NEW YORK --

Pandora Media

(P)

said third-quarter earnings more than tripled to $2 million as revenue rose 60% to $120 million but the Internet radio company on Tuesday issued a downbeat forecast for the fourth quarter.

CEO Joe Kennedy told

The Associated Press

that worries about the so-called fiscal cliff are affecting the advertising revenue outlook.

Pandora said it expects a fourth-quarter loss of between 6 cents and 9 cents a share; analysts forecast a profit of 1 cent share in the period.

Pandora shares fell 18% to $7.77 in premarket trading Wednesday

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Freeport-McMoRan Copper & Gold

(FCX) - Get Report

is considering an acquisition of

McMoRan Exploration

(MMR)

and a large oil and gas group,

The Financial Times

reported, as Freeport looks to go back to its roots as an energy producer.

McMoran Exploration shares jumped 19.9% to $10.14 in premarket trading Wednesday.

Netflix

(NFLX) - Get Report

and

Walt Disney

(DIS) - Get Report

agreed on Tuesday to a movie-licensing deal.

The agreement makes Netflix the exclusive subscription television service for first-run Disney Studios' animated and live-action feature films in the U.S.

Beginning with its 2016 theatrically released feature films, all new Disney, Walt Disney Animation Studios, Pixar Animation Studios, Marvel Studios and Disneynature titles will be available for Netflix members to watch on multiple platforms, including televisions, tablets, computers and mobile phones.

Netflix shares fell 0.9% to $85.87 in premarket trading.

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Aerovironment

(AVAV) - Get Report

shares rose 12.1% to $22.71 in premarket trading Wednesday after fiscal second-quarter earnings rose 32% and topped analysts' estimates.

Mattress Firm

(MFRM)

reduced its adjusted earnings outlook for the year as traffic at the specialty bedding retailer decelerates.

Mattress Firm said Tuesday it expects full-year adjusted earnings of between $1.49 and $1.52 a share, down from its prior outlook of $1.67 to $1.73 a share. Analysts are calling for earnings of $1.70 a share.

Chipmaker

Altera

said Tuesday it expects fourth-quarter sales to fall 8% to 10% from third-quarter sales of $495 million; it previously forecast sales to drop 6% to 8%.

The company cited weak demand for its older products.

The

Securities and Exchange Commission

launched an inquiry into a $10 million sale of stock by

Big Lots

(BIG) - Get Report

CEO Steven Fishman before the company announced news that sank the stock, a person familiar with the inquiry told

The Wall Street Journal

.

Big Lots said that Fishman announced his retirement on Tuesday. The retailer said it hadn't been contacted by the SEC and that Fishman's retirement was coincidental to any regulatory interest, the newspaper reported.

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-- Written by Joseph Woelfel

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Joseph Woelfel

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