NEW YORK (TheStreet) -- Shares of Telefonica (TEF) - Get Report were tumbling 4.3% to $19.09 in premarket trading Tuesday as the Spanish phone company folded its domestic operations into its European unit and reorganized regional heads of operations.

KLA-Tencor

(KLAC) - Get Report

shares were falling 3.2% to $33.70 after the provider of machinery used in the semiconductor industry was cut to underperform from sector perform at RBC.

Electronic payment company

Verifone Systems

(PAY)

is expected after markets close Tuesday to report third-quarter earnings of 46 cents a share vs. 36 cents a share a year ago.

Shares were down 1.9% to $34.13.

Drugstore chain

Walgreen

(WAG)

said same-store sales increased 5.6% in August.

Shares were down 1.7% to $34.18.

Chipmaker

Altera

(ALTR) - Get Report

is expected Tuesday to report third-quarter profit of 63 cents a share vs. 69 cents a share the same time last year.

Shares were falling 1.5% to $34.22.

PepsiCo

(PEP) - Get Report

, the maker of Gatorade and Frito-Lay snacks, is set to announce a 10-year

extension

of its sponsorship deal with the National Football League that could be valued at $2.3 billion,

The Wall Street Journal

reported.

Shares were down 1.3% to $62.50.

Starbucks

(SBUX) - Get Report

plans to

triple

the number of its coffee shops in China during the next four years, according to the company's Asia Pacific president.

Shares were falling 1.3% to $37.

Sunoco

(SUN) - Get Report

said Tuesday it plans to

exit

its refining business and will record a pretax charge of between $1.9 billion and $2.2 billion in the third quarter.

Shares were rising 1.1% to $36.50.

AES

(AES) - Get Report

announced that the power company's CEO Paul Hanrahan plans to leave the company on Nov. 30 and step down from his position effective Sept. 30.

He will hand over his management and board responsibilities to AES' chief operating officer, Andrés Gluski.

Fairchild Semiconductor

cut its third-quarter sales guidance to $400 million to $410 million from previous guidance of $433 million to $446 million.

-- Written by Andrea Tse in New York.

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

Andrea Tse

.

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