Movers: Yahoo, Kohl's, Abercrombie, Nordsrom, BMC Software
Yahoo (YHOO) sends a response letter to Carl Icahn, who Thursday launched a proxy contest to unseat YHOO's board, states Icahn's proxy campaign "reflects a significant misunderstanding of the facts about the Microsoft proposal and the diligence with which our board evaluated and responded to that proposal." The letter also states that the company is "willing to enter into any transaction that would maximize value for stockholders and provide them certainty of value."
Kohl's (KSS) posts $0.49, vs. $0.64, first quarter EPS on 6.7% lower same-store sales, 1.5% higher total sales. Remains conservative in its sales expectations for the balance of the year. It sees second quarter EPS of $0.70-$0.74. It sees fiscal year 2009 EPS of $2.95-$3.15 on same-store sales decline of 3%-5%. Consensus view is for fiscal year 2009 EPS of $3.11. Goldman reportedly removes KSS from Conviction Buy List; reportedly cuts U.S. department store group to neutral from attractive.
Abercrombie & Fitch (ANF) posts $0.69, vs. $0.65, first quarter EPS on 3% lower same-store sales, 8% higher total sales. Posts 3% higher same-store sales at Abercrombie & Fitch stores. Reaffirms its previously disclosed EPS guidance of $1.61-$1.65 for the first half of fiscal year 2009 and says low end of guidance reflects a negative 2% same-store sales scenario for the second quarter.
Nordstrom (JWN) posts $0.54, vs. $0.60, first quarter EPS on 6.5% lower same-store sales, 3.8% lower total sales. Says its focus on expense management and continued inventory control enabled it to achieve the high end of its EPS plan, despite the challenging retail environment. Sees fiscal year 2009 EPS of $2.65-$2.80, decreased from previous range of $2.75-$2.90, on 4%-6% lower same-store sales. Sees second quarter EPS of $0.65-$0.70.
BMC Software (BMC) posts $0.63, vs. $0.40, fourth quarter non-GAAP EPS on 11% revenue rise, driven by significantly higher license revenue growth of 14%. Sees non-GAAP EPS of $2.10-$2.20, assuming a seasonal pattern similar to prior years.
China Finance Online (JRJC) raises $10-$10.5 million first quarter revenue guidance to $10.5-$10.8 million, $3.7-$4.0 million adjusted earnings to $4.5-$5.0 million. It cites continued growth in its registered user accounts, paying subscribers, further enhancement of its telemarketing, product development capabilities.
Clean Energy Fuels (CLNE) posts $0.07 first quarter non-GAAP loss, vs. $0.03 loss, despite 6.3% revenue rise.
Qualcomm (QCOM) acquires 40 MHz (1452-1492 MHz) of L-Band radio spectrum recently auctioned by UK communications regulator Ofcom, at cost of GPB 8.334 million.
Exar (EXAR) posts $0.04 fourth quarter non-GAAP loss, vs. $0.07 EPS, as narrowed gross margin, higher operating costs, lower other income offset 50% sales rise. Non-GAAP results exclude a $165.2 million charge for impairment of goodwill and other intangible assets related to the acquisition of Sipex. Sees $29-$31.5 million first quarter sales.