Photo: Lucie Debelkova
U.S. stock futures are higher this morning as the impact of yesterday’s earthquake in Japan didn’t carry over.Today investors are waiting for wholesale inventories for February to be released.
In company news Expedia has decided to split into two business, spinning off TripAdvisor as its own entity and Hercules Offshore is under investigation by the SEC for possible violations of the Foreign Corrupt Practices Act.
There was also some earnings news out and more is expected for later. Here is a roundup so far:
- Lakeland Industries missed expectations
- AZZ Inc. came out ahead of analyst predictions
- Tempur-Pedic raised its forecast after beating earnings
COMPANY SPLIT: Expedia will separate its business into two publicly traded companies. TripAdvisor will be spun off in this arrangement.
REINSTATED DIVIDEND: Seagate reinstated its dividend after two years. It set a quarterly dividend of $0.18 a share. It also raised its outlook for Q3.
RAISED FORECAST: Tempur-Pedic raised its outlook for the year to earnings of $2.95 a share. Shares were up more than 10% in after-hours.
ANALYST RATING REITERATED: TEPCO shares surged after Mizuho Securities reiterated its outperform rating for the company and set a target price twice its current level.
EARNINGS MISS: Lakeland Industries missed analyst expectations with earnings of $0.20 per share for Q4.
SHARE SALE: Sangamo BioSciences plans to sell 6.7 million shares of stock in an underwritten public offering. Shares are down over 5% in pre-market trading.
NEW PROJECT: Disney broke ground today on its Shanghai Disney Resort. It will open in about five years.
SEC INVESTIGATION: Hercules Offshore said it is being investigated by the SEC and the DOJ for potential violations of the Foreign Corrupt Practices Act. Shares are down 13% in pre-market trading.
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