Movers: Best Buy, Monsanto, Pfizer, LoJack, CarMax
Best Buy (BBY) reports fourth quarter (ended March) profit fell 3% to $737 million, or $1.71 per share, vs. $763 million, or $1.55 per share a year ago. This beat analysts' forecast of $1.65 per share profit. Revenue rose 4% to $13.42 billion, above analysts' forecast of $13.19 billion. For fiscal 2009, the company expects earnings of $3.25 to $3.40 per share, while analysts expect a profit of $3.31 per share.
Monsanto (MON) reports second-quarter earnings were $1.13 billion, or $2.02 per share, in the three months ended Feb. 29 from $543 million, or 98 cents per share, in the prior year. Revenue jumped 45% to $3.8 billion from $2.6 billion in the prior-year period, thanks to strong sales of corn seed and herbicide in the U.S.
Pfizer (PFE) announces the discontinuation of a Phase III clinical trial (A3671009), of single-agent tremelimumab (CP-675,206) in patients with advanced melanoma, after the review of interim data showed that the trial would not demonstrate superiority to standard chemotherapy.
Medarex (MEDX) falls 1.52 to 7.80 after Pfizer discontinues Phase III clinical trial of single-agent tremelimumab. MEDX was to receive royalties from PFE on tremelimumab.
LoJack (LOJN) sees lower-than-expected 2008 EPS of $0.75-$0.85 on revenue of $213-$218 million, primarily as a result of the difficult domestic economic situation more severely impacting the auto business than company originally anticipated. It sees first quarter and second quarter EPS of $0.04-$0.20.
Dillard's (DDS) rises 1.99 to 20.40 after the company reaches an agreement with Barington Capital Group, L.P. and Clinton Group, Inc., in conjunction with Southeastern Asset Management, that will avoid a proxy contest at the company's 2008 Annual Meeting of Stockholders.
Crocs (CROX) falls 1.43 to 15.90 after JP Morgan reportedly downgrades to neutral from overweight.
In a long-awaited court report submitted as part of final phase of a trial, an independent expert proposes that Chevron (CVX) pay a minimum of $7 billion and up to $16 billion to compensate for environmental contamination caused to Ecuador's Amazon rainforest during 26-year period when the company operated a large concession in the country.
SAP AG (SAP) board recommends shareholders approve a dividend of euro 0.50 per ordinary share at the Annual General Meeting of shareholders. This represents an increase of 9% over the prior year dividend.
Lululemon Athletica (LULU) posts $0.21, vs. $0.01 a year ago, fourth quarter EPS on sharp revenue rise. It sees $0.70-$0.72 fiscal year 2008 EPS, based on same-store sales growth in low teens; 35 planned new store openings in North America. Separately, names Christine Day president, COO and CEO Designate (will be appointed CEO upon retirement of Bob Meers on June 30, 2008).
CarMax (KMX) posts $0.10, vs. $0.19 a year ago, fourth quarter EPS as retained interest adjustments, effect of higher funding costs at CarMax Auto Finance (CAF) offset 3% higher same-store sales, 8.5% higher total sales. Sees fiscal year 2009 same-store sales down 2% to up 5%, 7%-14% total revenue rise, EPS of $0.78-$0.94.
Chordiant Software (CHRD) expects to report second quarter revenue of $23.5-$25 million, vs. $32.8 million reported for year ago second quarter, and $29.1 million reported in first quarter fiscal year 2008. Sees $0.11-$0.16 GAAP loss, $0.06-$0.11 non-GAAP loss.
Adds second quarter bookings are seen at about $20-$21 million.
Nokia (NOK) unveils four new devices and local e-mail solution aimed at "replacement buyers" in emerging markets.
Superior Offshore International (DEEP) says it has "extremely limited liquidity" and requires substantial additional financing to fund its operations and pay its obligations. As of Mar. 31, it estimates on a preliminary basis that its total current liabilities exceeded its total current assets, before considering current deferred tax assets, by about $7 million. Says it was unable to files Annual Report on Form 10-K for 2007 within the prescribed time period.
Great Plains Energy (GXP) agrees to sell its Strategic Energy LLC subsidiary to Direct Energy for a total cash consideration of $300 million.
Krispy Kreme Doughnuts (KKD) announces that it has requested that its lenders approve certain amendments to its secured credit facilities which, among other things, would relax certain financial covenants contained therein. Those covenants currently are scheduled to become more stringent during fiscal 2009.
Mantech International (MANT) says it has received $750 million in first quarter contract awards with 25% coming from new business or expansions to existing contracts. "We had an outstanding first quarter in terms of contract awards, which was consistent with our outlook for a strong first half of 2008," said Robert A. Coleman, President and Chief Operating Officer, Mantech International Corporation. "There continues to be strong demand for our services which support the technology protecting our armed forces in the Global War on Terrorism, and for mission-critical services supporting the Intelligence Community, DOD and homeland security customers."
Immucor (BLUD) posts $0.27, vs. $0.21 a year ago, third quarter EPS on 17% revenue rise. Of the $9.9 million total increase in revenues, about $4.6 million came from price increases in the U.S. Now believes revenue, gross margin, EPS for fiscal year 2008 will all be at, or modestly above, the high end of the guidance ranges provided on May 31, 2007.