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GM's Board Okays Alliance Talks


From Standard & Poor's Equity Research

General Motors' (GM) board of directors endorsed a recommendation by the company's senior management that it engage in exploratory talks with Renault and Nissan regarding the automaker's potential participation in an alliance among the three companies.

Starbucks (SBUX) posts 6% higher June same-store company-operated sales and 22% higher net revenue.

Radioshack (RSH) Names Julian Day chairman & CEO. It says Mr. Day has played a key role in revitalizing such companies as Safeway, Sears, and Kmart.

Advanced Micro Devices (AMD) sees lower-than-expected second quarter sales of $1.215 billion, 9% below the first quarter level. It also says sales of entry-level, mainstream mobile, and desktop processors were down.

Business Objects (BOBJ) sees second quarter total revenue of $287 million to $291 million, below previous guidance of $295 million to $300 million. It says license revenue is below expectations.

PMC-Sierra (PMCS) says CFO Alan Krock will be leaving the company for personal reasons. It sees second quarter revenue at the mid-point of the $108 million to $112 million revenue range provided in April, which excludes revenue from the acquisition of Passave Inc.

Longs Drug Store (LDG) posts 2.5% higher June retail drug store same-store sales, 6.7% higher pharmacy same-store sales, and 1.3% lower front-end same-store sales. It says total revenue in June rose 9.5%.

3M (MMM) sees $1.14-$1.17 second quarter EPS (including a gain). Excluding items, EPS is seen weaker than expected. It cites lower-than-expected sales volumes, as well as higher-than-expected new capacity start-up costs.

99 Cents Only Stores (NDN) posts 3.6% higher first quarter same-store sales and 7.7% higher total sales.

Sina (SINA) says policy changes from China Mobile Communication, one of its mobile operators, will have a significant and negative impact on its MVAS revenue going forward.


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