FedEx (FDX) is expected to move in reaction to its fourth quarter results, which showed a profit of $1.33 per share compared to a loss of $2.82 per share last year, which included a charge of $3.46 per share. Excluding the charge, the year-ago earnings would have been 64 cents per share. Revenues rose 20% year-over-year to $9.43 billion. The consensus estimates had called for earnings of $1.32 per share on revenues of $9.04 billion. The company guided first quarter earnings to 85 cents to $1.05 per share and 2011 earnings to $4.40-$5 per share. Analysts estimate earnings of $1.04 per share for the first quarter and $5.06 per share for the full year.Polo Ralph Lauren (RL) could be in focus after it said it has priced its underwritten secondary public offering of 9 million Class A shares at $81 per share. The company clarified that it would not sell any shares in the offering and would not receive any proceeds from the offering. The stock closed Tuesday’s session at $82.44.
Transocean (RIG) may see weakness after Fitch downwardly revised its rating outlook on the company to ‘Negative’ from ‘Stable’, citing uncertainties surrounding the increasing cost estimates and increased political response associated with the Macondo spill in the Gulf of Mexico region. However, the rating agency reaffirmed its ratings for the company.
Meanwhile, Halliburton (HAL) is likely to see some activity after Fitch reaffirmed its issuer default ratings for Halliburton at ‘A-‘, with rating outlook at ‘Stable.’ Fitch noted that Halliburton is unlikely to be exposed to the costs associated with the current BP (BP) oil spill.
Ball Corp. (BLL) may react to its announcement that it has agreed to sell its packaging business for about $280 million. Of the consideration, $265 million will be paid in cash at closing and the remaining $15 million in contingent consideration. The company also said its board has authorized the repurchase of up to 12 million shares, with the new plan replacing all its previous authorization.
Coca-Cola Enterprises (CCE) saw modest strength in Tuesday’s after hours session after it said it expects full year earnings to grow in a range of 10%-12% in 2010. The company also said currency is expected a negative impact of 10 cents on comparable earnings per share. Analysts currently estimate about 8% earnings per share growth. Additionally, the company said its pending merger with Coca-Cola remains in track.
Progressive Corp. (PGR) may see some activity after it said its net premiums earned rose 5% year-over-year to $1.11 billion. However, net income per share fell to 7 cents per share from 8 cents per share in the year-ago period. The company’s combined ratio rose 0.3 percentage points to 95.6%.
CLARCOR (CLC) rallied strongly in Tuesday’s after hours session after it said its second quarter net sales rose 12% to $257.9 million and earnings per share climbed to 47 cents per share from 33 cents per share last year. Analysts estimated earnings of 41 cents per share on revenues of $237.59 million. Despite sounding cautious, given the macroeconomic backdrop, the company raised its 2010 earnings per share guidance to $1.70-$1.85 from $1.55-$1.70, while the Street estimates earnings of $1.69 per share.PDL BioPharma (PDLI) could move in reaction to its announcement that it expects second quarter revenues of $120 million, lower than $125.9 million last year. The company noted that it does not expect to receive royalties for Synagis sales in the second quarter die to the ongoing legal dispute with MedImmune.
TD Ameritrade (AMTD) could also be in focus after it announced that its average clients trades per day rose 18% year-over-year in May and were 13% higher than in April 2010.
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