Tuesday's stocks in the news
From Standard & Poor's Equity ResearchDow Jones & Co. (DJ) heads higher on reports that a takeover agreement with News Corp. (NWS) is imminent.
Nelson Peltz said his Triarc Cos. (TRY) is willing to offer $37 to $41 a share to buy Wendy's International (WEN), but the billionaire investor is balking at Wendy's request to sign a confidentiality agreement as part of the sale exploration process, reports the Wall Street Journal.
CB Richard Ellis (CBG) posts $0.66, vs. $0.34 a year ago, second quarter EPS (excl. items) on 65% higher revenue. The real estate company raises 2007 guidance - it now expects EPS to grow about 50% (excluding items) over 2006 results.
General Motors (GM) posts $2.48, vs. $2.03 a year ago, second quarter EPS (adjusted) on 2.2% higher automotive revenues.
Under Armour (UA) posts $0.11, vs. $0.50 a year ago, second quarter EPS on 51% revenue rise. It raises 2007 income from operations outlook to $79-$81 million.
Avon Products (AVP) posts $0.26, vs. $0.33 a year ago, second quarter EPS as higher expenses offset 12% total revenue rise.
Coach (COH) posts $0.42, vs. $0.29 a year ago, fourth quarter EPS on a 30% sales rise. The luxury accessories maker expects first quarter fiscal year 2008 sales to be about $655 million and EPS to be $0.39. During fiscal year 2008, will open about 40 new North American retail stores, 15-20 new locations in Japan.
Sirius Satellite Radio (SIRI) posts $0.09 second quarter loss per share, vs. $0.17 loss a year ago. It reaffirms view of 8 million-plus subscribers by the end of 2007 and total revenues near $1 billion. S&P maintains hold.
Sun Microsystems (SUNW) posts $0.09 fpurth quarter EPS, vs. $0.09 loss a year ago, as higher margins and lower operating expenses offset flat sales. S&P reiterates hold.
Masco (MAS) posts $0.50, vs. $0.53 a year ago, second quarter EPS from continuing operations on 6.1% lower sales. It sets 50 million share buyback. It expects 2007 EPS from continued operations will be about $1.60-$1.70 vs. previously issued guidance of $1.50-$1.70.
Rent-A-Center (RCII) posts $0.58, vs. $0.56 a year ago, second quarter EPS on 2.7% higher same-store sales and 24% higher revenue. It sees $0.30-$0.36 third quarter EPS on $695-$710 million revenue, $2.06-$2.14 2007 EPS on $2.91-$2.94 billion revenue. It sees third quarter same-store sales flat to down 1.5%.
I2 Technologies (ITWO) announces appointment of Dr. Pallab K. Chatterjee to interim CEO position. ITWO previously announced Michael E. McGrath resigned as CEO and president to pursue other opportunities.
Liz Claiborne (LIZ) posts $0.26, vs. $0.45 a year ago, second quarter EPS (adjusted) despite 0.5% sales rise. The apparel maker reaffirms $1.90-$2.00 2007 EPS (adjusted) guidance, flat to down low single digits net sales.
Waste Management (WMI) posts $0.64, vs. $0.76 a year ago, second quarter EPS on 1.5% drop in revenue. It sees 2007 EPS of $2.07-$2.11, expects to exceed previously projected free cash flow range of $1.30-$1.40 billion.
Radian Group (RDN) says its investments in C-BASS LLC have been "materially impaired". Earlier, C-BASS, which invests in mortgage credit risk, said it has been subject to unprecedented amount of margin calls from its lenders.
Japanese-based apparel retailer Fast Retailing Co. Ltd. submits definitive proposal to acquire Barneys New York, Inc. from Jones Apparel Group (JNY) for $900 million in cash.
Vulcan Materials (VMC) posts $1.45, vs. $1.48 a year ago, second quarter EPS on 1.1% lower revenue. It sees $5.18-$5.23 2007 EPS.
Alcan (AL) posts $1.62, vs. $1.48 a year ago, second quarter operating EPS on an 8.2% revenue rise. For 2007, it notes world primary aluminum consumption is forecast to increase by 10.1%, vs. 6.9% in 2006, driven by high demand in China.
Automatic Data Processing (ADP) posts $0.35, vs. $0.25 a year ago, fourth quarter EPS from continuing operations on 13% revenue rise. For fiscal year 2008, it sees 12% revenue growth, 18%-21% growth in EPS.