Companies Detail Katrina's Toll
ATP Oil & Gas (ATPG ) said that its production took hits of 30 to 35 million cubic feet equivalent on average per day, as a result of temporary shut-ins caused by Hurricane Katrina.
Boeing (BA ) union officials reportedly urged members to strike after the company submitted its final contract offer to machinists. The aerospace company's union members will vote on the 3 year offer Thursday, and their current contract expires Friday.
Chicago Bridge & Iron (CBI ), Fleetwood Enterprises (FLE ), and ElkCorp( ELK ) share prices rose Wednesday, as investors bet the building products providers would likely benefit from the need for restoration from Hurricane Katrina.
Chiquita Brands (CQB ) said Hurricane Katrina severely damaged its port facilities at Gulfport, Mississippi. During 2004, Gulfport had handled about one-quarter of the company's banana imports to the U.S.
Tenet Healthcare (THC ) said it does not yet have an estimate of the damage or other financial impact that Hurricane Katrina had on its operations in Louisiana and Mississippi. The company expects its costs to be significant, even after taking into account its existing insurance coverage.
Walgreen (WAG ) said that 74 Walgreen stores in Louisiana and Mississippi were closed due to Hurricane Katrina as of Tuesday afternoon.
Fred's Inc( FRED ) said about 180 Fred's stores were directly affected by Hurricane Katrina, and about 90 stores closed. Four states affected by the Hurricane comprise the company's market region, and are home to nearly two-thirds of the chain's stores.
Valero Energy (VLO ) VLO, Tesoro (TSO ), and Sunoco (SUN ) were seen higher by market players, as demand for their oil refining capacity increases after Hurricane Katrina disrupted some oil production.
Tiffany & Co (TIF ) posted 35 cent vs. 22 cent second quarter earnings per share on an 8% increase in US same-store sales, marking an 11% total sales improvement. The jewelry store raised its $1.45 to $1.55 fiscal year 2006 earnings per share forecast to between $1.55 and $1.65.
Hilb Rogal & Hobbs (HRH ) said Wednesday that it had settled with the Connecticut State Attorney General's office to pay about $30 million to its U.S. clients. The insurance brokerage firm holding company had been under investigation for its business practices.
Stemcells (STEM ) received a manufacturing license for its cell processing facility from the State of California Deptartment of Health Services. The development enables the coompany to use its proprietary neural cell therapy product in clinical trials.
Medimmune( MEDI ) amended its co-promotion agreement with Abbott Laboratories (ABT ) for Medimmune's antibody Synagis and the potential launch of the influenza vaccine CAIV-T.
Monolithic Power( MPWR ) raised its $25 million to $27 million third quarter revenue guidance to between $27 million and $29 million, citing increased demand its products and the markets in Asia.
Viacell (VIAC ) said that a preclinical study shows the administration of stem cells sourced from umbilical cord blood.
FX Energy (FXEN ) planned to test an oil well in the western Poland project area Fences III. FX Energy said it has a 100% interest in the well.
Semtech Corp (SMTC ) posted 10 cent (including charges) vs. 22 cent second quarter earnings per share (Generally Accepted Accounting Principles) on 15% lower revenue. The semicondcutor company see 13 cent (including charges) third quarter earnings per share on $60 million of sales.
Boston Scientific (BSX ) launched its medical product the Chilli II Cooled Ablation Catheter, which will be available in the U.S.
Arrow International (ARRO ) cut its fourth quarter sales guidance to between $113 million and $114 million from $116 million to $119 million. For the fiscal year 2005, Arrow's guidance is now $453 million to $454 million from an original $453 million to $459 million. The catheter maker cited ongoing manufacturing capacity constraints.
ImmunoGen (IMGN ) said its cancer research collaboration with the Aventis Pharmaceuticals unit Sanofi-Aventis (SNY )'s has been extended. Aventis will fund ImmunoGen with $18.2 million over the twelve months beginning September 1, 2006. The pharmaceuticals companies had established their collaboration in July 2003.
Rediff.Com (REDF ) partnered with India's TV-industry glossy, GR8! TV Magazine. The Indian online media provider's deal will allow over 40 million mobile subscribers in the South Asian country to access GR8! Bollywood TV content ranging from mobile alerts to video clips on mobile phones.
SiRF Technology Holdings (SIRF ) share prices rose on Wednesday, after news that the computer chip maker struck a deal to supply its products to the Garmin Ltd. unit Garmin International. CS First Boston raised its estimates on SiRF but maintained a neutral investment recommendation on the stock.