Stocks to Watch: PLX Tech, PF Chang’s, Sears Holdings

By Corrie Driebusch and Drew FitzGerald

Among the companies with shares expected to actively trade in Tuesday’s session are PLX Technology Inc. (PLXT),P.F. Chang’s China Bistro Inc. (PFCB) and Emerson Electric Co. (EMR).

Integrated Device Technology Inc. (IDTI) said it will acquire PLX Technology in a deal valued at $330 million as the manufacturer of semiconductor products looks to enhance its product portfolio. PLX shareholders will receive $3.50 in cash and 0.525 share of Integrated Device for each PLX share outstanding, valuing PLX at about $7 a share, a 76% premium to Monday’s close. PLX shares surged 66% to $6.60 premarket, while Integrated Device shares slid 10% to $6.10.

P.F. Chang’s first-quarter earnings fell more than 40% as the restaurant operator continues to struggle with its massive turnaround effort, announcing plans to be acquired by a private equity firm for a 30% premium over its average closing price in April. Shares surged 30% to $51.75 premarket.

Emerson Electric’s fiscal second-quarter earnings slipped 2% as weaknesses in key end markets and global economic headwinds combined to dampen revenue growth. Shares of the maker of factory-automation equipment and software and components for appliances fell 4.9% to $49.99 premarket.

Sears Holdings Corp.’s (SHLD) domestic same-store sales fell 1.3% during the fiscal first quarter as the retailer continued to struggle with declines in the appliances and consumer electronics categories. But the retailer said it expects to swing to first-quarter earnings from continuing operations from a year-earlier loss. Analysts surveyed by Thomson Reuters recently expected a loss for the quarter. Shares rose 6.5% to $57.26 premarket.

Pfizer Inc.’s (PFE) first-quarter earnings fell 19% as the pharmaceutical giant reported its first full quarter since its blockbuster cholesterol drug Lipitor lost market exclusivity last year. Shares traded down 1.2% to $22.60 premarket.

Huntsman Corp.’s (HUN) first-quarter earnings soared as the chemical company saw a sharp rise in sales in its polyurethanes division, driven by higher prices and volumes. Shares rose 11% to $15.75 premarket.

WMS Industries Inc.’s (WMS) fiscal third-quarter earnings fell 8.7% on softer new unit sales revenue and overall revenue for the maker of slot machines, lottery terminals and videogame machines. Shares dropped 5.6% premarket to $23.15 as the results missed expectations.

Veeco Instruments Inc.’s (VECO) first-quarter profit sank 69% on weaker light-emitting-diode and solar sales, but the company’s data-storage unit posted higher revenue. It also forecast upbeat second-quarter earnings. Shares jumped 16% to $34.90 premarket.

QuinStreet Inc.’s (QNST) fiscal third-quarter income dropped 55% as the online advertising company’s education and financial service client vertical revenue and margins slid. Shares dropped 16% premarket to $8.86 as the company missed market estimates and lowered its full-year revenue forecast.

Weaker-than-expected first-quarter results from ViroPharma Inc. (VPHM) weighed on shares premarket; the stock fell 9.3% to $19.72. The drug developer’s stock has already tumbled nearly 30% in the past month as what has been the company’s biggest seller, Vancocin, faces potential generic competition. Amid the generic threat, ViroPharma on Tuesday cut its 2012 revenue target by nearly one quarter.

Shutterfly Inc.’s (SFLY) first-quarter loss widened as the photo sharing and printing website operator posted weaker margins and higher operating expenses, though revenue improved, and the company  lifted its full-year top-line guidance. Shares jumped 9.1% to $33.99 in premarket trading.

Kona Grill Inc. (KONA) swung to a profit in its first-quarter as the company reported better-than-expected restaurant sales growth. Shares jumped 11% to $7.46 premarket.

