Early Movers: TGT, COH, TJX & More
Check out which companies are making headlines before the bell Wednesday:
Target - The retailer posted earnings of $1.65 a share, excluding one-time items, on revenue of $22.73 billion, topping expectations for $1.48 a share on sales of $22.69 billion. In addition, the company handed in current-quarter earnings estimates that were better than current Wall Street projections.
Coach - The upscale retailer rallied in pre-market trading amid unconfirmed reports that the company is exploring a sale of itself. Separately, the retailer said it has hired a former Nike executive to oversee the transformation of its stores.
Dollar Tree - The discount retailer reported earnings of $1.01 a share, edging past expectations by 2 cents a share, on revenue of $2.25 billion, topping expectations for $2.22 billion.
TJX - The parent company of TJMaxx posted earnings of 82 cents a share on revenue of $7.7 billion, beating expectations for 81 cents a share on revenue of $7.67 billion. In addition, the company announced a dividend hike and a new share repurchase program.
Joy Global -The mining equipment maker posted a first-quarter profit above analysts' expectations, but said orders fell as coal miners cut back on production in a weak market. Coal producers across the world have reduced output to cope with falling demand as coal is increasingly being replaced by cheaper natural gas for power generation.
Clearwire - The wireless communications company said it has elected to take the $80 million March draw under terms of its agreements with Sprint. The company's decision further complicates Dish Network's efforts to acquire Clearwire.
Coinstar - The movie and game rental kiosk operator announced a new feature at select kiosks that consumers to deposit or withdraw cash from their PayPal accounts, as well as transfer money to other PayPal accounts.
First Solar - Baird cut its rating on the solar panel maker to "neutral" from "outperform" and lowered its price target to $25 from $30. On Tuesday, First Solar posted earnings that beat, but its revenue and outlook fell short.
RadioShack - The consumer electronics retailer was upgraded to "market perform" from "underperform" at Raymond James.
Norwegian Cruise Line - Wells Fargo initiated coverage of the cruise operator with an "outperform" rating and a valuation range of $35 and $37.
Nokia - Argus Research upgraded the Finnish cellphone maker to "buy" from "hold."