Movers: Verizon, ValueClick, Archer-Daniels-Midland
Verizon Communications (VZ) posts second quarter EPS of $0.58, vs. $0.43 a year ago, on a 6.3% revenue rise. Separately, Verizon and Vodafone (VOD) agree to buy Rural Cellular (RCCC) in a deal valued at about $2.67 billion in cash and debt assumption. S&P maintains hold on Verizon shares.
ValueClick (VCLK) posts $0.17, vs. $0.14 a year ago, second quarter EPS on 14% revenue rise. It notes $0.17 EPS was at the low end of its previously-issued guidance, which was negatively impacted by its promotion-based business.
Archer-Daniels-Midland (ADM) posts $1.47, vs. $0.62 a year ago, fourth quarter EPS on a 28% sales rise. Its current quarter number includes after tax gains on asset sales.
American Home Mortgage (AHM) delays payment of quarterly cash dividend to preserve liquidity until it obtains a better understanding of the impact that current market conditions in the mortgage industry and broader credit market will have on its balance sheet.
Ingersoll-Rand (IR) agrees to sell its Bobcat and Utility Equipment and Attachments business units to Doosan Infracore for about $4.9 billion in cash.
Cedar Fair L.P. (FUN) has entered into quick-moving talks with investment firm Destiny Capital Solutions about a $4.1 billion takeover, according to the New York Post.
Crocs (CROX) agrees to acquire the Bite Footwear brand for $1.75 million in cash, plus potential earn-out of up to $1.75 million based on Bite hitting certain earnings targets over 3-year period.
RadioShack (RSH) posts $0.34 second quarter EPS, vs. $0.02 loss a year ago, as improved gross margin, reduced SG&A expense rate, and reversal of income tax contingency reserve offset a 15% revenue drop.
ABN Amro Holding (ABN) says it no longer recommends the takeover bid from Barclays (BCS)... Until now, ABN had supported friendly bid from BCS, opposing competing bid from a consortium of banks led by Royal Bank of Scotland: WSJ.
ImCone Systems (IMCL) and Bristol-Myers Squibb (BMY) agree to expand investment in ongoing clinical development plan for Erbitux by up to several hundred million dollars.
BMC Software (BMC) sets a $1 billion stock buyback.