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Dollar General Falls on Profit Warning

From Standard & Poor's Equity Research

Dollar General (DG) expects second quarter EPS of 14 cents to 15 cents, which is below the company's previous guidance of 18 cents to 22 cents. It cites lower-than-expected gross margin.

Glenborough Realty Trust (GLB) agrees to be acquired by funds managed by Morgan Stanley Real Estate in a deal valued at about $1.9 billion, at $26 per share cash.

Lowe's (LOW) posts 60 cents vs. 52 cents second quarter earnings per share (EPS) on 3.3% higher same-store sales and 12% higher total sales. It sees third quarter EPS of 45 cents to 48 cents and fiscal year 2007 EPS of $2.00 to $2.07. It raises its current share buyback program by $2 billion through fiscal year 2008.

Pilgrim's Pride (PPC) offers to acquire Gold Kist (GKIS) in a deal valued at about $1 billion, plus assumption of $144 million in debt, at $20 cash per Gold Kist share. Gold Kist says it plans to carefully examine the proposal.

Freddie Mac (FRE) says a proposed settlement is reached resolving the Employee Retirement Income Security Act (ERISA) class action litigation following the company's restatement of its 2000-2002 financial results, which include a payment of $4.65 million.

Citadel Broadcasting (CDL) Citadel is agitating to renegotiate some terms of its $2.7 billion deal to buy most of Disney's radio assets, spurred by a 27% slide in its stock price because of poor performance by ABC radio, according to the Wall Street Journal.

Inter-Tel (INTL) Steven Mihaylo, founder, former Chairman, CEO, and the largest shareholder of Inter-Tel, says he and Vector Capital Corp. are prepared to raise its bid for Inter-Tel to $23.25 per share in cash.

Iconix Brand Group (ICON) announces the planned acquisition of the London Fog brand from London Fog Group Inc., subject to certain conditions, for $30.5 million in cash and $7 milion in Iconix Brand stock.

Safenet (SFNT) says it received a letter from the Nasdaq Stock Market stating that the company might be delisted for failing to file its quarterly report for the period ended June 30. It plans to request a hearing on the matter.

Scottish Re Group (SCT) Moody's downgrades the company's senior debt to Ba3 from Ba2. It cites liquidity concerns.

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