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Among the companies whose shares are expected to actively trade in Tuesday's session are Fannie Mae (FNM), Freddie Mac (FRE) and CapitalSource Inc. (CSE). Mitcham Industries Inc. (MIND) and Finisar Corp. (FNSR).
Fannie Mae common shares rose 25% and Freddie Mac increased 16% in premarket trading, regaining some of the prior-day losses after the U.S. government seized the firms, taking direct responsibility for firms that provide funding for about three-quarters of new home mortgages.
CapitalSource slashed its quarterly dividend 92%, with the commercial-finance firm saying it plans to invest its capital "at very high rates of return." Shares tumbled 18% in after-hours trading.
Mitcham Industries Inc.'s (MIND) fiscal second-quarter net income fell 5.6%, missing Wall Street expectations, as lease pool depreciation expense at the geophysical equipment supplier rose sharply. Shares fell 8% in late trading.
Finisar Corp. (FNSR) swung to a profit in the fiscal first quarter, beating analysts' expectations, as the fiber-optic and high-speed data-networking company saw record sales of various products. Shares jumped 14% after-hours.
DineEquity Inc. (DIN), owner of the Applebee's and IHOP brands, said Chief Financial Officer Thomas G. Conforti resigned, effective immediately, to pursue other opportunities. Shares fell 8.2% in late trading.
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99 Cents Only Stores (NDN) found a way to retain its name while potentially increasing its bottom line in the difficult retail environment by raising its prices by just under a penny. The increase of the chain's top price to 99.99 cents from 99 cents will be implemented in the company's 227 stores later this month.
Onglyza, an experimental diabetes drug jointly developed by AstraZeneca PLC (AZN) and Bristol-Myers Squibb Co. (BMY) has shown it can be effective when used in addition to a widely prescribed diabetes treatment, according to a late-stage study of over 1,300 patients released Tuesday. AstraZeneca shares rose 2.1% in premarket trading.
Avery Dennison Corp. (AVY) expects its earnings per share for the months of July and August to be as much as 20 cents lower than its estimates, saying the economic slowdown has continued to hinder the office-supply manufacturer's performance.
BHP Billiton Ltd. (BHP) said the slowing world economy likely will cause demand for raw materials, such as copper and nickel, to continue their short-term slide. Decreased demand will mean lower prices for those raw materials, but the company said the down cycle doesn't undermine its proposed buyout of rival Rio Tinto Group (RTP).
H.B. Fuller Co. (FUL) cut its earnings expectations for the year, citing the ongoing impacts from rising raw material costs at the chemical maker.
Korn/Ferry International's (KFY) fiscal first-quarter net income fell 7% as margins slid on higher expenses, though increases in searches and fees, as well as foreign-exchange rates, helped drive sales growth at the executive-search company.
Mylan Inc. (MYL) said it would keep Dey LP, its specialty pharmaceutical subsidiary, after a review of strategic alternatives that included a potential sale of Dey, which was acquired as part of its purchase of Merck KGaA's (MRK.XE) generics business in October 2007. Shares fell 2.1% in after-hours trading.
A panel of medical experts said Pfizer Inc.'s (PFE) proposed osteoporosis drug has benefits for postmenopausal women but suggested that the drug be restricted to women at high risk of fracture or those who fail other treatments, according to The Wall Street Journal. Nine panel members said the benefits of Fablyn outweigh the risks; three said it didn't and one abstained.
Procter & Gamble Co. (PG) was downgraded by Merrill Lynch to neutral from outperform, citing valuation. The broker told clients that it can't justify the premium at which the stock trades given slower near-term relative organic sales growth and gross margin prospects.
Credit Suisse downgraded the investment rating on the stock of four U.S. homebuilders - Toll Brothers Inc. (TOL), Pulte Homes Inc. (PHM), D.R. Horton Inc. (DHI) and KB Home (KBH) - to neutral from outperform. It cited a further deterioration in traffic during the summer and higher valuation.
-By Dow Jones Newswires; write to hotstocks@dowjones.com
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/al?rnd=Mn44SV778ieEBBF7fJJz4Q%3D%3D. You can use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
09-09-08 0717ET
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