Tenet Healthcare Falls
Fulcrum says Tenet Healthcare's (THC ) cash flow is far more in the red than expected, and reiterates sell. S&P cut its target and keeps the avoid ranking. On Tuesday, Tenet announced a curtailment in the amount of available credit that bankers are willing to extend.
Krispy Kreme Doughnuts (KKD ) posted 26 cents, vs. 19 cents fourth-quarter earnings per share (excluding a $9.1 million arbitration award) on an 11% same-store sales rise and a 36% total revenue rise. Krispy Kreme maintains its $1.16 to $1.18 fiscal 2005 earnings per share guidance and same-store sales growth guidance of mid-to-high single digits. S&P maintains accumulate. Shares dropped.
Procter & Gamble (PG ) says third-quarter and fiscal 2004 earnings per share should exceed current consensus estimates by 1 cent to 2 cents on strong volume and sales performance. The consumer-products giant set a 2-for-1 stock split, and raised its annual dividend 9.9%. Shares rose. S&P maintains buy.
Global Crossing (GLBC ) posted $13 million fourth-quarter EBITDA, vs. a $62 million EBITDA loss as lower access costs, consolidated third-party maintenance costs, and operating expenses offset a 6% total revenue decline.
Rockwell Automation (ROK ) sees fiscal 2004 earnings per share near the midpoint of the $1.35 to $1.45 guidance range, and says revenue is on track for 4% to 6% organic growth. S&P keeps hold. Baird reiterates buy.
Six Flags (PKS ) argeed to sell its Six Flags Worlds of Adventure theme park near Cleveland to privately held Cedar Fair for $145 million. It also agreed to sell its European division to a private investment firm for $200 million. Shares rose.
AnnTaylor Stores (ANN ) posted 65 cents, vs. 35 cents fourth-quarter earnings per share on a 16% same-store sales rise, and a 27% total sales rise. AnnTaylor says it's comfortable with current first-quarter earnings per share guidance of 47 cents to 49 cents and fiscal 2005 guidance of $2.47 to $2.57. The retailer raised its existing $50 million share buyback to $75 million. S&P maintains hold. CIBC World raised its price target.
Talbots (TLB ) posted 39 cents, vs. 48 cents fourth-quarter earnings per share on a 4.7% same-store sales decline and flat net sales growth.
Geron (GERN ) agreed to acquire exclusive rights to use Merix Bioscience's platform technology in therapeutic cancer vaccines using telomerase as an antigen.
Stanley Furniture (STLY ) sees better than expected 66 cents to 69 cents first-quarter earnings per share on 11% to 13% higher sales, citing continuing sales momentum.
Catalina Marketing (POS ) says the Securities and Exchange Commission issued a formal order in connection with its investigation of certain aspects of the company's financial accounting revenue recognition policies.
Net2Phone (NTOP ) posted a 13 cents second-quarter loss, vs. a 15 cents loss despite a 14% revenue drop.
SPX Corp. (SPW ) reconfirmed the $3.41 to $3.60 2004 GAAP earnings per share from continuing operations guidance.
Mobile-phone operator T-Mobile International, a unit of Deutsche Telekom (DT ), said its U.S. business added 1.015 million net customers in the fourth quarter, vs. 670,000 in the third quarter, and 1.017 million subscribers in the fourth quarter of 2002. The company posted fourth-quarter services revenue of more than $1.98 billion, above the $1.90 billion in the third quarter, and above the $1.41 billion in the fourth quarter of 2002.