JPMorgan Chase is a defendant in more than 10,000 legal proceedings and may be $4.5 billion short of reserves needed to cover those costs in a worst-case scenario, the firm said in a regulatory filing on Monday. Shares of the company fell 0.4% to $46.50 in premarket trading Tuesday.Do-it-yourself auto parts retailer Autozone said its second-quarter net income increased 20% to $148.1 million, or $3.34 a share, from $123.3 million, or $2.46 a share, a year earlier. Net sales rose about 10% to $1.66 billion. Analysts, on average, were calling for earnings of $3.05 a share on revenue of $1.63 billion. Shares of AutoZone were rising 3.1% to $266.
Rockville, Md.-based drug developer Novavax received a flu vaccine development contract from the Department of Health and Human Services. Novavax was popping 33.1% to $3.46 in premarket trading.
Wireless data infrastructure company Sonus Networks posted a surprise profit in the latest quarter, nearly doubling revenue on a sequential basis. Shares of the company were surging 25.4% to $3.80 in premarket trading.
Home entertainment provider TiVo reports fourth-quarter earnings after the markets close Tuesday. The earnings release comes as communications company Motorola Mobility brings a patent infringement suit against TiVo for violating intellectual property rights for digital video recorders. Wall Street expects TiVo to post a loss of 28 cents a share on revenue of $41 million.
Premarket quotes weren't available for TiVo. The stock fell 1.2% to $10.28 on Monday, while Motorola Mobility fell 1.3% to $30.20.
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