Current CEO Andrea Jung is being named executive chairman as part of Avon's decision to separate the chairman and CEO roles. The company plans to conduct an external search for a new CEO.
Jung will work with the board to find her replacement and will continue to serve in dual roles until her successor is found.
The stock rose 8.4% to $17.50 in premarket trading Wednesday.
First Solar (FSLR) forecast 2011 net sales of $2.8 billion to $2.9 billion, down from its prior guidance of $3 billion to $3.3 billion. First Solar said it expects earnings of $5.75 to $6 a share. It previously expected profit of $6.50 to $7.50 a share. The company cited delays of certain projects in its business "due to weather and other factors." Analysts expect First Solar to earn in 2011 $6.88 a share on revenue of $3.2 billion. First Solar forecast net sales for 2012 of $3.7 billion to $4 billion, including approximately $1.7 billion from its systems business. Earnings are expected at $3.75 to $4.25 a share. Analysts expect 2012 earnings of $7.42 a share on revenue of $4.09 billion.
Marriott International (MAR) said J.W. Marriott Jr. will step down as CEO next spring. Marriott named Arne Sorenson, the hotel company's current president and chief operating officer, to succeed Marriott as CEO. J.W. Marriott will become executive chairman.
Joy Global (JOY) earned $1.82 a share in the quarter ended Oct. 28, excluding certain charges. Revenue rose 27% to $1.34 billion. Analysts were expecting earnings of $1.86 a share on revenue of $1.35 billion. Joy Global, the mining equipment maker, said it expects fiscal-year of $7 to $7.40 a share on revenue of $5.3 billion to $5.5 billion. Analysts forecast earnings of $7.19 a share on revenue of $5.36 billion. The stock fell 1.8% to $83 in premarket trading.
Shares of Jive Software (JIVE) rose 25% to $15.05 on Tuesday during the business software company's first day of trading on the Nasdaq as strong investor interest in the social media sector continues. Jive's initial public offering of 13.4 million shares was priced at a high-than-expected level of $12 each.
PayPal, the eBay (EBAY) unit, plans to start offering coupons tailored to users' buying habits and mobile-phone locations, Bloomberg reported. Aiming to challenge Groupon (GRPN ) and other daily deals sites, PayPal will make its first foray into mobile deals in the first quarter of 2012, PayPal President Scott Thompson told Bloomberg.
Warnaco (WRC) has named Helen McCluskey, chief operating officer, as CEO. McCluskey replaces Joseph Gromek. McCluskey will take over the CEO role at the apparel maker on Feb. 1. The stock closed Tuesday at $49.78, down 3.5%.
China will impose punitive duties on some vehicles imported from the U.S., the country's commerce ministry said in a statement on its Web site Wednesday, according to Bloomberg. General Motors (GM) will face anti-dumping and countervailing duties ranging from 8.9% to 12.9%, the statement said.
-- Written by Joseph Woelfel
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