Movers: Apple, Intel, Countrywide Financial, CB Richard Ellis
Apple (AAPL) shares rise after the company announces it sold its one millionth iPhone.
Intel (INTC) raises third quarter revenue guidance to range of $9.4-$9.8 billion, vs. previously announced range of $9-$9.6 billion. The chip maker expects gross margin percentage for the third quarter to be in the upper half of previously announced range of 52%, plus or minus a couple of points. S&P reiterates strong buy.
Great Lakes Bancorp (GLK) agrees to be acquired by First Niagara Financial Group (FNFG) in a deal valued at about $153 million.
KMG America (KMA) agrees to be acquired by Humana (HUM) in a deal valued at about $187.7 million, or $6.20 cash per KMA share.
Goldman Sachs reportedly downgrades CB Richard Ellis Group (CBG) to neutral from buy.
Countrywide Financial (CFC) says it will reduce its workforce by 10,000-12,000 over the next three months, representing up to 20% of its current employees. Based on current interest rate levels, Countrywide presently expects that total market origination volumes will decline about 25% in 2008 compared to 2007 levels.
Blackstone Group (BX) pays $600 million for a 20% stake in Chinese chemical company China National BlueStar (Group) Corp.
Central Garden & Pet (CENT) sees lower-than-expected $0.07-$0.09 fourth quarter operating EPS, $0.54-$0.56 for fiscal year 2007. Its results were hurt by adverse weather conditions and volatile grain prices. It plans to offer 10 million Class A shares to the public.
Analog Devices (ADI) agree to sell its Othello radio and SoftFone baseband chipset product lines, as well as certain cellular handset baseband support operations to MediaTek for $350 million cash.
C&D Technologies (CHP) posts $0.07 second quarter loss from continuing operations, vs. $0.15 loss a year ago, on 17% revenue rise.
Magal Security Systems (MAGS) gets order worth over $8 million to install its Perimitrax buried cable intrusion detection system as part of a project to protect several public utility facilities in Western Asia.
Opnet Technologies (OPNT) says its wholly owned subsidiary, OPNET Analysis, Inc., has been awarded an Indefinite Delivery/Indefinite Quantity (IDIQ) contract by U.S. Navy's Space & Naval Warfare Systems Center for OPNET software products and services. Contract includes one base year valued at about $13.9 million, and four 1-year option periods, which, if exercised, will bring total cumulative value of the contract to the estimated amount of $75 million.