U.S. stocks were trading mixed Wednesday, as the Dow Jones Industrial Average fell 28 points to 13446, the Standard & Poor's 500-stock index rose 0.1 point to 1442, and the Nasdaq Composite added five points to 3070. Among the companies with shares actively trading are
True Religion Apparel Inc. (TRLG), Yum Brands Inc. (YUM) and OCZ Technology Group Inc. (OCZ).
True Religion ($25.71, +$4.70, +22.37%) confirmed it is considering a possible sale after receiving interest from third parties. Late Tuesday, The Wall Street Journal reported that the fading maker of premium jeans was putting itself up for sale, as it looks for help to boost its growth. On Wednesday, the company said its board formed a special committee to explore and evaluate potential strategic alternatives available to the company, including a possible sale, though no decision has been made to engage in a transaction and the committee hasn't set a timetable to complete its review process.
Yum's ($70.78, +$5.08, +7.72%) third-quarter income jumped 23% as its Taco Bell, Pizza Hut and KFC chains continued to improve in the U.S., though Yum's growth in China was held back by the economy. The company beat Wall Street's estimates and raised its expectations for the year.
Data-storage provider OCZ Technology ($1.85, -$1.30, -41.27%) warned it expects sharply lower quarterly revenue and said it is reviewing its financial statements after the company discovered costly customer incentives. OCZ now expects its fiscal second-quarter revenue to come in "materially lower" than the $110 million to $120 million the company forecasted in early September, and said it expects to report a significant loss in the quarter with negative gross margins. The company also appointed Ralph Schmitt as its new president and chief executive, filling a post long held by company co-founder Ryan Petersen, who resigned last month.
Other Stocks To Watch:
Alcoa Inc. (AA, $8.83, -$0.31, -3.34%) swung to a third-quarter loss, reflecting in part the costs of settling a four-year legal battle over bribery allegations, but results were modestly better than Wall Street's forecasts. Still, Alcoa on Tuesday said it had reduced its forecast for global aluminum demand growth in 2012, citing a slowdown in China, the world's largest consumer of the lightweight metal.
After communications with the U.S. Food and Drug Administration Tuesday,
Amarin Corp. (AMRN, $11.13, -$0.73, -6.16%) said it expects the agency to again delay a decision on exclusivity for the biopharmaceutical company's fish-oil drug Vascepa. In July, Vascepa was approved by the FDA for patients with very high triglycerides.
Cleantech Solutions International Inc. (CLNT, $3.60, +$ 1.06, +41.73%) said it has received purchase orders to deliver a total of 23 units of airflow dyeing machines and components for a total purchase price of CNY13.8 million ($2.2 million). The China-based company, which makes metal components and assemblies primarily for the wind power, solar and other clean- technology industries, said the orders it has received are both new and follow- on, and are from its new and existing domestic customers.