IAC to Sell Vivendi Universal Stake
IAC InterActiveCorp (IACI ) announces the sale of Vivendi Universal Entertainment securities to General Electric (GE ). The company says it will net $1 billion in cash, repurchase 56.6 million in IAC shares, and obtain $100 million in advertising across NBC-Universal's various networks over the next three years.
Kirk Kerkorian's Tracinda Corp. says nearly 19 million shares of General Motors (GM ) have been tendered under Tracinda's offer to buy up to 28 million GM shares at $31 per share, according to a preliminary count. S&P reiterates strong sell.
Texas Instruments (TXN ) narrowed its second-quarter guidance to 27 cents to 30 cents earnings per share on revenue of $3.12 billion to $3.24 billion. The company cites growing demand across a broad range of semiconductor products and seasonal growth in educational calculators. S&P ups estimates and keeps hold.
ImClone Systems (IMCL ) says an independent review committee confirms a Phase III study of Erbitux with radiation in first-line squamous cell carcinoma of head & neck met its primary efficacy endpoint. Carl Icahn files to buy $100 million to $500 million in additional shares.
Siebel Systems (SEBL ) initiates a 2.5 cent quarterly dividend.
TiVo (TIVO ) reports a nationwide upgrade to its TiVoToGo service, enabling people for first time to move TiVo content stored on Microsoft Windows XP-based PC onto Windows Mobile-based Portable Media Centers.
McDonald's Corp. (MCD ) posted 4.3% higher U.S. May same-store sales and 1.8% higher global sales. The company reports 1.4% lower May same-store sales in Europe as business climate remains challenging in the U.K. and Germany.
Brocade Communications (BRCD ) delays the filing of its Form 10-Q for second-quarter fiscal 2005. The company says, as previously announced, its audit committee is performing an independent review of the company's stock option accounting regarding leaves of absences from 2001 to 2004.
Sonus Networks (SONS ) announces notification from the SEC that previous independent investigation of its financial reporting has been terminated and no enforcement action has been recommended.
Bear Stearns downgrades Werner Enterprises (WERN ), Heartland Express (HTLD ), Covenant Transport (CVTI ), and Knight Transportation (KNX ) to underperform from peer perform.
Cooper Cos. (COO ) posted 62 cents, vs. 61 cents second-quarter earnings per share on a 79% sales rise, limited by acquisition and restaurant expenses. The company cuts fiscal 2006 revenue guidance to $983 million to $998 million. It says it may have material weakness in internal control related to hedge accounting.
La-Z Boy (LZB ) posted 35 cents fourth-quarter earnings per share from continuing operations, vs. a 64-cent loss on a 6.3% sales rise and absence of write-down of intangibles. The company sees 10 cents to 14 cents first-quarter earnings per share on low-single digit sales growth.
IDT Corp. (IDT ) posted a 15-cent third-quarter loss, vs. an 84-cent loss on a 7.3% revenue rise.
Amer. Retirement (ACR ) revised its 8 cents first-quarter earnings per share to 9 cents. The company will file its first-quarter Form 10-Q today and will restate 2002 to 2004 financial results.
Atari Inc. (ATAR ) says James Caparro has resigned as President and CEO.