Early Movers: FDX, GIS, SIRI & More
Check out which companies are making headlines before the bell on Wednesday:
FedEx - The delivery service reported fiscal second-quarter profit of $1.39 per share, two cents below estimates, though revenue was above consensus. Its current quarter forecast is largely short of the Street's numbers, but its full-year forecast falls within the current range of analyst estimates. FedEx puts the impact of super storm Sandy at $0.11 per share for the recent quarter.
General Mills - General Mills reported fiscal second-quarter profit of $0.86 per share, excluding certain items, seven cents above estimates. The food maker said its results were helped by new items, such as Yoplait Greek Yogurt, Nature Valley protein bars, and Peanut Butter Multigrain Cheerios.
Sirius XM Radio - The satellite radio operator has named president of sales James Meyer as interim chief executive officer, replacing Mel Karmazin effective immediately. Karmazin had been scheduled to leave in February at the end of his current employment contract. Meyer will be among those considered for the permanent position.
Oracle - Oracle reported quarterly profit of $0.64 a share, excluding certain items, three cents above estimates. Revenue was also above consensus, and Oracle forecast that new software sales would rise by 3 percent to 13 percent for the current quarter.
Knight Capital Group - Knight agreed to be acquired by Getco Holding for about $2 billion, or $3.75 per share. That comes after Getco sweetened its original offer by raising the cash portion of its cash-and-stock deal. It beat out rival bidder Virtu Financial for the market maker.
Health Net - Health Net says its health plan enrollment will decline by 1-2 percent in 2013 because of weakness in its commercial market. The managed-care provider expects 2013 earnings of $2-$2.10 per share, below analyst estimates of $2.12.
Delphi Automotive - The auto parts maker will join the S&P 500 after the close on Dec. 21, replacing Titanium Metals. That company is being acquired by Precision Castparts in a deal that will be completed shortly.
Alcoa - The Dow Jones Industrial Average component has been put on review by Moody's for a possible downgrade because of a sharp drop in aluminum prices this year. A downgrade could push Alcoa's credit ratings into junk territory.
SPX Corp. - SPX is close to a deal to buy rival machinery maker Gardner Denver for $4.2 billion, according to Reuters. The deal could value Gardner Denver at $85 per share, compared to its Tuesday close of $73.68.
Nokia - The handset maker is reviving plans to develop a 10-inch Windows RT tablet device, according to DigiTimes. Nokia had originally planned such a device to debut earlier this year, but put the project on the back burner after Microsoft announced its own Surface tablet.
Citigroup - Morgan Stanley has upgraded Citi to "overweight" from "equal-weight," as it upgrades the large cap banking sector to "attractive," saying consumer deleveraging is coming to an end and that more clarity on regulation is forthcoming.
(Read More: See CNBC's Market Insider Blog)
—By CNBC's Peter Schacknow
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