in after-hours trade, rising more than 5 percent to $4.59. Prior to the closing bell, The Wall Street Journal reported on its Web site that the Marlborough, Mass.-based telecom-equipment company has been approached in the past couple of months by possible buyers, including private-equity firms Silver Lake Partners and Bain Capital. In addition, Nortel Networks (NT) may also be interested in 3Com, the report said, citing people familiar with the matter.

Altadis SA (ALTDF) , a Spanish tobacco-products company, has agreed to be acquired by Imperial Tobacco Group Plc (ITY) for about 50 euros per share, or roughly 13 billion euros ($17.9 billion), according to a media report late Tuesday. Imperial has outflanked Luxembourg private-equity firm CVC Capital Partners Ltd., which has also been seeking a takeover of Altadis, The Wall Street Journal reported on its Web site, citing people close to the matter. The deal would create a European tobacco giant with leading market shares in the United Kingdom, France and Spain, among other countries, the Journal reported.

AMB Property Corp. (AMB) reported second-quarter net earnings of $118.3 million, up 57 percent from $75.4 million in the year-ago period. Net income available to common shareholders was $111.4 million, or $1.10 a share, compared with $72.3 million, or 80 cents a share. The San Francisco-based real estate company said total revenue for the three months ended June 30 fell to $171.4 million from $175.9 million. Funds from operations were 74 cents a share vs. 87 cents a share last year, the company said.

A Bear Stearns Cos. (BSC) hedge fund that made leveraged bets in the subprime mortgage market is worth nearly nothing, according to two people briefed by the investment bank. See full story.

Bristol-Myers Squibb Co. (BMY) and Otsuka Pharmaceutical Co. Ltd. said the Food and Drug Administration granted a priority review for Abilify as an adjunctive treatment for adults with major depressive disorder. The FDA assigns priority review status if a product would be a significant improvement from marketed products in the treatment or prevention of a disease. Bristol-Myers and Otsuka, which discovered Abilify, are collaborating in the development and commercialization of the drug in the U.S. and major European countries.

Carbo Ceramics Inc. (CRR) boosted its second-quarter dividend to 14 cents a share, a 17 percent increase from the previous quarter. The dividend is payable Aug. 15 to shareholders of record July 31. The Irving, Texas oil-field service company also named James B. Jennings and Randy L. Limbacher to its board of directors. Jennings is chairman of Hunt Oil Co. Limbacher is executive vice president-exploration and production, North and South America for ConocoPhillips (COP).

Champion Enterprises Inc.'s (CHB) second-quarter net income plunged to $7.47 million, or 10 cents a share, from $112.1 million, or $1.44 a share, a year earlier. Year-ago earnings included a $101.9 million gain from the reversal of a deferred tax asset valuation allowance, the Auburn Hills, Mich., prefabricated-housing company said. Net sales decreased 11 percent to $330.4 million from $370.7 million a year ago. Analysts polled by Thomson Financial predicted second-quarter earnings of 7 cents a share and revenue of $329.4 million.

Consumer Portfolio Services Inc. (CPSS) reported second-quarter earnings of $3.49 million, or 15 cents a share, up 33 percent from $2.63 million, or 11 cents a share, in the year-ago period. The Irvine, Calif.-based specialty finance company said revenue in the three months ended June 30 rose 42.6 percent to $95.8 million from $67.2 million in the comparable period last year. Analysts polled by Thomson Financial were expecting, on average, a per-share profit of 14 cents on revenue of $90.4 million.

Crown Holdings Inc.'s (CCK) second-quarter net income grew 76 percent to $88 million, or 53 cents a share, from $50 million, or 29 cents a share, a year earlier, as revenue rose 12 percent. The Philadelphia consumer marketing products company's revenue climbed to $1.99 billion from $1.78 billion in the year-ago period. The latest quarter included a net gain of $4 million, or 2 cents a share, from unusual items. On average, analysts expected per-share earnings of 45 cents on revenue of $1.95 billion, according to a poll by Thomson Financial. Analyst estimates typically exclude unusual items.

