Ford Cuts Earnings Guidance
Ford Motor (F ) expects first-quarter earnings per share to exceed its previous guidance of 25 cents to 35 cents, but it cut its 2005 earnings per share guidance to $1.25 to $1.50 due to expected difficult business conditions in the automotive sector. S&P reiterates hold.
Verizon (VZ ) inks a deal to purchase approximately 43.4 million shares of MCI (MCIP ) from 8 entities affiliated with Carlos Slim Helu for $25.72 per share cash.
Circuit City Stores (CC ) posted 43 cents, vs. 46 cents fourth-quarter earnings per share from continuing operations on 1.8% lower same-store sales and 5.3% higher total sales. The company sees fiscal 2006 total sales growth of 3% to 5% and domestic comparative growth in the low single-digit range.
Anheuser-Busch (BUD ) is to convert its remaining Tsingtao bonds to newly issued "H" shares of Tsingtao. The company is raising its 9.9% economic interest in Tsingtao to 27%.
Wyeth (WYE ) says a jury in the cases of Camille Olsen v. Wyeth, Isabel Vega v. Wyeth in a Philadelphia court found in favor of Wyeth in the second liability phase of this 2-phase trial. The decision means the company has no liability in this case.
XM Satellite Radio (XMSR ) is in a deal with Time Warner's (TWX ) America Online unit to create a new online radio service.
LG.Phillips (LPL ) posted a $78 million first-quarter loss, vs. a $618 million profit on a 5.7% revenue drop. The company says the first-quarter is challenging due to strengthening of the Korean won and a difficult pricing environment.
Sepracor Inc. (SEPR ) says preliminary results from its 2nd six-month, Phase IIIB/IV safety and efficacy study of the Lunesta brand eszopiclone for treatment of insomnia augments findings in Sepracor's first 6-month study of Lunesta.
Hyperion Solutions (HYSL ) sees third-quarter results at the high end of its guidance, with revenue of $177 million, GAAP earnings per share of 44 cents to 46 cents, and non-GAAP pro forma earnings per share of 46 cents to 48 cents.
Bausch & Lomb (BOL ) says the FDA has approved single-indication orphan drug Retisert for treatment of chronic non-infectious uveitis affecting posterior segment of the eye, a sight-threatening inflammatory disease.
99 Cents Only Stores (NDN ) posted 2.8% lower first-quarter same-store sales and 5.3% higher total sales.
In an 8-K filed on Friday, McKesson Corp. (MCK ) stated it received a subpoena from New York Attorney General Eliot Spitzer. Intra-day Friday, Cardinal Health (CAH ) and AmerisourceBergen (ABC ) were subpoenaed by Spitzer.