Thursday's stocks in the news
From Standard & Poor's Equity ResearchExxon Mobil (XOM) posts $2.03, vs. $1.62 a year ago, first quarter EPS on 34% revenue rise. Notes lower refining, chemical margins, lower production volumes, higher operating costs.
Home Depot (HD) says it will no longer pursue the opening of about 50 U.S. stores that have been in its new store pipeline, in some cases for more than 10 years. As such, HD says it will record a charge of about $400 million related to capitalized development costs and ongoing obligations associated with those future store locations. Also says it will close 15 underperforming U.S. stores that do not meet its targeted returns. As result of store closings and impairment, HD will record a charge of about $186 million. S&P applauds these moves, reiterates buy.
Omniture (OMTR) posts $0.19 first quarter GAAP loss per share, vs. $0.05 loss, as higher costs, expenses offset sharply higher revenues. Sees second quarter GAAP loss of $0.13-$0.14, 2008 GAAP EPS of $0.44-$0.49. S&P cuts estimates, reiterates hold.
Clorox (CLX) posts $0.84, vs. $0.90, third quarter EPS (excluding items) despite 9% higher sales (including Burt's Bees and bleach business acquisition). Expects fiscal year 2008 total sales growth in the range of 6%-8%. S&P keeps hold.
Adobe Systems (ADBE) believes it will achieve quarterly results near high-end of its target ranges of $855-$885 million revenue, GAAP EPS of $0.35-$0.37, non-GAAP EPS of $0.45-$0.47. Continues to target 2008 GAAP EPS of $1.45-$1.51, non-GAAP EPS of $1.86-$1.92.
Eastman Kodak (EK) posts $0.40 first quarter loss per share, vs. $0.53 loss (both GAAP from continuing operations), on 1% sales rise. Sees flat to 2% revenue growth for 2008, GAAP EPS from continuing operations of $250-$275 million.
Comcast (CMCSA) posts $0.19, vs. $0.17, first quarter adjusted EPS on 14% higher consolidated revenue. Reaffirms 2008 consolidated revenue and operating cash flow growth of 8% to 10%.
Elizabeth Arden (RDEN) posts $0.10 third quarter loss per share, vs. $0.11 EPS (both adjusted to exclude restructuring charges), on 4% sales drop. Says it did not anticipate extent of negative retail sales trends. Sees fiscal year 2008 EPS, excluding restructuring charges, of $1.30-$1.36. S&P cuts estimates, maintains hold.
Sepracor (SEPR) posts $0.53, vs. $0.44, first quarter non-GAAP EPS despite 2.1% revenue decline. Reiterates $1.05-$1.45 2008 GAAP EPS on $1.35-$1.45 billion revenue forecast.
Owens-Illinois (OI) posts $1.02, vs. $0.31, first quarter EPS from continuing operations on 16% higher sales.
CVS Caremark (CVS) posts $0.55, vs. $0.46, first quarter adjusted EPS on 3.7% higher same-store sales, 3.7% higher pharmacy same-store sales, 61% higher total sales.
Iron Mountain (IRM) posts better-than-expected $0.16, vs. $0.17, first quarter EPS on 18% revenue rise. Raises 2008 guidance to 10%-13% revenue growth, 10%-14% operating income before depreciation and amortization (OIBDA).