Citigroup, Wachovia Post Higher Earnings
Citigroup (C) posts $1.12 vs. $1.04 first quarter earnings per share on 21% higher corporate and investment banking revenues. It sets a $10 billion stock buyback.
Wachovia (WB) posts $1.09 vs. $1.01 first quarter EPS (GAAP) on 9% higher revenue.
TiVo (TIVO) the jury rules in favor of TiVo in its lawsuit against EchoStar Communications(DISH). The jury finds TiVo's time warping patent is valid, and that EchoStar has been infringing on its intellectual property.
Flextronics International (FLEX) agrees to sell its software development and solutions business to an affiliate of Kohlberg Kravis Roberts & Co, in a deal valued at about $900 million. Flextronics will keep a 15% interest in the business.
Comverse Technology (CMVT) says that as a result of its ongoing review relating to stock option grants, it will delay filing Form 12b-25 with the Securities and Exchange Commission (SEC,) indicating that its fiscal year 2006 Form 10-K will be delayed.
Bookham (BKHM) sees third quarter gross margin of 10% to 12%, and adjusted earnings before interest taxes depreciation and amortization (EBITDA) of negative $10 million to $12 million, below a previous forecast of 23% to 27% margin and positive $1 million to negative $3 million, respectively.
RealNetworks (RNWK) says that following a 4-week trial in a Masschusetts district court, the jury rendered a unanimous verdict finding that RealNetworks does not infringe on any of the 10 patent claims asserted by Ethos Technologies.
Bear Stearns (BSC) China Construction Bank Corp. is in early talks with Bear Stearns that could lead to China Construction taking a minority stake in Bear Stearns, according to the Wall Street Journal.
Knight Ridder (KRI) posts 42 cents vs. 75 cents first quarter EPS (including items) as higher interest expense offset 3.9% higher total operating revenue.
Infosys Technologies (INFY) posts 56 cents vs. 47 cents fourth quarter EPADS on a 30% revenue rise. It sees 56 cents to 57 cents first quarter EPADS and $2.57 to $2.61 in fiscal year 2007. It sets 67 cents per ADS special dividend.
Bausch & Lomb (BOL) Asks US retailers to remove ReNu with MoistureLoc from their shelves temporarily, and recommends consumers switch to another lens care solution until investigation of reports of fungal keratitis infections are concluded.
Interchange Financial Services (IFCJ) agrees to be acquired by TD Banknorth in a $480.6 million deal, at $23 cash per Interchange Financial Services share.
CSK Auto (CAO) says pending completion of a previously announced investigation by the company's Audit Committee into certain accounting errors and irregularities, it is delaying filing of its fiscal year 2006 10-K.
Tyson Foods (TSN) appoints Wade D. Miquelon as Chief Financial Officer.
Moldflow (MFLO) sees $16.2 million to $16.4 million third quarter revenue, below the low end of guidance. It sees third quarter net income at or below guidance. It notes continued softness in European and North American markets across both business units.
Newpark Resource (NR)'s Audit Committee begins an internal probe re potential irregularities involving processing and payment of invoices by its Soloco Texas unit. It places the Chief Financial Officer of the company on leave.
VF (VFC) sees first quarter earnings per share (EPS) growth of 12% to 14%, up from the prior view of "slightly over" $1.00. It cites stronger-than-expected results in its domestic Jeanswear biz.
Houston Exploration (THX) Hedge fund JANA Partners calls upon the company to put proceeds of its recently announced asset sale into the repurchase of the company's outstanding shares. It says the company should also explore alternatives, including the sale of the company.
Student Loan Corp. (STU) posts $2.31 vs. $3.31 first quarter EPS on an 11% revenue drop. It notes reduced floor income, the impact of the Deficit Reduction Act, an increase in operating expenses, and a higher effective tax rate.
State Street (STT) posts 84 cents vs. 67 cents first quarter EPS from continuing operations on a 16% revenue rise.
Frontier Development Group (FRG) reports a large silver-gold discovery in southwestern Mexico. It says the new discovery is on the Clara Project where recent surface samples have returned values of up to 6.02 ounces/ton silver, and 4.9 grams/ton of gold over 7.5 meters.