Friday's stocks in the news
From Standard & Poor's Equity ResearchBear Stearns (BSC) falls after S&P Ratings revises its outlook on the company's debt to negative from stable.
Chiquita Brands (CQB) posts $0.20 (including. $0.07 litigation charge), vs. $0.54 a year ago, second quarter EPS as higher SG&A costs offset 2% sales rise.
American Home Mortgage (AHM) says in an effort to preserve the value of its remaining assets in light of its liquidity issues resulting from disruptions in the secondary mortgage market, it reduces employee base from over 7,000 to about 750.
Procter & Gamble (PG) posts $0.67 fourth quarter EPS on 8% higher sales. The consumer products maker expects first quarter organic sales to grow 4%-6% and EPS of $0.88-$0.90. It forecasts $3.44-$3.47 fiscal year 2008 EPS. And it plans to buy back $24-$30 billion in stock over the next three years.
Network Appliance (NTAP) lowers first quarter non-GAAP EPS guidance to $0.19-$0.20 and revenue to $684M-$688M. The storage products maker cites continued softness in enterprise storage spending, most notably in existing customer accounts in U.S. and parts of Europe.
Take-Two Interactive (TTWO) sees $1.25-$1.35 fiscal year 2007 (ending Oct. 31) EPS on $950 million to $1 billion in revenue. It cites movement of launch of GTA IV for PS3 and Xbox 360 due to additional development time required to complete the title; it now plans to release the title in the second quarter of fiscal year 2008.
Accredited Home Lenders (LEND) says auditors opinion on 2006 financial statements does not include a "going concern" qualification. The company says while there is no guarantee a pending merger with Lone Star will close, it expects the tender offer to be concluded in the third quarter.
Openwave Systems (OPWV) posts $0.13 fourth quarter loss (before items), vs. $0.05 EPS a year ago, on 18% lower total revenue. It names Jean-Yves Dexmier CFO, replacing Harold Covert, who is leaving for personal reasons.
Huntsman (HUN) says certain existing stockholders affiliated with MatlinPatterson Global Advisers LLC have entered into underwriting agreement providing for registered public secondary sale of 56.9 million HUN shares.
Tim Hortons (THI)posts C$0.36, vs. C$0.39 a year ago, second quarter EPS as higher effective tax rate offset 6.5% same-store sales rise in Canada, 3.8% in U.S., and 14% total revenue rise. It notes U.S. same-store sales fell below its long-term targeted growth.
MetroPCS Communications (PCS) posts $0.17, vs. $0.06 a year ago, second quarter EPS on a 50% revenue rise.
Frontier Airlines (FRNT) announces the resignation of President and CEO Jeff Potter, who has accepted new position outside of airline industry. It says the resignation will be effective after Frontier's annual stockholders meeting on Sep. 6, 2007.