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General Mills, FedEx, and More Post Results

From Standard & Poor's Equity Research

Hewlett-Packard (HPQ) WSJ reports CEO Hurd was more closely involved in some aspects of board-leak probe than has been reported, emails suggest. Separately, HPQ to hold press conference on 9/22 to discuss actions to address leaks.

CVS (CVS) Down 3.06 to 32.37 S&P says shares down after WMT announces it will begin Fla. pilot program to sell up to 30-day supply of about 300 generic drugs at $4/prescription. With limited details on program, reiterates strong buy.

Rite Aid (RAD) Posts $0.02 Q2 loss vs. $0.03 loss on 3.8% higher same-store sales, 3.8% total sales rise.

General Mills (GIS) Posts $0.74 vs. $0.64 Q1 EPS on 6.8% revenue rise. Reaffirms FY 07 guidance for low single-digit net sales growth, $3.03-$3.08, incl. estimated $0.11-$0.12 impact from SFAS 123R for stock-based compensation.

FedEx(FDX) Posts $1.53 vs. $1.10 Q1 EPS on 11% revenue rise. Sees $1.45-$1.60 Q2 EPS, $6.30-$6.65 FY 07, which lower than consensus.

Electronic Arts (ERTS) Says SEC began informal probe into co.'s stock options practices.

Time Warner Telecom (TWTC) Says 39.661 million Time Warner Telecom shares are to be sold by Time Warner (TWX) units, Advance Telecom Holdings, Newhouse Telecom Holdings to public at $17.50 per share. Notes offering increased by 12.161M shares from originally announced offering size. (PCLN) Raises $0.29-$0.34 Q3 GAAP EPS guidance to $0.33-$0.37. Targets $0.09-$0.15 Q4 GAAP EPS. Cites solid biz momentum, particularly in Europe. Announces proposed $300M private offering of convertible notes.

Cablevision (CVC) Posts $0.05 vs. $0.74 Q2 EPS despite 16% revenue rise. Files SEC documents restating results for certain prior periods; gets grand jury subpoena over stock option grant practices.

Bed Bath & Beyond Inc. (BBBY) Posts $0.51 vs. $0.47 Q2 EPS on 4.8% higher same-store sales. Says review of stock option grant practice not complete, but expects to file 10-Q on timely basis.

Scholastic (SCHL) Posts $1.12 Q1 loss vs. $0.52 loss on 33% revenue drop. Continues to expect FY 07 of $2.1B-$2.2B, EPS of $1.55-$1.85.

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