SEC Approves Tyco's CIT Plan
Del Monte (DLM ) was delayed. The company will acquire a new Heinz unit, consisting of North American Pet Food & Pet Snacks, U.S. Tuna, U.S. Private Label Soup, U.S. Infant Feeding, and others. Terms: 0.45 "new" Del Monte share per Heinz share.
Bristol-Myers (BMY ) will either cancel its existing deal with ImClone or make a tender for all of ImClone, after Wednesday's arrest of former ImClone CEO Sam Waskal. Also, Bristol-Myers hired Goldman Sachs to help explore alternatives, including the sale of the company and a merger, according to press reports.
Microchip Technology (MCHP ) sees $0.15 Q1 EPS from operations on 7%-7.5% higher sequential sales. CS First Boston raised estimates.
According to press reports, Tyco (TYC ) reported the IPO of its CIT Group unit was approved by regulators. Separately, Tyco filed restated Q2 financials to report a $4.5 billion estimated goodwill impairment related to CIT.
Dana Corp. (DCN ) raised its Q2 EPS forecast to $0.41-$0.45; previously Dana expected $0.33-$0.35, citing operating improvements and stronger North American vehicle production.
H&R Block (HRB ) posted $2.46 vs. $2.00 Q4 EPS before an accounting change on a 12% revenue rise, and sees $2.60-$2.75 fiscal 2003 EPS on a 10%-15% revenue rise and raised its quarterly dividend 12.5%.
Acutrade Financial (ACRT ) ) received a letters of inquiry from the SEC and Nasdaq regarding its operations. The company says it has not been informed that it is the subject of any formal investigation.
Kroger (KR ) expects to exceed its $0.44 Q1 consensus EPS from operations estimate, saying its identical food store sales are showing continued improvement.
General Dynamics (GD ) says its General Dynamics Canada unit was awarded a contract valued at $128M by the Canadian Dept. of National Defense to supply and integrate a new data management system for patrol aircraft.