Movers: Google, Molson Coors Brewing, YUM Brands, Sprint Nextel
Google (GOOG) shares were up 10.48 to a new high of $620.10 after the company says it will reportedly begin showing YouTube videos on thousands of other Web sites, hoping to profit from adds attached to the clips, according to AP. Banc of America reportedly raises target price on Google to $670.
General Electric's (GE) NBC Universal agrees to buy female-focused Oxygen Media for about $925 million.
XM Satellite Radio (XMSR) rises 0.98 to 15.24 after Citigroup said it sees further upside based on merger probability analysis, raises target.
Miramar Mining (MNG) agrees to be acquired by Newmont Mining (NEM) in a deal valued at about C$1.5 billion. Terms: MNG holders to get C$6.25 per share.
Oxford Industries (OXM) falls after the company posts first quarter EPS from continuing operations of $0.27, vs. $0.63 a year ago, on a 16% sales drop. It expects sales and EPS for the second quarter and the two-month period commencing Dec. 1, 2007 and ending Feb. 2, 2008 to be flat to slightly higher than last year.
California Pizza Kitchen (CPKI) posts 3.5% rise in third quarter comp-restaurant sales, vs. previous forecast of 2%-3% growth. It says, based upon 13.5% rise in third quarter revenue, aforementioned comp-restaurant sales results, $0.19 per share charge for store closure costs for four CPK/ASAPs previously announced, management expects EPS of $0.04-$0.05.
Children's Place Retail Stores (PLCE) posts 3% higher September same-store sales, 4% higher total sales. It expects third quarter EPS to come in at least 60% below low end of previous guidance of $0.94-$1.02 (including charges). Assuming current sales and margin trends continue into the fourth quarter, the company thinks fiscal year 2008 EPS will be significantly below low end of previous guidance of $2.25-$2.40.
Thornburg Mortgage (TMA) raises $863 million estimated aggregate third quarter loss resulting from asset sales to $1.099 billion.
American Electric Power (AEP) reaches a settlement deal with the U.S. Environmental Protection Agency, eight states and 14 environmental organizations, bringing an end to alleged violations of the New Source Review (NSR) provisions of the Clean Air Act. AEP will install additional emissions control equipment, pay $60 million for environmental projects and a $15 million penalty.
Molson Coors Brewing (TAP) and SABMiller PLC (SAB.L) form a joint venture that will combine their U.S. operations. SABMiller will own 58%t in the venture and MolsonCoors will own 42% of the new company, MillerCoors.
Sprint Nextel (S) says chairman, president and CEO Gary Forsee has stepped down, effective immediately. The company plans to search for a new CEO. It expects to report net loss of about 337,000 post-paid subscribers in the third quarter. It also sees adjusted OIBDA and consolidated operating revenue for '07 slightly below ranges previously provide. S&P keeps hold.
Yum Brands (YUM) posts third quarter EPS of $0.50, vs. $0.42 a year ago, on 4.0% higher worldwide same-store sales. It raises 2007 EPS estimate to $1.65. It cites continued strong growth from China and YRI divisions. It sets additional $1.25 billion stock buyback plan. Yesterday, S&P reiterated buy ahead of its third quarter results.
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