Movers: Countrywide Financial, Patterson, Deere, Children's Place
Countrywide Financial (CFC) falls after S&P notes possible decline in mortgage purchase activity by the government-sponsored enterprises will likely reduce CFC's ability to originate loans. S&P cuts estimates, target; maintains hold.
Patterson Companies (PDCO) posts $0.39, vs. $0.35 a year ago, second quarter EPS on 7% sales rise. Given the uncertainty about near-term outlook of its equipment business, it cuts third quarter EPS forecast to $0.44-$0.46 and fiscal year 2008 to $1.68-$1.72.
Deere & Co. (DE) reported fourth-quarter EPS of $1.88, vs. $1.20 a year ago. Revenue rose to $6.14 billion from $5.12 billion on the strength of 35 percent increases in sales of both agricultural equipment and commercial and consumer equipment. Analysts had expected total sales of $5.8 billion and EPS of $1.55. Increased ethanol production helped fuel higher demand for farm equipment. It expects equipment sales to increase by about 12% for full year, and to be up about 25% for the first quarter of fiscal year 2008. It anticipates net income to be about $2.1 billion for 2008, about $325 million for the first quarter.
Trina Solar Ltd. (TSL) posts lower-than-expected $0.286 third quarter earnings per ADS on sharply higher revenue.
Pacific Sunwear of California (PSUN) posts EPS of $0.16, vs. $0.13 a year ago, on 5% higher same-store sales, 0.6% lower total sales. The current quarter excludes charges, related tax rate implications. It says assuming a flat to low-single digit increase in total company same-store sales for the fourth quarter, it expects EPS to be in range of $0.26-$0.29 (excluding items). S&P raises estimates, reiterates hold.
Charming Shoppes (CHRS) posts $0.03 third quarter loss per share, vs. $0.15 EPS a year ago, on 8% lower same-store sales, 3.7% total sales drop. It sees $0.06-$0.08 fourth quarter loss, vs. $0.19 EPS last year. It sees $0.24-$0.26 fiscal year 2008 EPS vs. $0.81 EPS last year.
Hot Topic (HOTT) posts $0.15, vs. $0.16 a year ago, third quarter EPS on 2.6% lower same-store sales, 4% lower total sales. It reports 6.4% lower same-store sales at its Hot Topic stores. It reiterates fourth quarter EPS uidance of $0.29-$0.33. S&P maintains buy. Citigroup reportedly downgrades to hold.
Children's Place Retail Stores (PLCE) posts preliminary $11.8 million third quarter net income (including. items) on 1% same-store sales rise, 6.7% total sales rise. It says it is disappointed with results.
Hibbett Sports (HIBB) posts $0.25, vs. $0.31 a year ago, third quarter EPS on 1.2% lower same-store sales, slightly lower total sales. It sees $0.36-$0.44 fourth quarter EPS, with low single-digit same-store sales growth. For 2008, sees $1.07-$1.15 EPS and a slight same-store sales increase. S&P cuts estimates, target, reiterates sell.
Abercrombie & Fitch (ANF) posts $1.29, vs. $1.11 a year ago, third quarter EPS on 1% higher same-store sales, 13% higher total sales. It sees second half fiscal year 2008 EPS of $3.63-$3.67.
Limited Brands (LTD) posts $0.03, vs. $0.06 a year ago, third quarter EPS on 3.0% lower same-store sales, 9.0% lower net sales. It says it now expects negative mid-single-digit same-store sales for November, vs. its previous guidance for flat same-store sales. It also expects $0.90-$1.05 fourth quarter EPS, vs. $1.08 last year. Separately, says its board authorized the repurchase an additional $250 million share repurchase program.
Par Pharmaceutical Companies (PRX) raises $0.95-$1.10 2007 EPS guidance to $1.35-$1.50 due to delay in the anticipated impact of competition on the pricing and volume environment of certain generic products. It files delayed 10-Qs for the first and second quarters. It posts $1.19 first quarter EPS on 36% revenue rise, and $0.08 second quarter EPS on 14% revenue drop.