Career Education Climbs
Career Education (CECO) shares gained Wednesday after the company said it plans to sell several of its schools and campuses, including nine campuses that comprise the Gibbs division, McIntosh College, two campuses belonging to Brooks College, and Lehigh Valley College.
US Airways Group (LCC) made a merger proposal to Delta Air Lines (DALRQ) under which both companies would combine upon Delta's emergence from bankruptcy. The bid would provide about $8 billion of value in cash and US Airways stock to Delta's unsecured creditors.
Boeing (BA) is poised to receive more than $10 billion of new business in the coming weeks, including a GE order for 777s, according to the Wall Street Journal.
Tyco (TYC) posted 63 cents vs. 41 cents third quarter GAAP EPS from continuing operations on an 8.3% revenue rise. Is to launch a restructuring program and sees up to $600 million of charges, of which $450 million is expected to be cash. Sees 42 cents to 44 cents first quarter EPS from continuing operations.
Abercrombie & Fitch (ANF) posted $1.11 vs. 79 cents third quarter earnings per share (EPS) on 5% higher same-store sales and 22% higher total sales. Reaffirms second half fiscal year 2007 EPS guidance of $3.25 to $3.30; sees flat fourth quarter comparables.
Analog Devices (ADI) posted 39 cents vs. 18 cents fourth quarter EPS on a 4% revenue rise. Sees first quarter product sales of $635 million to $670 million, total revenue of $670 million to $705 million, gross margin of 61.2% to 61.6%, and GAAP EPS of 36 cents to 42 cents.
La-Z Boy (LZB) posted 4 cents second quarter EPS vs. a 12-cent loss on a 2% sales rise, and the absence of the year ago's 10 cents restructuring charge. Sees third quarter sales decline in the mid-single-digit range, and EPS of 6-10 cents.
Comverse Technology (CMVT) has identified errors in the recognition of revenue related to certain stock option contracts, errors in related tax matters, and the misclassification of certain expenses in earlier periods.
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