Movers: Hewlett-Packard, Apple, CVS, Whole Foods, Hormel
Hewlett-Packard (HPQ) posts $0.93, vs. $0.86 a year ago, first quarter non-GAAP EPS on 1% revenue rise (+4% when adjusted for forex impact). Sees second quarter revenue decline of 2%-3%, with non-GAAP EPS of $0.84-$0.86, fiscal year 2009 revenue decline of 2%-5%, non-GAAP EPS of $3.76-$3.88. S&P reiterates strong buy, reduces estimates. Thomas Weisel reportedly upgrades to overweight.
Apple (AAPL) unit sales of computers through U.S. retail channels fell 6% in January from the same month in 2008, the first monthly decline in three years, according to market-research firm NPD Group: WSJ.
CVS Caremark (CVS) posts $0.70, vs. $0.58, fourth quarter adjusted EPS from continuing operations on 3.6% higher same-store sales, 4.5% higher pharmacy same-store sales, 10% higher total sales.
Walt Disney Company (DIS) says it will lay off an unspecified number of workers as it restructures its U.S. theme parks in the wake of declines in attendance and revenue.
Whole Foods Market (WFMI) posts better-than-expected $0.20, vs. $0.28, first quarter EPS on 4% lower same-store sales, flat total sales. Sees fiscal year 2009 EPS of $0.71-$0.76, based on assumption for flat same-store sales. Street is looking for EPS of $0.66. S&P reiterates strong sell. Jefferies upgrades to buy from hold.
Priceline.com (PCLN) posts $1.29, vs. $0.96, fourth quarter pro forma EPS on 21% revenue rise. Sees first quarter y/y increase in gross travel bookings of flat to 7.5%, 5%-10% revenue rise, $0.85-$0.95 pro forma EPS. S&P upgrades to buy from hold.
Hormel Foods (HRL) posts better-than-expected $0.60, vs. $0.64, first quarter EPS despite 4.2% revenue rise. Street was looking for $0.51. Reconfirms fiscal year 2009 EPS guidance of $2.15-$2.25.
Sprint Nextel (S) posts $0.01 fourth quarter loss per share, vs. $0.23 EPS (both adjusted), on 14% decline in net operating revenue. Street was looking for a loss of $0.03.
CBS Corp. (CBS) posts $0.20, vs. $0.43, fourth quarter EPS on 6.1% revenue decline. Cuts quarterly dividend to $0.05 from $0.27. CBS CEO calls dividend cut "wise and prudent." S&P maintains sell. Caris upgrades to average from below average.
Synopsys (SNPS) posts $0.50, vs. $0.44, first quarter non-GAAP EPS on 7.7% revenue rise. Sees $0.39-$0.41 second quarter EPS on revenue of $332M-$340M, fiscal year 2009 EPS of $1.60-$1.72 on revenue of $1.37-$1.40 billion. S&P maintains sell; raises estimate.
Dress Barn (DBRN) posts $0.02 second quarter loss, vs. $0.12 EPS, on 4% lower comparable-store sales, flat total sales. Reaffirms $0.70-$0.85 fiscal year 2009 EPS guidance. Suntrust reportedly upgrades to buy from neutral.
Expedia (EXPE) posts $0.22, vs. $0.32, fourth quarter adjusted EPS on 6.7% revenue drop. S&P lowers estimate, target, reiterates hold.
Biomarin Pharmaceutical (BMRN) posts $0.21, vs. $0.03, fourth quarter GAAP EPS on sharply higher revenue. Sees 2009 $15 million GAAP net loss-to-breakeven on $300-$329 million total net product revenues. Expects $35-$40 million GAAP net income in 2010, $60-$65 million in 2011; sees 2010 top-line product revenue rise of about 20%-25%, about 15%-20% in 2011.
Watson Pharmaceuticals (WPI) posts $0.53, vs. $0.35, fourth quarter adjusted GAAP EPS on 3% revenue rise. Sees 2009 revenues of approximately $2.65 billion, GAAP EPS of $2.03-$2.13, adjusted EBITDA of $600-$620 million.
Baidu (BIDU) posts $1.22 fourth quarter earnings per ADS on 58% higher revenue. Excluding stock-based compensation, earnings were $1.31 per ADS. For first quarter, BIDU expects to generate total revenues of about $114 million, representing a 36%-39% increase from a year earlier. S&P reiterates buy.
Williams Companies (WMB) posts $0.33, vs. $0.59, fourth quarter recurring EPS from continuing operations after mark-to-market adjustments. Cuts $1.25-$2.05 2009 recurring adjusted EPS forecast to $0.60-$1.10 on expected very low commodity prices.
Nutrisystem (NTRI) posts $0.16, vs. $0.34, fourth quarter adjusted EPS on 16% revenue decline. Sees first quarter adjusted EBITDA of $19-$23 million. But due to limited visibility, the company says it will not offer full year guidance at this time.
Life Time Fitness (LTM) posts $0.33, vs. $0.48, fourth quarter EPS as charges, higher expenses offset 13% revenue rise. Sees 2009 revenue of $830-$860 million and EPS of $1.50-$1.70.
O'Reilly Automotive (ORLY) posts better-than-expected $0.32, vs. $0.35, fourth quarter EPS as more shares outstanding offset 4% higher same-store sales, 84% higher total sales. Sees $0.35-$0.39 first quarter EPS, $1.80-$1.84 2009, both including impact of acquisition charges related to CSK of $.01 per diluted share.
Advance Auto Parts (AAP) posts $0.51, vs. $0.35, fourth quarter EPS on 3% higher same-store sales, 14% higher total sales. Current quarter includes 53rd week of business but excludes non-cash inventory adjustment. In 2009, co. anticipates double-digit increase in Commercial same-store sales, partially offset by low single-digit decrease in DIY comps.
Avon Products (AVP) says it now expects to achieve higher-than-anticipated annualized savings and benefits approaching $900 million from its original restructuring program, product line simplification, strategic sourcing initiatives. Sets new restructuring program targeting annualized savings of approximately $200 million when fully implemented.
LDK Solar (LDK) sees fourth quarter revenue of $415-$425 million, wafer shipments between 245-255 MW. Also expects to record write-downs of $210-$220 million against cost of inventories. As result, expects gross margin to be negative. Forecasts fourth quarter net loss of $135-$145 million. For full year 2008, estimates revenue of $1.63-$1.64 billion, wafer shipments between 810-820 MW and net profit of $145-$155 million. Also announces curtailment in 2009 capital expansion and spending plans.