Movers: Yahoo, GE, CBS, CNET, J.C. Penney

Thursday's stocks in the news

Carl Icahn reportedly forms 10-person slate for Yahoo (YHOO) board, including Frank Biondi, Mark Cuban. Icahn also reportedly seeks FTC okay to purchase $2.5 billion in YHOO stock. Newswire also says Icahn "perplexed" by YHOO board actions, says YHOO acted irrationally, believes Microsoft's (MSFT) $33 per share offer is a superior option.

Mesa Power LLP, a company created by T. Boone Pickens, places order with General Electric (GE) to purchase 667 wind turbines. First phase of four-phase project is expected to cost $2 billion. Separately, WSJ reports that GE is looking to sell its appliance unit in an auction that could bring in $5-$8 billion. The article said GE has hired Goldman Sachs (GS) to advise on a possible sale.

CBS Corp. (CBS) agrees to acquire CNET Networks (CNET) in a $1.8 billion deal. Terms: $11.50 cash per CNET share. S&P maintains sell on CBS. (SLRY) falls after the company posts wider-than-expected $0.09 first quarter non-GAAP loss, vs. $0.12 loss, on 46% higher revenue. The Street consensus had called for a $0.07 loss. Sees first quarter loss of $6.5-$6.9 million on revenue of $9.3-$9.7 million. For fiscal year 2009 (March) sees loss of $22-$25 million on revenue of $45-$49 million. Names Bryce Chicoyne chief financial officer. Needham downgrades to hold from buy.

Tiffany & Co. (TIF) raises quarterly dividend to $0.17 from $0.15. Expects first quarter EPS to surpass its previous expectations that called for EPS to be about equal to last year's $0.39.

J.C. Penney (JCP) posts $0.54, vs. $1.04, first quarter EPS on 7.4% lower same-store sales, 5.1% lower total sales. Notes same-store sales were at the favorable end of its revised guidance for high-single-digit decrease. Sees $0.38 second quarter EPS, mid-single-digit decrease in same-store sales, low-single-digit decrease in total sales.

Agilent Technologies (A) posts $0.47, vs. $0.30, second quarter GAAP EPS on 10% revenue rise, at the high-end of the company's view. Adjusted EPS of $0.51 was just above the top of the company's $0.46-$0.50 guidance. It sees third quarter revenue of $1.44-$1.49 billion, adjusted EPS of $0.52-$0.56; fourth quarter revenue up 8%-17% above year ago, adjusted EPS of $0.62-$0.66. For fiscal year 2008, sees $5.82-$5.93 billion revenue, adjusted EPS of $2.07-$2.15. S&P raises estimate, target, reiterates hold.

Brocade Communications Systems (BRCD) posts $0.15, vs. $0.11, second quarter non-GAAP EPS on 2.8% revenue rise. EPS ahead of Street view of $0.14.

Steak N Shake (SNS) posts $0.10 second quarter loss, vs. $0.21 EPS, on 6.3% same-store sales drop, 5.8% total sales drop. Says sales were impacted by ongoing deterioration in the consumer economic environment, increased promotional activity throughout the restaurant sector. Expects operating environment to remain difficult.

Arctic Cat (ACAT) posts $0.02 fourth quarter EPS, vs. $0.08 loss a year ago, despite 2% lower sales. Sees $0.50-$0.60 first quarter loss on sales in the range of $85-$95 million. Expects to return to profitability in fiscal year 2009.

Illinois Tool Works (ITW) sees $0.94-$1.00 second quarter EPS from continuing operations on total revenue growth in the range of 9%-12%. Expects $3.35-$3.49 2008 EPS, assumes total revenue growth range of 8%-12%.

Blockbuster (BBI) posts $0.20 first quarter EPS, vs. $0.27 loss, as lower SG&A costs offset 5.4% lower sales

E-House (China) Holdings Ltd. (EJ) posts $0.11, vs. $0.06, first quarter EPADS on sharp revenue rise. Sees second quarter revs of $41-$44 million, representing an increase of 71%-83% from the same period in 2007.

Yingli Green Energy Holding Company (YGE) posts RMB 1.73 first quarter EPS, vs. RMB 0.36 loss, on sharply higher revenues. Sees 2008 net revenues of $969 million-$1.02 billion, up 74.1%-83.3% from 2007.

Sina (SINA) posts $0.33, vs. $0.19, first quarter non-GAAP EPS on 39% revenue rise, which exceeded company guidance. Sees second quarter revenue of $88-$90 million, with advertising revenue of $64-$65 million.

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