Movers: Citigroup, Mastercard, Visa, Merck, Energizer, Gildan Activewear
Citigroup (C) said it will sell at least $3 billion in common stock to shore up its capital position. Citi shares fell 3% to $25.52 in after-hours trading.
Mastercard (MA) posts $3.38, vs. $1.57, first quarter GAAP EPS on 29% higher net revenue. Says currency fluctuations (driven by movement of the euro and the Brazilian real relative to the U.S. dollar) contributed 5.1% of the increase in net revenue for quarter.
Visa (V) posts $0.52 second quarter adjusted EPS (Class A) on revenue of $1.5 billion. It says its financial outlook over the next three years includes the following metrics: annual net revenue growth of 11%-15%; annual adjusted operating margin in the low 40% range; annual adjusted EPS growth of 20% or greater; and annual free cash flow in excess of $1 billion.
Biogen Idec (BIIB) and Genentech (DNA) announce that a Phase II/III study of Rituxan(R) (rituximab) for systemic lupus erythematosus (SLE, commonly called lupus) did not meet its primary endpoint defined as the proportion of Rituxan treated patients who achieved a major clinical response (MCR) or partial clinical response (PCR) measured by BILAG, a lupus activity response index, compared to placebo at 52 weeks.
Energizer Holdings (ENR) posts $1.03, vs. $1.14, second quarter EPS as higher costs offset 30% sales rise.
Merck & Co. (MRK) receives a Not Approvable action letter from the FDA for its New Drug Application (NDA) for MK-0524A for the treatment of primary hypercholesterolemia or mixed dyslipidemia. Also reaffirms '08 financial guidance. Bear Stearns trims estimates, but keeps outperform.
Fresh Del Monte Produce (FDP) posts $1.07, vs. $0.84 a year ago, first quarter EPS (excluding items) on 7% sales rise. Says gross profit for the first quarter decreased due to a $10.2 million negative impact for forex as compared to last year, as currencies in its producing countries strengthened against the dollar.
Under Armour (UA) posts $0.06, vs. $0.20 a year ago, first quarter EPS as higher costs, expenses offset 27% revenue rise. Cuts $108.5-$110.5 million 2008 income from operations forecast to $103.5-$104.5 million.
Temple-Inland (TIN) posts $0.05 first quarter non-GAAP loss per share, vs. $0.15 EPS a year ago, on 5.9% revenue decline. S&P cuts estimate, target; keeps hold.
Fair Isaac (FIC) posts $0.36, vs. $0.37 a year ago, second quarter EPS from continuing operations as charge related to workforce reduction offset 1.3% revenue rise. Sees second half fiscal year 2008 revenue from continuing operations of approximately $380 million and EPS of about $0.74. S&P cuts estimates, maintains hold.
LCA-Vision (LCAV) posts $0.37, vs. $0.54 a year ago, first quarter EPS on 8% lower same-store sales, 12% lower adjusted sales. Says procedure volume was 44,159 compared with 59,101. Also notes that attended exams did not keep pace with the growth in scheduled exams.
Questar (STR) posts $1.05, vs. $0.86, first quarter EPS. The company grew natural gas, oil and natural gas liquids (NGL) production 13% to 39.5 billion cubic feet of natural gas equivalent (Bcfe) compared to 34.9 Bcfe for the 2007 period. Raises 2008 EPS view to $3.25-$3.40 from $3.05-$3.20. Also raises E&P 2008 production range to 166-169 Bcfe from previous guidance of 160-163 Bcfe. S&P maintains buy.
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