ConocoPhillips to Buy Burlington Resources for $35.6 Bln

P&G sees earnings and sales growth on the higher end of its previous range, S&P cuts GM's debt rating, plus more stocks in the news Tuesday

ConocoPhillips (COP ) agrees to acquire Burlington Resources (BR ) in a deal valued at $35.6 billion, at $46.50 cash and 0.7214 ConocoPhillips shares per Burlington Resources shares.

Procter & Gamble (PG ) sees 68 cents to 69 cents second quarter earnings per share (EPS) on 25% to 26% sales growth, vs. previous guidance of 66 cents to 69 cents EPS on 23% to 26% sales growth.

First BanCorp (FBP ) says that as a result of the Audit Committee's review of mortgage-related transactions, the company will restate its previously reported financial statements to correct its accounting for mortgage-related transactions.

Hewlett-Packard (HPQ ) At today's Securities Analyst Meeting in New York City, the Chief Financial Officer reportedly announced expectations of $89.5 billion to $91 billion fiscal year 2006 revenue, and $1.88 to $1.95 non-GAAP EPS. It sees 4% to 6% fiscal year 2007 revenue growth and expects the costs of computers to continue to decline.

Rohm & Haas (ROH ) set a restructuring plan, including the closure or partial shutdown of five facilities, and a research and development site. It sees 45 cents to 50 cents fourth quarter EPS, including about 20 cents in charges. It also says stronger demand in higher margin areas are aiding year over year EPS improvement.

General Motors (GM ) S&P Ratings cut the company's corporate credit rating to B, with a negative outlook, from its previous rating of BB-. The ratings agency says bankruptcy is not "a far-fetched possibility" for GM.

Magellan Health (MGLN ) sees lower-than-expected $1.42 to $1.84 fiscal year 2006 EPS, excluding charges, on revenue of $1.61 billion to $1.65 billion. It agrees to acquire National Imaging Associates, a privately held radiology benefits management company, for a total of about $122 million cash.

Cendant (CD ) sees fourth quarter EPS from continuing operations of 23 cents, excluding items. It cites challenges at its Travel Distribution Services division.

Tupperware Brand (TUP ) sees $1.45 to $1.50 2005 EPS (excluding items) on a 6% to 7% sales rise (as reported), $1.65 to $1.75 2006 EPS (including 10 cents negative impact from forex, excluding items) on $1.75 billion to $1.8 billion sales.

Best Buy (BBY ) posted 28 cents vs. 25 cents (adjusted) third quarter EPS on a 3.3% same-store sale rise and 10% higher total sales. It sees $1.06 to $1.16 fourth quarter and $2.05 to $2.15 fiscal year 2006 EPS.

Cooper Cos (COO ) posted 22 cents vs. 79 cents fourth quarter EPS (GAAP). It cut its fiscal year 2006 earnings per share view to $3.34 to $3.44 before charges, and fiscal year 2007 to $4.04 to $4.14.

Lehman Brothers Holdings (LEH ) posted $2.76 vs. $1.96 fourth quarter EPS on 28% higher net revenue.

Krispy Kreme Doughnuts (KKD ) expects to report third quarter net loss on $130 million revenue. Adjustments to its financial statement are currently estimated to decrease pre-tax income by $1.6 million, $3.7 million, $4 million, $16.5 million, and $5.4 million for fiscal years 2001, 2002, 2003, 2004, and the first nine months of 2005, respectively.

Crane (CR ) sees $2.20 to $2.25 fiscal year 2005 (ending September) EPS. It sees $2.45 to $2.60 fiscal year 2006 EPS on 4% higher rev. It also raises fiscal year 2005 free cash flow to approximately $130 million from $110 million to $120 million, and fiscal year 2006 to $165 million.

Sabre Holdings(TSG ) projects 2006 adjusted EPS to be greater than $1.70 (greater than $1.20 on a GAAP basis) on about 15% revenue growth.

Diebold (DBD ) says that its chairman and CEO Walden O'Dell resigned. President and chief operating officer Thomas Swidarski has been named CEO, while John Lauer is non-executive chairman. The company reaffirms fourth quarter guidance.

Alloy (ALOY )shares were halted amid pending news. Earlier the company announced that the SEC approved its spinoff of dELiA's. The deal is expected to close Dec. 19.

Cendant (CD ) sees fourth quarter earnings per share from continuing operations of 23 cents excluding items. It cites challenges at its Travel Distribution Services division.

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