U.S. stocks traded lower Wednesday as the Dow Jones Industrial Average declined 13 points to 12057, the Standard & Poor's 500 shed 2.2 points to 1282 and the Nasdaq Composite lost 13 points to 2688. Among the companies whose shares are actively trading in the session are Ciena Corp. (CIEN), Ulta Salon Cosmetics & Fragrance Inc. (ULTA) and Abercrombie & Fitch Co. (ANF).
Ciena's ($21.05, -$3.17, -13.07%) fiscal second-quarter loss narrowed thanks to lower acquisition and integration-related costs as the networking-equipment company continued to post strong sales growth. However, the adjusted loss was more than analysts anticipated, and the company projected fiscal third-quarter revenue below expectations.
Ulta Salon's ($54.05, +$4.44, +8.95%) fiscal first-quarter profit jumped 71% as surging same-store sales and store growth boosted its top line and margins climbed. The results handily topped the company's expectations.
Abercrombie & Fitch ($67.15, -$2.75, -3.93%) Chief Financial Officer Jonathan Ramsden said Wednesday that the retailer's second-quarter results won't be as strong as the first quarter, but still in line with its guidance.
Molycorp Inc. (MCP, $54.72, -$3.98, -6.78%) detailed plans to sell 10 million shares of common stock and offer $200 million of convertible senior notes, with proceeds from the latter offering to be used to fund the rare-earth mining company's facility expansion. Molycorp has about 82 million shares outstanding.
Samsung Electronics Co. (SSNHY, $294.50, +$0.00, +0.00%) (005930.SE) has declined to comment on market speculation that it could be preparing a bid for ailing Finland-based handset maker Nokia Corp. (NOK, $6.30, -$0.25, -3.75%). The speculation comes a week after Nokia described as unfounded and baseless a report that Microsoft Corp. (MSFT, $23.95, -$0.12, -0.48%) wanted to buy the Finnish company, which has been rocked by a recent profit warning and downgrades from ratings agencies. Nokia also declined to comment on what it called rumors.
Aaron's Inc.'s (AAN, $26.64, -$0.71, -2.60%) shares have surged 76% in the past year, but the company faces a period of "choppy demand trends," Northcoast Research says. Firm downgrades AAN to neutral from buy as it adopts a cautious, near-term outlook on the rent-to-own industry. Accelerating gasoline prices and food costs coupled with the anemic job market will limit the likelihood that AAN can boost same-store sales and EPS estimates during the next two to three quarters, Northcoast says.
ABM Industries Inc.'s (ABM, $23.15, +$0.74, +3.30%) fiscal second-quarter earnings jumped 65%, with adjusted results above analysts' expectations, as the company reported broad revenue gains across all segments, led by engineering and parking services.
Standard & Poor's Ratings Services raised its rating on American Axle & manufacturing Holdings Inc. (AXL, $10.30, +$0.08, +0.78%) Tuesday, saying a recovery in light-vehicle demand in North America and a lower cost structure have aided the auto supplier's credit measures.
Analogic Corp.'s (ALOG, $51.95, +$1.62, +3.22%) fiscal third-quarter earnings fell 11% on higher compensation expenses, without which the imaging-systems company's bottom line would have risen on better-than-expected revenue growth.
Leonard Green & Partners LP has joined with CVC Capital Partners, and the buyout firms plan to make a joint bid next week for BJ's Wholesale Club Inc. (BJ, $48.65, +$0.95, +1.99%) that will likely value the retailer at a minimum of $2.8 billion, the New York Post reported Wednesday, citing people familiar with the matter. No binding bids for BJ's have been submitted yet.
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