Fremont General Takes Big Loss on Loan Sale
Fremont General (FMT) agreed to sell about $4 billion of its subprime residential real estate loans at a discount, reflecting current conditions in the subprime mortgage market. The company estimates the sale will result in a pre-tax loss of about $140 million.
FedEx (FDX) posted $1.35 vs. $1.38 third quarter earnings per share (EPS) despite a 7.4% revenue rise. The company notes the impact from a slowing economic environment, lower fuel surcharges, and severe winter storms. FedEx sees $1.93 to $2.08 fourth quarter EPS and $6.45 to $6.60 in fiscal year 2007.
Oracle (ORCL) posted 25 cents vs. 19 cents third quarter EPS (non-GAAP) on a 27% sales rise.
Novell (NOVL) received additional notice of non-compliance from the Nasdaq Stock Market due to a delay in filing its first quarter fiscal year 2007 Form 10-Q. The company is delaying filings pending completion of review of its historical stock-based compensation practices.
New York Times (NYT) reported 6.0% lower Feb. advertising revenues from continuing operations and 3.6% lower total revenues from continuing operations.
Morgan Stanley (MS) posted $2.51 vs. $1.48 first quarter EPS on a 29% revenue rise.
Adobe Systems (ADBE) posted better-than-expected 30 cents vs. 32 cents first quarter EPS (non-GAAP) on a 0.9% revenue decline. The software concern sees 34 cents to 36 cents second quarter EPS (non-GAAP) on $700 million to $740 million revenue. Adobe reaffirmed its annual revenue growth target of around 15% for fiscal 2007.
Medtronic (MDT) says the U.S. Court of Appeals decided in favor of the company in ongoing patent litigation against a unit of Biomet (BMT), ruling that Medtronic's current multi-axial pedicle screw products do not infringe on any claim of Biomet's unit.
SanDisk (SNDK) and Hynix Semiconductor sign a patent cross-license deal covering flash memory components of both companies and an agreement for product supply.
WSI Industries (WSCI) Posts $0.06 vs. $0.03 second quarter EPS on a 24% revenue rise.
Cost Plus (CPWM) Reschedules its fourth quarter and fiscal year 2006 EPS release to Apr. 12 in order to provide additional time for the company to finish its financial statement close and allow its independent auditor to complete its audit of fiscal year 2007.