Sears Holdings Declines

GM to cut 25,000 jobs by 2008; ConAgra Foods predicts lower fourth-quarter earnings; plus more of Tuesday's stocks in the news

Sears Holdings (SHLD ) shares lost ground Tuesday after the company posted a 7-cent first-quarter loss per share, vs. 94 cents earnings per share (GAAP) as higher expenses and an impact of change in accounting principal offset a 65% revenue rise.

General Motors (GM ) shares were rising Tuesday after the company said it will cut employment in the U.S. by 25,000 or more through 2008.

Packaged-foods company ConAgra Foods (CAG ) says fourth-quarter earnings per share will be lower than expected due to continued weak profitability in the packaged meats operations.

China's largest offshore oil producer CNOOC Ltd. (CEO ) reportedly said it still considering buying Unocal Corp. (UCL ).

Audible Inc. (ADBL ) and XM Satellite Radio (XMSR ) inked a deal to introduce portable, handheld devices with integrated XM Satellite and Audible content, plus downloadable XM talk content on

Procter & Gamble (PG ) confirms previously announced earnings per share guidance for fourth-quarter and fiscal 2005 (ending June) of 54 cents to 55 cents and $2.64 to $2.65, respectively. The company expects sales growth in both periods to be in the high single-digit range.

Albertson's (ABS ) posted 29 cents, vs. 15 cents first-quarter earnings per share from continuing operations on 1.8% higher same-store sales and 16% higher total sales. The company sees $1.37 to $1.47 fiscal 2006 earnings per share from continuing operations.

Bob Evans Farms (BOBE ) posted 16 cents, vs. 54 cents fourth-quarter earnings per share on 3.4% lower same-store sales at Bob Evans Restaurants and lower operating margins. The company temporarily discontinues giving earnings per share guidance, but would expect first-quarter earnings per share to be down "significantly".

Celgene Corp. (CELG ) says the FDA has formally accepted for review the company's New Drug Application for REVLIMID for the treatment for transfusion-dependent myelodysplastic syndromes patients with deletion 5q chromosomal abnormality.

Monsanto (MON ) sees ongoing earnings per share of about $1.05 for the third quarter, up from $1.00 previously. The agricultural products company cites strong sales of biotech traits in the U.S., increased corn seed sales and cotton trait revenues in India, and favorable timing of Roundup sales in the U.S. and Europe.

Supply chain management products company Source Interlink (SORC ) posted 4 cents, vs. 2 cents first-quarter earnings per share (GAAP) on sharp revenue rise.

As result of strong shipments to date and demand from all four major disk drive customers, digital data products company Komag Inc. (KOMG ) now sees second-quarter revenue of of $161 million to $166 million, about 15% to 20% above the first quarter and net margin to be about 15%. Piper Jaffray raises its target.

Harmonic Inc. (HLIT ) says it is working jointly with Microsoft (MSFT ) to deliver integrated Internet protocol-based video solution encompassing Microsoft TV IPTV Edition software platform and HLIT's DiviCom encoding solutions.

Titan Corp. (TTN ) receives a $32.4 million affordable weapon system contract from U.S. Navy.

Standard Microsystems (SMSC ) raised first-quarter earnings per share guidance to 13 cents to 16 cents on better-than-expected revenue of $68 million to $69 million.

Salem Communications (SALM ) sees second-quarter revenue of $51.1 million to $51.6 million, $2 million above previous guidance provided on May 5.

Monolithic Power (MPWR ) Sees better-than-expected $19M-$21M second-quarter net revenue. Cites higher-than-expected sales of direct current to DC converter ICs, white light emitting diode driver ICs.

Biotechnology firm Antigenics Inc. (AGEN ) says its Oncophage, investigational personalized cancer vaccine, has been granted orphan drug status for treatment of renal cell carcinoma by the European Medicines Agency (EMEA).

Global Payment Technologies (GPTX ) received sales orders from several customers for its newest SA-4 product.

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