Netflix (NFLX - Get Report) is raising an additional $200 million in capital through the sale of zero coupon convertible notes. Technology Crossover Ventures will be buying the notes, and has the right to nominate one person Netflix's board. The stock fell 3.7% to $71.75 in premarket trading Tuesday.
Hormel Foods (HRL - Get Report) said fiscal fourth-quarter profit fell 3%. The maker of Spam said net income fell to $117.3 million, or 43 cents a share, from $121.1 million, or 45 cents, last year. Analysts were expecting a profit of 42 cents a share. Sales rose 2% percent to $2.1 billion. Hormel provided an outlook for 2012 above analysts' expectations.
Brocade Communications (BRCD - Get Report) blew past Wall Street's expectations in its fiscal fourth quarter. The networking equipment company reported adjusted earnings of $79 million, or 16 cents a share, for the three months ended Oct. 29. Revenue was $550 million, up 9% on a sequential basis but virtually flat from last year. . Analysts were calling for a profit of 10 cents a share in the latest quarter on revenue of $527.4 million.
Medtronic (MDT - Get Report), the health care technology provider, is expected by analysts Tuesday to report earnings of 82 cents a share on revenue of $4.1 billion. Last week, Medtronic agreed to sell Physio-Control, an emergency medical response technology group, to private-equity firm Bain Capital for $487 million.
Campbell Soup (CPB - Get Report), the soup maker, is expected by analysts Tuesday to report earnings of 79 cents a share on revenue of $2.2 billion.
Chico's (CHS - Get Report), the women's retailer, is expected by analysts to post third-quarter earnings of 20 cents a share on revenue of $548.5 million. Analysts surveyed by Thomson Reuters expect same-store sales for the quarter to rise mor e than 5%.
Gilead Sciences (GILD - Get Report) agreed on Monday to buy Pharmasset (VRUS) for $11 billion in cash and debt, vaulting Gilead into the lead to develop the next generation of all-oral hepatitis C therapies. The acquisition price of $137 a share was an 89% premium to Pharmasset's closing price Friday of $72.67. Pharmasset shares rose 84.6% Monday to close at $134.14. -- Written by Joseph Woelfel >To contact the writer of this article, click here: Joseph Woelfel >To submit a news tip, send an email to: firstname.lastname@example.org.