Best Buy Gains
Mylan Labs (MYL ) sees 92 cents to $1.15 fiscal 2006 earnings per share (adjusted), and $1.20 to $1.74 fiscal 2007 earnings per share. It announces a $1.25 billion stock buyback and doubles annual dividend to 24 cents. The company plans to out-license nebivolol, its highly anticipated next-generation beta blocker.
Best Buy (BBY ) posted 51 cents, vs. 28 cents (adjusted) first-quarter earnings per share on a 12% revenue rise. The company sees 51 cents to 56 cents second-quarter earnings per share. It raises fiscal 2006 earnings per share guidance to $3.10 to $3.25, up from a previous $2.95 to $3.10 range. It continues to expect $30 billion fiscal 2006 revenue.
InfoUSA Inc. (IUSA ) gets an offer from Vin Gupta & Co., LLC, an entity controlled by the company's founder, Chairman and CEO, to acquire all outstanding shares of InfoUSA not held by Mr. Gupta for $11.75 per share in cash.
Krispy Kreme Dounuts (KKD ) delays the filing of its most recent quarterly report. The company sees a first-quarter loss on 21% lower revenues of about $153 million.
Sirius Satellite (SIRI ) signs an agreement with Sprint (FON ) to offer select Sirius Satellite Radio programming.
In a Form 8-K filing with the SEC, Western Digital (WDC ) raises its fourth-quarter revenue guidance to $900 million to $915 million, but says due to higher operating expenses, it keeps 22 cents to 24 cents earnings per share guidance. Piper Jaffray downgrades to market perform.
L-3 Communications (LLL ) says its Canadian Electronic Systems (L-3 ES) unit received a $89.6 million production contract from Boeing Integrated Defense Systems of St. Louis, Mo.
OfficeMax (OMX ) says the SEC issued formal order of investigation arising from the company's previously announced internal investigation into accounting for vendor income. S&P maintains hold.
Weight Watchers (WTW ) agrees to gain full control of its online affiliate, WeightWatchers.com Inc., from European investment firm Artal Luxembourg SA in a $389 million deal. It sees the deal adding 3 cents to 5 cents to earnings per share in 2006, and 10 cents to 15 cents to earnings per share in 2007.
Knight Ridder (KRI ) posted 3.5% total advertising revenue growth for May. The company posted flat operating revenue growth.
Pier 1 Imports (PIR ) posted a 14-cent first-quarter loss, vs. 13 cents earnings per share on a 12% same-store sales decline and 6.1% total sales decline. It sees 3 cents earnings per share to a 7-cent loss in the second-quarter on a same-store sales decline in the mid- to high-single-digit range.
Edwards Lifesciences (EW ) halts the enrollment in U.S. trials for a heartvalve replacement procedure. It remains comfortable with second-quarter earnings per share estimate of 48 cents earnings per share. First Albany downgrades to underperform from neutral.