Friday's stocks in the news
From Standard & Poor's Equity ResearchStarbucks (SBUX) posts fourth quarter EPS of $0.21, vs. $0.15 a year ago, on 4% higher same-store sales, 22% higher total sales. It sees fiscal year 2008 same-store sales rise of 3%-5%, total revenue growth 17%-18%, EPS of $1.02-$1.05. It sees first quarter EPS of $0.28; impacted by ongoing dairy cost pressure coupled with expectations of continued softness in the U.S. consumer and economic environment compared to the first quarter of fiscal year 2007.
Fannie Mae (FNM) shares lost nearly 10% Friday after Fortune magazine's Web site raised concerns about how the company had changed how it reports bad loans. In a conference call with analysts Friday, the company said portions of the $670 million of credit-loss provisions that the company charged off in the third quarter would likely be recovered.
FedEx (FDX) lowered its earnings outlook for the fiscal second quarter and full year, citing soaring fuel costs and a troubled U.S. freight market. For the second quarter ending Nov. 30, the company sees EPS of $1.45 to $1.55, vs. previous forecast of $1.60 to $1.75. For the fiscal year ending in May, it sees EPS of $6.40 to $6.70, vs. prior range of $6.70 to $7.10 per share. Analysts had expected EPS of $1.71 for the quarter and $6.87 for the year.
Kohl's (KSS) posts $0.61 third quarter EPS, vs. $0.68 a year ago, on 2.6% lower same-store sales, 4.8% total sales rise. Assuming fourth quarter same-store sales are flat to down 2%, KSS says it would expect EPS of $1.45-$1.51, resulting in fiscal year 2008 EPS of $3.52-$3.58, down from previous guidance of $3.77-$3.87.
AnnTaylor Stores (ANN) posts $0.66 third quarter EPS, vs. $0.54 a year ago, on 0.4% same-store sales drop, 6.1% total sales rise. Due to the significant softness experienced in the month of October and ongoing macroeconomic uncertainty, the retailer reduces $2.15-$2.25 fiscal year 2008 EPS forecast to $2.05-$2.15.
Garmin Ltd. (GRMN) says it has signed six-year extension to its deal with NAVTEQ, allowing GRMN to continue using NAVTEQ data through 2015, with an option to renew for an additional four-year period. GRMN says that, in light of these developments, it does not intend to pursue its offer for Tele Atlas N.V. S&P maintains buy.
Autodesk (ADSK) posts $0.49 third quarter EPS (non GAAP), vs. $0.35 a year ago, on 18% revenue rise. It sees fourth quarter revenue of $575-$585 million, non-GAAP EPS of $0.52-$0.54. It expects fiscal yeara 2009 revenue growth of 13%-15%. S&P maintains hold. Needham downgrades to buy from strong buy.
Cisco Systems (CSCO) sets up to $10 billion in additional stock repurchases, increasing total authorized amount under the program to $62 billion.
Nike (NKE) raises quarterly dividend by 24%, to $0.24 from $0.185.
Intuit (INTU) posts $0.14 first quarter loss per share from continuing operations, vs. $0.17 loss a year ago, on 27% revenue rise. It reaffirms outlook. S&P maintains hold.
The9 Limited (NCTY) posts RMB 1.29 vs. RMB 2.61 third quarter EPS despite 35% revenue rise. Notes third quarter operating margin decreased from 27% last year to 14% this year, more shares outstanding this year. S&P cuts estimates, target, but keeps buy.
American Railcar Industries (ARII) says, according to regulatory documents filed Thursday, Carl Icahn reportedly raised his stake in ARII to over 29%.
Agilent Technologies (A) posts $0.53, vs. $0.45 a year ago, fourth quarter adjusted EPS on 9% revenue rise. It sets $2 billion stock buyback. It says it comfortable with range of analyst estimates for fiscal year 2008 revenues and adjusted net income. It sees fourth quarter revenue of $1.35-$1.40 billion, up 5%-9% from last year. S&P keeps hold.
Energizer Holdings (ENR) raises its reported fourth quarter EPS to $1.19 from the $1.03 it previously reported in order to reflect an omitted income tax benefit.
Jack in the Box (JBX) posts better-than-expected $0.43, vs. $0.46 a year ago, (including benefit) fourth quarter EPS despite 5.5% same-store sales rise at Jack in the Box company restaurants, 5.8% SSS at Qdoba Mexican Grill restaurants. For fiscal year 2008, sees 2%-4% SSS growth at Jack in the Box restaurants, 4%-6% SSS growth at Qdoba, EPS of $1.98-$2.06. It sets new $200 million stock buyback program.
Steak N Shake (SNS) posts $0.05, vs. $0.27 a year ago, fourth quarter EPS on 3.9% lower same-store sales, slightly lower total sales. It sees $0.32-$0.42 fiscal year 2008 EPS on 1%-5% decline in same-store sales.