Citigroup to buy Bisys Group; Time Warner posts stronger earnings; plus more stocks in the news Wednesday
Mastercard (MA) Posts $1.57 vs. $0.94 first quarter EPS on a 24% revenue rise.
Citigroup (C) Agrees to buy Bisys Group (BSG) for $1.45 billion, or $11.85 per share.
Time Warner (TWX) Posts $0.30 vs. $0.26 first quarter earnings per share (EPS) (before discontinued operations and the cumulative effect of accounting changes) on a 9.2% revenue rise. Sees $1.05 2007 EPS.
Cablevision Systems CVC's founding family, the Dolans (), were in advanced talks on taking the cable operator private for at least $10.5 billion. The board rejected two earlier offers by the family as inadequate, according to the Wall Street Journal.
Dow Jones (DJ) the Bancroft family (), DJ's controlling shareholders, said they would vote shares constituting slightly more than 50% of the voting power outstanding against News Corp (NWS)'s $60 per share offer, according to the Wall Street Journal.
Sprint Nextel (S) Posts $0.07 first quarter loss from continuing operations vs. $0.05 EPS on flat net operating revenue and higher operating expenses. Still sees $41 billion to $42 billion in 2007 consolidated operating revenue and $7.2 billion capital spending. Expects to continue share buybacks.
Cigna (CI) Posts $2.67 vs. $2.11 first quarter adjusted EPS from operations on a 6.5% revenue rise. Sees $2.45 to $2.70 second quarter adjusted EPS from operations and $10.25 to $10.95 in 2007.
Pepsico (PEP) Raises its annual dividend by 25% to $1.50 from $1.20. Sets an additional $8 billion stock buyback.
MetLife (MET) Posts $1.41 vs. $1.33 first quarter operating EPS on a 12% revenue rise.
Blockbuster (BBI) Posts $0.26 first quarter loss vs. $0.03 loss as lower rental gross margin offset a 5.4% total revenue rise.
Time Warner Cable (TWC) Posts $0.28 vs. $0.23 first quarter EPS on a 61% revenue rise. Reaffirms its forecast for 2007 Free Cash Flow of $800 million to $1 billion.
Nortel Networks (NT) Sees first quarter sales of $2.5 billion, with gross margin better than 40%.