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Movers: Biomet, J.C. Penney, Saks, Apple

Retailers report May sales, and more stocks in the news Thursday

From Standard & Poor's Equity ResearchBiomet's (BMET) board unanimously recommends to shareholders an increased offer from private equity consortium to acquire the company for $46 a per share in cash.

J.C. Penney (JCP) posts 2.0% lower May comparable department store sales, vs. initial guidance for sales to be flat and total department store sales to also be flat. It continues to see second-quarter comparable department store sales up in low- to mid-single digits.

Saks (SKS) posts 38% higher May same-store sales, 40% higher total sales. It notes May same-store sales were positively impacted by a promotional calendar shift; as a result, management expects than June same-store sales will be negative.

Apple (AAPL) shares rise after UBS Financial raises its price target to $160. Analyst Ben Reitzes said that after evaluating his model, he believes Apple's iPhone and free cash flow (FCF) potential is even greater than investors realize.

NetFlix (NFLX) shares head higher on speculation the company could be a takeover target of (AMZN).

ImClone Systems (IMCL) shares fall after Morgan Stanley reportedly downgrades to underweight.

Wal-Mart Stores (WMT) posts 1.3% higher total May U.S. same-store sales and 7.7% higher total sales. It sees flat to up 2% June same-store sales.

Target (TGT) posts 5.8% higher May same-store sales and 10% higher total sales.

Costco Wholesale (COST) posts 7% higher May same-store sales and 11% total sales rise.

Nordstrom (JWN) posts preliminary 6.3% higher May same-store sales and 6.1% higher total sales.

Aeropostale (ARO) posts 1.9% higher May same-store sales and 19.3% higher total sales.

Abercrombie & Fitch (ANF) posts 5% lower May same-store sales and 16% higher total sales.

Kohl's (KSS) posts 11% higher May same-store sales and 19% higher total sales, driven by broad-based strength in all of its apparel business, footwear and home.

AnnTaylor Stores (ANN) posts 4.6% lower May same-store sales, 1.6% higher total sales.

Brinker International (EAT) posts 2.8% lower May same-restaurant sales. Goldman says recovery is distant, maintains neutral.

Shuffle Master (SHFL) falls after posting $0.10 second-quarter EPS, vs. $0.37 loss a year ago, on a 3.1% revenue rise. Goldman says its EPS missed consensus, and it cut estimates.

Comtech Telecommunications (CMTL) falls after posting $0.71, vs. $0.33 a year ago, third-quarter GAAP EPS on a 34% sales rise. Sidoti notes that the company's $0.40-$0.42 fourth-quarter EPS guidance is below expecations.

Hooker Furniture (HOFT) posts $0.33, vs. $0.49 a year ago, first-quarter EPS on 15% sales decline. It expects sluggish retail conditions to continue at least through the summer months. It okays $10 million increase to stock buyback program.

Medco Health Solutions (MHS) says Blue Cross & Blue Shield's government-wide Service Benefit Plan has awarded administration of its mail-service, specialty prescription drug program to MHS, effective Jan. 1, 2008-Dec. 31, 2010.

H&R Block (HRB) raises $0.135 quarterly dividend by 6% to $0.1425, which brings the annual rate up to $0.57 per share.

ADC Telecommunications (ADCT) posts $0.72, vs. $0.19 a year ago, second-quarter EPS from continuing operations despite a 2.4% sales decline. It expects second-half fiscal year 2007 results to be flat to down modestly from the first half. It sees $1.06-$1.11 fiscal year 2007 EPS from continuing operations on $1.275-$1.29 billion in sales.

IDT Corp (IDT) posts $0.20 third-quarter loss, vs. $0.09 loss a year ago, despite an 11% revenue rise. It expects a fourth-quarter decline in calling card revenues, albeit at a lower rate of decline than seen in recent periods.

Martek Biosciences (MATK) posts $0.15, vs. $0.17 a year ago, second-quarter EPS despite 9.2% revenue rise. It sees $0.18-$0.21 third-quarter EPS on $77-$80 million revenue, and $0.62-$0.66 2007 EPS on revenue of $301-$306 million.

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