Railroad operator CSX Corp. (CSX) reported second-quarter net income of $324 million, or 71 cents a share, down from $390 million, or 83 cents, in the year-ago quarter. Excluding one-time items, CSX earned 58 cents a share a year ago. Revenue for the three months ended June 30 rose nearly 5 percent to $2.53 billion from $2.42 billion a year ago. Analysts polled by Thomson Financial had predicted the Jacksonville, Fla.-based transport company would earn 64 cents a share on $2.53 billion in sales.

The head of Microsoft Corp.'s (MSFT) Xbox video-game division is leaving the company for a top job at game publisher Electronic Arts Inc. (ERTS) .

Fulton Financial Corp.'s (FULT) second-quarter earnings fell 15 percent to $39.8 million, or 23 cents a share, from $46.7 million, or 27 cents a share, a year earlier. For the quarter ended June 30, interest income fell to $120.9 million from $122.9 million, as the provision for loan losses grew to $2.7 million from $875,000 in the prior-year period. At June 30, assets were $15.08 billion, compared with $14.56 billion on the same date a year earlier. Analysts polled by Thomson Financial, on average, expected earnings of 25 cents a share.

Palm Harbor Homes Inc. (PHHM) said it swung to a fiscal first-quarter net loss of $4.25 million, or 19 cents a share, from a year-ago net profit of $3.56 million, or 16 cents a share. The Addison, Texas-based homebuilder said revenue in the three months ended June 29 fell 26 percent to $143.3 million from $194.5 million in the comparable period last year. Analysts polled by Thomson Financial were expecting, on average, a per-share profit of a penny on revenue of $176 million. Palm Harbor also said it has terminated its partnership with BSM Financial L.P., a real estate mortgage bank of which Palm Harbor was the 50 percent sole limited partner.

Pharmaceutical Product Development Inc.'s second-quarter net income rose 17 percent to $42.6 million, or 36 cents a share, from $36.4 million, or 31 cents a share. Revenue for the Wilmington, N.C., drug company rose 13 percent to $350 million from $309 million for the year-ago period. Analysts expected, on average, per-share earnings of 36 cents on revenue of $330 million, according to a poll by Thomson Financial.

PPD Inc. completed a single ascending dose of its novel statin to treat dyslipidemia, a cholesterol disorder. The company said the compound was safe and well tolerated at all doses. PPD tested 36 males. Results from the trial suggest the potential to offer an improved safety profile over current statins. PPD began a first-in-patient clinical trial in high cholesterol patients, and plans to proceed into a Phase II proof-of-concept study.

Pulte Homes Inc.'s (PHM) said it expects to report a second-quarter loss from continuing operations at between $2 and $2.10 a share, including items. The items include impairments and land-related charges totaling between $740 million and $770 million, or $1.85 to $1.92 a share, and restructuring charges of about $40 million before taxes. The Bloomfield Hills, Mich., homebuilder had expected per-share results of nil or a loss of 10 cents a share, not including items.

RLI Corp. (RLI) reported second-quarter net earnings of $49.9 million, $2.04 a share, up from $22.9 million, or 89 cents a share, in the year-ago period. Operating earnings came in at $1.64 a share, up from 73 cents a share last year. Analysts polled by Thomson Financial were expecting, on average, a per-share profit of $1.04. The Peoria, Ill.-based insurer said net premiums earned in the three months ended June 30 rose 9.2 percent to $137.5 million from $125.9 million in the comparable period last year.

Usana Health Sciences Inc.'s (USNA) second-quarter net income rose 9.4 percent to $11.3 million, or 66 cents a share, from $10.3 million, or 55 cents a share, a year earlier. The Salt Lake City nutritional, personal care and weight-management products company's sales rose 18 percent to $109.4 million from $92.5 million a year earlier. Analysts polled by Thomson Financial expected, on average, earnings of 63 cents a share on revenue of $104.2 million. For the third quarter, Usana sees earnings of 65 cents to 67 cents a share on revenue of $105 million to $107 million, while analysts are looking for 63 cents a share on revenue of $106.5 million.

Warner Music Group Corp. (WMG) confirmed that it won't make an offer for U.K. music company EMI Group Plc (EMI) . The New York-based recording company did reserve the right, pursuant to a City Code on Takeovers and Mergers rule, to make an offer within the next six months if a party other than Maltby Ltd. makes an offer for the company. Warner Music was trading down after-hours at $13.44, after closing the regular session trading at $13.77.