Imperial Sugar Co. (IPSU) agreed to be acquired by commodities trading company Louis Dreyfus Commodities LLC in an all-cash deal that values the refined sugar processor at roughly $78 million. Louis Dreyfus, a unit of closely held Louis Dreyfus Group, is offering Imperial Sugar shareholders $6.35 a share, a 57% premium to its Monday closing price. Shares jumped 56% to $6.30 in recent premarket trading.

Forest Oil Corp. (FST) posted a wider first-quarter loss as lower production and weaker natural-gas prices continued to hurt its core results. Shares fell 6.2% to $12.49 in light premarket trading.

Biogen Idec Inc.’s (BIIB) first-quarter earnings rose 2.8%, though sales growth slowed more than expected as the biopharmaceutical company also expanded its stock repurchase plans. Shares slipped 2.3% to $131 premarket.

Genco Shipping & Trading Ltd.’s (GNK) swung to a first-quarter loss as charter rates continued to slump, pressuring the shipping company’s bottom line. Shares were off 8% at $4.92 premarket.

Anadarko Petroleum Corp.’s (APC) first-quarter profit surged as the oil-and-gas company booked a huge gain from a tax-related settlement in Algeria, while higher oil prices and rising production lifted its top line.

Bon-Ton Stores Inc. (BONT) said it named Luis Fernandez to the newly created job of chief marketing officer, leading the department store operator’s sales promotions, marketing and e-commerce.

Medical-device maker C.R. Bard Inc. (BCR) has named Aramark Corp. executive Christopher S. Holland as its new chief financial officer, effective May 21.

Flowserve Corp.’s (FLS) first-quarter earnings fell 4% amid weaker margins though the valve-and-pump maker reported broad sales growth and said it recorded the strongest bookings since the third quarter of 2008.

FMC Corp.’s (FMC) first-quarter profit rose 27% as the chemical-products maker reported continued strength in its agricultural products and industrial chemicals businesses.

Gap Inc. (GPS) named Stefan Larsson, a 15-year veteran of Swedish retailer H&M Hennes & Mauritz AB (HM-B.SK), to head its Old Navy business.

GeoMet Inc. (GMET) disclosed a number of management changes after J. Darby Sere resigned Monday as chairman, president and chief executive and also said it has retained a financial adviser to review strategic alternatives for the energy company as it faces declining natural-gas prices.

Legacy Reserves LP (LGCY) agreed to buy a group of oil-producing properties in North Dakota and Montana from an undisclosed seller for $70.8 million in cash, adding to its portfolio of developed assets.

Masco Corp. (MAS) swung to the black in the first quarter as stronger sales volume and growing market share boosted its top line, especially in its hard-hit North American market.

McKesson Corp.’s (MCK) fiscal fourth-quarter earnings rose 23%, led by continued growth at the drug wholesaler’s distribution business.

MDU Resources Group Inc.’s (MDU) first-quarter earnings slid 17% as lower natural-gas prices weighed on bottom-line results.

Parexel International Corp.’s (PRXL) fiscal third-quarter earnings rose 45% as service revenue improved, though the company cut its full-year profit guidance and issued a downbeat bottom-line view for the current quarter.

PartnerRe Ltd. (PRE) swung to a first-quarter profit as the reinsurer recorded revenue growth and significantly fewer expenses.

Plum Creek Timber Co.’s (PCL) first-quarter earnings fell 24% as the real-estate investment trust was hurt by weaker earnings at its real-estate business where segment sales rose but missed expectations.

PMC-Sierra Inc.’s (PMCS) first-quarter loss widened as the chip maker posted a large income tax provision and revenue slid, but the company forecast a better second half of the year.

Reinsurance Group of America Inc.’s (RGA) first-quarter earnings fell 17% as the life reinsurer’s core profit improved as net premiums rose.

Warner Chilcott PLC (WCRX) said late Monday that the U.S. District Court in New Jersey determined neither Mylan Inc. (MYL) nor Impax Laboratories Inc. (IPXL) infringed upon the company’s patent covering its Doryx oral antibiotic. The setback for Warner Chilcott comes after the Irish drug maker confirmed earlier Monday it is evaluating options for its business, and is holding preliminary talks with potential buyers.