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Shares of Seaspan Corp. (SSW) plunged 36% to $6.90 premarket, despite its first-quarter earnings beating expectations, as the company announced a 79% cut to its dividend. The company said the move allows it to defer its equity capital needs, reduce its overall equity needs by about $320 million to $360 million, while still paying a dividend.
Coca-Cola Enterprises Inc.'s (CCE) first-quarter net income soared as Coca-Cola Co.'s (KO) biggest bottler saw continued strength from Europe and improved margins and volumes in North America. The results were well above analysts' expectations, and the company said 2009 operating earnings will be slightly higher than previously expected. Shares jumped 17% to $17.75 premarket.
Rent-A-Center reported first-quarter earnings, excluding items, ahead of analysts' estimates and raised its 2009 earnings view, but shares fell 6.6% to $20.25 in premarket trading as the manager of rent-to-own stores projected second-quarter revenue below analysts' estimates. Additionally, first-quarter revenue came in below estimates and the company cut its 2009 revenue guidance.
XL Capital Ltd.'s (XL) first-quarter net income sank 99% on lower sales and higher investment losses. Shares fell 6.8% to $7.90 premarket as the insurer posted its third consecutive quarterly loss and the results fell short of Wall Street's expectations.
Fitch Ratings changed its outlook on credit ratings for Rite Aid Corp. (RAD) to negative from stable, citing a significant refinancing risk in 2010 and increasing pressure on same-store sales at both Rite Aid and former Brooks and Eckerd stores. Shares fell 5.3% to 90 cents premarket.
Baidu Inc. (BIDU) posted a 24% rise in first-quarter net income on higher-than-expected revenue. Its American depositary shares rose 2.3% to $230 in premarket trading as the Chinese Internet company's second-quarter revenue forecast topped analysts' estimates.
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Title insurer Fidelity National Financial Inc. (FNF) swung to a first-quarter net loss despite a sizable rise in revenue, as the company recorded losses at the operations it bought from LandAmerica Financial Group Inc. (LFGRQ).
Apparel company Hanesbrands Inc. (HBI) reported first-quarter sales below analysts' estimates. The company also said it's laying off 250 of its management employees.
Hospital operator Health Management Associates Inc.'s (HMA) first-quarter net income slid 61% as the year-earlier period included a $203.3 million gain from selling stakes in seven hospitals.
Masco Corp. (MAS) swung to a first-quarter net loss on restructuring charges and lower sales of new home construction products and services. The maker of faucets, cabinets and other building products also boosted its estimate for 2009 restructuring charges as it lowered its sales target.
Insurer PartnerRe Ltd.'s (PRE) first-quarter net income rose 9.7% on a gain related to its purchase of notes and lower expenses.
-By Dow Jones Newswires; write to hotstocks@dowjones.com
(END) Dow Jones Newswires
04-28-09 0847ET
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