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Nokia, Siemens to Combine Network-Gear Units

From Standard & Poor's Equity Research

Nokia (NOK) and Siemens (SI) are to combine their carrier-related operations into a new company, Nokia Siemens Networks.

CarMax (KMX) posted 53 cents vs. 35 cents first quarter EPS on a 6% rise in same-store used unit sales. The company says that if first quarter sales trends were to continue, it expects to hit the upper end of its $1.25-$1.47 EPS range, but is not willing to adjust estimates until further into the fiscal year.

Vonage Holdings (VG) says it has been served with a patent infringement lawsuit, along with its Vonage America unit, filed by Verizon (VZ)'s Verizon Services and Verizon Laboratories, relating to voice over the internet technology.

Circuit City Stores (CC) posts 3 cents first quarter earnings per share (EPS) from continuing operations vs. 6 cents loss on 15% higher same-store sales and 18% higher total sales. It reaffirms its sales and profitable outlook for fiscal year 2007.

Alberto-Culver (ACV) is to separate its consumer product business from its beauty supplies distribution business. For each Alberto-Culver share, holders will receive special $25 1 times cash dividend, 1 share of Alberto-Culver stock, and 1 share of Sally Beauty Co.

Cemex (CX) sees $1.13 billion second quarter EBITDA and $840 million operating income on $4.6 billion revenue. It says it is increasingly confident it will exceed its 2006 target EBITDA of $4 billion and free cash flow after maintenance capital expenditures of $2.5 billion.

Grupo Radio Centro (RC) says a Mexican court has set aside and refused to enforce in Mexico a $21.1 million arbitration award issued against Radio Centro in a proceeding brought before the International Chamber of Commerce by Infored, Mr. Jose Gutierrez Vivo in 2002.

Willbros Group (WG) posts wider-than-expected 22 cents first quarter loss vs. 47 cents loss on sharply higher contract revenue.

Fieldstone Investment (FICC) cut its quarterly dividend 8.3%. It also cuts its $1.84 to $2.04 2006 dividend guidance to between $1.60 and $1.80.

Canada Southern Petroleum (CSPLF) says Canadian Oil Sands Ltd., a unit of Canadian Oil Sands Trust, offers to buy all outstanding shares of the company for $9.75 per share.

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