BUZZ-U.S. STOCKS ON THE MOVE-Lands' End, City National, Covenant
(For faster updates on individual market-movers, Eikon users please use search string "STXBZ US"; for the Day Ahead newsletter, link.reuters.com/mex49s; for the Morning News Call newsletter, link.reuters.com/nex49s) U.S. stock index futures gained slightly as investors awaited confirmation that the European Central Bank would announce new economic stimulus measures at a meeting on Thursday. Dow Jones industrial average e-mini futures were up 0.84 percent at 17,638, S&P 500 e-mini futures were up 0.85 percent at 2,043.75 and Nasdaq 100 e-mini futures were up 0.74 percent at 4,213.75.
** LANDS' END INC , Wednesday close $50.71, -21.12 pct premarket
The apparel retailer forecast lower revenue from merchandise sales and services in the fourth quarter. "We were disappointed by the performance of our cold weather assortment, especially during the peak holiday period," Chief Executive Edgar Huber said. International business was affected by unfavorable changes in currency exchange rates and lower sales in Europe. The company, spun off from Sears Holdings Corp last year, forecast Q4 earnings much below analysts' average estimate.
** CITY NATIONAL CORP, Wednesday close $74.57, +19.89 pct premarket
Royal Bank of Canada said it would buy the U.S. lender serving high net worth clients in a cash-and-stock deal valued at $5.4 billion. RBC offered $47.25 in cash and 0.7489 in shares for each City National share. The total offer of $93.80 per share, based on RBC's closing price of $62.16 on the New York Stock Exchange on Wednesday, represents a premium of nearly 26 percent to City National's last closing price.
** F5 NETWORKS INC, Wednesday close $125.95, -14.17 pct premarket
The network equipment maker reported revenue that missed Wall Street's estimates for the first time in eight quarters due to "a marked decrease in the number of deals greater than $1 million". Continued...