US Futures Pare Losses, but Trend Still Down
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May 22- Mitsubishi Motors Corp is taking steps toward resuming dividend payments after nearly a decade-long turnaround bankrolled by other Mitsubishi group companies, according to people with direct knowledge of the plans.
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LyondellBasell Industries NV said Wednesday that it will buy back shares, increase its dividend and update its board. LyondellBasell said that shareholders at the company's annual meeting approved a plan to repurchase up to 10 percent of the company's outstanding stock.
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COLUMBUS, Ohio-- L Brands Inc., which owns stores including Victoria's Secret and Bath and Body Works, reported Wednesday that its fiscal first-quarter net income increased 14 percent and nudged up its outlook for the year. The company, which was formerly known as Limited Brands, earned $142.5 million, or 48 cents per share, for the quarter that ended May 4.
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NEW YORK-- PetSmart Inc. said Wednesday that its net income grew 8 percent in the fiscal first quarter and raised its forecast for the year, sending the pet retailer's shares higher in aftermarket trading. PetSmart stock rose $1.94, or 2.8 percent, to $71 in aftermarket trading.
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SAN FRANCISCO, May 22- Hewlett-Packard Co raised its 2013 earnings outlook after beating low expectations, as CEO Meg Whitman's turnaround plan helped to shore up profits and offset shrinking personal computer sales with enterprise computing services.
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DETROIT, May 22- Electric carmaker Tesla Motors Inc on Wednesday said it has paid off its U.S. Department of Energy loan, using money raised last week in a stock and notes offering.
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NEW YORK, May 22- Four big Clearwire Corp investors with 127.4 million shares of the wireless service provider said on Wednesday they believe Sprint Nextel Corp's revised $3.40 per share offer to buy the company was still too low.
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PITTSBURGH-- American Eagle Outfitters Inc. reported a drop in its fiscal first-quarter profit because of falling sales and some special charges during the period, but the teen retailer's adjusted earnings beat market expectations.
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NEW YORK-- Viacom Inc. said Wednesday that it will increase its quarterly dividend by 9 percent. The entertainment company will pay its new dividend of 30 cents per share for its Class A and B shares, up from its previous dividend of 27.5 cents per share.
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NEW YORK-- Shares of Intuit advanced Wednesday after the maker of TurboTax tax-filing software reported higher net income for its third quarter, beating Wall Street expectations. For the quarter, earnings rose to $822 million, or $2.71 per share, from $734 million, or $2.42 per share, a year ago.
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NEW YORK-- Shares of Dycom Industries Inc. rose to a 14- month high Wednesday after the telecommunications contractor posted better-than-expected results for its fiscal third-quarter and issued a strong guidance for the current period.
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NORWOOD, Mass.-- LTX-Credence Corp. narrowed its fiscal third-quarter loss on improved revenue, but semiconductor equipment testing company's results and its fourth-quarter forecast missed market expectations. LTX-Credence's net revenue increased to $36.3 million from $30.8 million.
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NEW YORK-- Ship owner Baltic Trading Ltd. said Wednesday that it priced its public offering of 5.6 million shares of its common stock at $3.60 per share. The news sent Baltic's shares down 44 cents, or 11 percent, to $3.61 per share in morning trading.
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May 22- Luxury homebuilder Toll Brothers Inc reported stronger-than-expected results on higher average selling prices and booked its highest quarterly orders in seven years, sending its shares up 7 percent.
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DALLAS-- Zale surprised Wall Street with a quick return to a profitable third quarter and shares spiked 15 percent before the opening bell Wednesday. Zale still anticipates a profit for the full fiscal year. Also on Wednesday, Zale named Terry Burman as a director and as chairman of the board.
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May 22- Pfizer Inc said on Wednesday it will spin off its majority stake in animal health business Zoetis Inc to shareholders by allowing them to swap Pfizer stock for Zoetis stock at a 7 percent discount. Pfizer, the largest U.S. drugmaker, sold Zoetis shares in an initial public offering in February that raised $2.2 billion.
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May 22- Zale Corp on Wednesday reported a modest bump in third-quarter same-store sales and said the former chief executive of its biggest rival, Kay Jewelers parent Signet Jewelers Ltd, will be its new chairman.
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May 22- Pfizer Inc said on Wednesday that it would unwind its remaining stake in animal health business Zoetis Inc through an exchange offer in which shareholders can swap Pfizer stock for that of Zoetis at a discount. Giant pharmaceutical maker Pfizer spun off Zoetis shares in an initial public offering in February that raised $2.2 billion.
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May 22- Lowe's Cos Inc reported a weaker-than-expected quarterly profit on Wednesday, hurt by colder-than-usual weather at the start of the spring selling season and strong competition from larger rival Home Depot Inc.
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HORSHAM, Pa.-- Toll Brothers' second-quarter earnings jumped 46 percent as a rebounding economy and low interest rates drove sales at the luxury home builder. The Horsham, Pa., company said the average price of homes delivered climbed 3.6 percent in the quarter to $577,000 compared with last year.