Baidu Inc.’s BIDU -2.74% first-quarter earnings surged 76% as the Chinese Internet search giant’s revenue continued to surge. American depositary shares were still off 10% at $122 after hours as investors took a dim view toward a top line that was merely in-line with expectations. Baidu, which generates almost all its revenue from search advertising, has posted double-digit earnings growth... 

TOKYO (MarketWatch) — Toshiba Corp. (6502.TO) will not participate in the second round of bidding for failed chipmaker Elpida Memory, the Sankei Shimbun reported in its Tuesday morning edition. Noting that the bidding process won’t include a Japanese company, the paper said that the field has been narrowed down to South Korea’s SK Hynix Inc. HXSCF 0.00% , Micron Technology Inc. MU... 

Extreme Networks Inc. EXTR +1.89% said its fiscal third-quarter results will miss its expectations due to the negative impacts of longer customer sales cycles, sales execution issues and challenging macroeconomic conditions in some regions. Shares slid 13% to $3.74 after hours as the Ethernet-network provider also lowered its full-year guidance. Extreme Networks sees full-year earnings of 22 cents... 

Universal Forest Products Inc. UFPI -0.25% swung to a first-quarter profit as the seller of lumber and construction materials saw higher revenue in all its major segments, lead by commercial construction and concrete forming, and manufactured homes. The provider of lumber, building and packaging materials has posted mixed results in recent quarters as it struggled with lagging demand from soft construction... 

Stryker Corp.’s SYK +1.20% first-quarter earnings rose 14% as the medical-device maker saw sales of its hip and knee replacements increase, providing further evidence that the orthopedic market may be picking up. The company and other orthopedic manufacturers like Biomet Inc. and Zimmer Holdings Inc. (ZMH) have been affected as patients postponed elective surgeries such as hip and knee replacements... 

NEW YORK -(MarketWatch)- ConAgra Foods Inc. CAG +0.97% has agreed to buy Odom’s Tennessee Pride, the second-largest maker of frozen breakfast sandwiches in the U.S., for an undisclosed amount, continuing an acquisition spree of smaller food companies. Odom’s has annual sales of more than $190 million and about 750 employees. The company also makes refrigerated breakfast sandwiches and sausages.... 

Dreams Inc. DRJ +30.27% agreed to be acquired by privately owned online sports merchandiser Fanatics Inc. in a deal that values the sports retailer at roughly $156 million. Fanatics is offering Dreams shareholders $3.45 a share under the agreement, a 32% premium to the stock’s Friday closing price and above a 52-week high of $3.04 hit last month. Shares surged 45% to $3.79 in premarket trade,... 

PPG Industries Inc. PPG +2.52% said Thursday it plans to shed 2,000 jobs and take $328 million in special charges, in the latest sign of the strains Europe’s industrial economic slowdown has placed on chemical makers. The U.S.-based coatings specialist said underlying earnings in the first quarter would be ahead of analysts’ expectations, helped by “modest” restocking in North... 

NEW YORK (MarketWatch) — Intel Corp. INTC +0.50% processors will soon be powering the “infotainment” systems in new Nissan Motor Co. (NSANY, 7201.TO) vehicles, the chip giant said, continuing its efforts to broaden beyond its core PC market. Intel’s Atom processor, which is used in netbooks and is starting to gain traction in smartphones, will appear in certain Nissan vehicles... 

Hyundai Motor Co.’s (HYMLY, 005380.SE) U.S. auto sales rose 13% in March, setting an all-time year-over-year sales record, as the South Korean manufacturer continued to see strength from sales of the Sonata, Elantra and Accent. The auto maker has capitalized on a lineup of vehicles that are fuel-efficient and relatively low-priced compared with models offered by Hyundai’s peers. Hyundai...