NEW YORK (TheStreet) -- Shares of DryShips (DRYS) - Get Report were plunging 10.1% to $2.85 in premarket trading Wednesday after the drybulk ocean transportation services provider reported second-quarter earnings of 4 cents a share vs. the average analyst estimate of 17 cents a share.

Lions Gate Entertainment

(LGF)

shares were tumbling 5.6% to $7.10 in premarket trading Wednesday after the entertainment company said investor Carl Icahn agreed to sell up to about 44.1 million shares of Lionsgate common stock, putting an end to a takeover battle.

In the meantime, Lions Gate has agreed to buy more than 11 million shares of Lionsgate common stock from Icahn at $7 a share in a transaction to be completed by Sept. 2.

Shares of

JoS. A. Bank Clothiers'

(JOSB)

were rising 4.9% to $49.60 after the men's clothing retailer posted a strong

jump

in earnings with same-store sales rising 14.7%. The company reported earnings of $20.6 million or 74 cents a share vs. the average analyst estimate of 68 cents a share.

Joy Global

( JOYG) shares were gaining 4.1% to $85.91 after the mining equipment maker raised its full-year earnings per

share guidance

to $5.70 to $6, a 40 cents a share increase from its prior guidance.

The company posted third-quarter earnings of $1.54 a share vs. the Wall Street consensus target of $1.53 a share.

Joy Global has also agreed to sell its Le Tourneau drilling products business to

Cameron

(CAM)

for $375 million.

According to the Wall Street Journal , the nation's largest bank,

Bank of America

(BAC) - Get Report

is planning to exit the correspondent mortgage business, through which it purchases mortgage loans originated by smaller lenders -- and then sells them -- while continuing to service the loans for a fee.

According to the

WSJ

,

pink slips

may be sent to as many as 1,000 employees as early as Wednesday.

Shares were rising 1.7% to $8.26.

Sony

(SNE) - Get Report

,

Toshiba

and

Hitachi

( HIT) have agreed to combine their liquid-crystal display business in cooperation with government fund, Innovation Network Corporation of Japan, to make Japan Display K.K.

Innovation will have a 70% stake in the venture through a $2.6 billion investment, while the Sony, Toshiba and Hitachi will each have a 10% stake in the entity. The companies believe the move will give them a market share edge in the competitive world of LCDs.

Sony shares were down 0.3% to $21.94.

Oil giant

Exxon

(XOM) - Get Report

is teaming up with Russian oil behemoth Rosneft, allowing Exxon access to immense Artic oil resources and Rosneft to tap into some of the world's best oil technology.

Shares were up 0.3% to $74.13.

Specialty retailer Coldwater Creek

(CWTR)

is expected to report second-quarter loss of 22 cents a share Wednesday after the markets close vs. a profit of 2 cents a share last year.

Specialty retailer

Zumiez

(ZUMZ) - Get Report

is expected to report second-quarter profit of 5 cents a share vs. last year's earnings of 2 cents a share last year.

--Written by Andrea Tse in New York.

>To contact the writer of this article, click here:

Andrea Tse

.

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