Ford Shifts to a Profit
Ford Motor (F ) expects to report a small Q3 profit vs. the consensus estimate for a $0.10 loss, notinhg larger-than-expected industry volumes, and progress on its Revitalization Plan.
Genentech (DNA ) says a Phase III study of Avastin in relapsed metastatic breast cancer patients did not meet its objectives of progression-free survival. The biotech company is still waiting for Phase III test results for the treatment of colorectal cancer, the lead indication for Avastin.
Cubist Pharmaceuticals (CBST ) and Gilead Sciences (GILD ) terminated their licensing agreement for the commercialization of Cidecin, the oral formulation of daptomycin; Gilead will not owe any future payments to Cubist. CS First Boston downgraded its rating on Cubist to underperform from neutral.
Skechers USA (SKX ) sees lower-than-expected $0.30-$0.35 Q3 EPS on $245-$255 million in revenue, citing a weak domestic retail sales environment. The company currently expects $0.10-$0.14 Q4 EPS.
Brean Murray says earlier fall promotions at J Jill Group (JILL ) suggest gross margin upside may not materialize in Q3. The company was unavailable for comment.
Astoria Financial (AF ) says assuming interest rates and mortgage loan refinance activity remain unchanged, it expects $0.72-$0.74 Q3 EPS. S&P reiterates hold. JP Morgan reportedly downgraded the shares.
Biosite (BSTE ) and XOMA (XOMA ) have resolved all outstanding disputes regarding patent and licensing issues.
Nokia (NOK ) sees Q3 sales of EUR 7.1B-EUR 7.4B, with EPS (pro forma) at the upper end of a previous range of EUR 0.15-EUR 0.17. Nokia expects Q3 Mobile Phones sales growth of 4%-9%.
Quantum (DSS ) set a restructuring plan, and expects total charges of about $100M, with slightly less than half being cash charges.
Jack In The Box (JBX ) lowered the $0.67 Q4 EPS guidance to $0.34 due to softer sales, one-time costs from an anticipated settlement of labor litigation, and costs to close several under-performing restaurants.
HJ Heinz (HNZ ) posted $0.50 vs. $0.57 Q1 EPS (both quarters include special items) as decreased gross margin in its U.S. tuna business, and a planned increase in marketing expense offset a 6.1% sales rise.
Hollis-Eden (HEPH ) announced the publication of results demonstrating that HE2200 ande HE2500 can delay, limit or completely prevent disease in Experimental Allergic Encephalomyelitis, a preclinical model that mimics multiple sclerosis in humans.
Gap (GPS ) says retiring president and CEO Millard Drexler exercised about 14.5 million options in a deal that increased his stock ownership in the company.