SAN FRANCISCO – Among the companies whose shares are expected to see active trading in Tuesday's session are Donaldson Co., Finisar Corp., Boston Scientific and Johnson & Johnson. U.S. markets are closed Monday, Sept. 3 for the Labor Day holiday.
Avanex Corp. (AVNX) is expected to report flat fourth-quarter results on a per-share basis, according to a survey of analysts by Thomson Financial.
Donaldson (DCI) is expected to post earnings of 48 cents a share for the fourth quarter.
Finisar (FNSR) is expected to report second-quarter earnings of 3 cents a share.
Guess (GES) is expected to post earnings of 33 cents a share for the second quarter.
Mobile Telesystems (MBT) is expected to report second-quarter earnings of $1.13 per American Depositary Share.
NCI Building Systems Inc. (NCS) is expected to post earnings of $1 a share for the third quarter.
After Friday's closing bell, Citigroup Inc. (C) said that it had acquired the wholesale mortgage-origination and servicing assets of subprime-mortgage lender ACC Capital Holdings, including the servicing rights on $45 billion of home loans. See full story.
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In a move that illustrates the growing tension between Hollywood and Apple Inc. (AAPL) , the Mac and iPod maker announced Friday that it will pull shows from NBC off its popular iTunes store due to a dispute with the network over pricing. See full story.
Burlington Northern Santa Fe Corp. (BNI) said it has been notified that Berkshire Hathaway Inc. (BRKA) (BRKB) may reach the 25% ownership threshold of its plan to acquire more of the railroad company. According to a Securities and Exchange Commission filing, Berkshire's planned acquisitions may require approval under the Hart-Scott-Rodino antitrust law, and it submitted required notifications to the Federal Trade Commission and the Justice Department. See related story.
Boston Scientific (BSX) could see movement on Tuesday. A meeting Sunday of a group of cardiologists in Vienna, Austria presented research that showed drug-coated heart stents may not increase the risk of blood clots as much as previously thought. Boston Scientific and rival Johnson & Johnson (JNJ) are the leading makers of drug-coated stents. The study reversed an earlier finding that showed an 18% increase in deaths among patients, which fueled concern about the products earlier this year and helped trigger a plunge in worldwide sales.
See story in WSJ.com (subscription required)
El Paso Corp. (EP) said its El Paso Pipeline Partners L.P. subsidiary filed a registration statement with the Securities and Exchange Commission in connection with its planned initial public offering of common units. The company said that it will apply to list the units on the New York Stock Exchange under the symbol "EPB." Lehman Brothers, Citi, Goldman Sachs and UBS are underwriting the deal. El Paso Pipeline Partners expects to offer 25 million common units, representing a 32.2% limited-partner interest. The company will own and operate natural-gas transportation pipelines and storage assets consisting of Wyoming Interstate Co., Colorado Interstate Gas Co. and Southern Natural Gas Co. Following the offering, El Paso Corp. will own the 2% general-partner interest of El Paso Pipeline, all of the incentive-distribution rights, a 65.8% limited-partner interest in El Paso Pipeline and also the remaining 90% interest in each of Colorado Interstate Gas and Southern Natural Gas.
First Financial Holdings Inc. (FFCH) will record a provision of about $1.25 million to $1.4 million, or 6 cents to 8 cents a share, for the quarter and fiscal year ending Sept. 30 because of recent changes in South Carolina tax law. Dividends from the Charleston, S.C., bank holding company's real-estate investment trust unit are no longer eligible for a dividends-paid deduction, so the company has ceased recording the tax benefits associated with the dividends that have been paid or are expected to be paid during the unit's 2007 taxable year. First Financial said future quarters' earnings will likely include a higher tax burden.
First Marblehead Corp. (FMD) said that on Aug. 22 it received a subpoena for information regarding its role in the student-loan industry as part of the New York Attorney General's ongoing investigation of several lending, educational, and nonprofit institutions. Boston-based First Marblehead said that it plans to cooperate fully with the attorney general's information requests. First Marblehead shares rose 1.5% to close at $33.49 on Friday.
Johnson & Johnson (JNJ) could see movement on Tuesday. A meeting Sunday of a group of cardiologists in Vienna, Austria presented research that showed drug-coated heart stents may not increase the risk of blood clots as much as previously thought. Johnson & Johnson and rival Boston Scientific are the leading makers of drug-coated stents. The study reversed an earlier finding that showed an 18% increase in deaths among patients, which fueled concern about the products earlier this year and helped trigger a plunge in worldwide sales.
See story in WSJ.com (subscription required)
OdysseyRe Holdings Corp. (ORH) said that it has reached a settlement with Gulf Insurance Co. regarding the previously disclosed litigation between Gulf and Odyssey America Reinsurance Corp. The Stamford, Conn.-based insurer said that it expects the after-tax impact of the settlement, which includes the full and final commutation of the reinsurance treaties at issue, to impact results by 19 cents a share. The company also said that it expects that definitive documentation will be executed by the parties within a week.
Starwood Hotels & Resorts Worldwide Inc. (HOT) named Frits van Paasschen as its new chief executive, effective Sept. 24. Van Paasschen, the former chief executive of Coors Brewing Co., succeeds Bruce Duncan, who has served as interim chief since April and will continue as Starwood's chairman, the White Plains, N.Y.-based hotel and leisure company said. Coors is a subsidiary of Molson Coors Brewing Co. (TAP) .
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