Markets & Finance

C-Mac Soars on Solectron's All-Stock Buyout


C-MAC Indus (EMS) agreed to be acquired by Solectron Corp. (SLR) in a $2.7B deal. Terms: 1.755 Solectron newly issued shares per C-MAC share. Separately, Solectron sees $3B-$3.5B Q4 sales, $0.05-$0.09 cash EPS from operations, $16B-$18.5B sales in fiscal 2002, and $0.62-$0.66 cash EPS.

Lamar Advertising (LAMR) posted 12% higher Q2 EBITDA on a 11% revenue rise. Lamar says July billboard net revenue was down 3%, and cut Q3 revenue guidance to $182M and cut the EBITDA to $82M.

Lehman cut estimates.

Verity Inc. (VRTY) sees a Q1 loss of up to $0.12 on $20M-$24M revenue vs. previous guidance of $34M-$36M.

Abercrombie & Fitch (ANF) posted a 14% July same-store sales decline and says year-to-date same store sales fell 3%. Wedbush cut estimates. USB Piper reiterates strong buy.

Stemcells Inc. (STEM) and Aastrom Biosciences (ASTM) are higher as President Bush is set to announce Thursday night whether or not he will allow federal funding for medical research on stem cells from human embryos.

Western Wireless (WWCA) posted a $0.18 Q2 loss vs. $0.09 EPS

despite a 25% revenue rise. CS First Boston and Merrill downgraded.

WMS Industries (WMS) posted $0.42 vs. $0.35 Q4 EPS from operations on a 48% increase in installed base of participation games. Bear Stearns downgraded to attractive from buy.

Gap (GPS) posted 12% lower July same store sales, and 5.3% higher total sales. Gap cut its workforce by 10% from the end of the fiscal 2001 level and sees $0.11 Q2 EPS from operations. WF Van Kasper downgraded.

UBS Warburg cut estimates on Morgan Stanley (MWD).

Columbia Labs (COB) posted a $0.11 Q2 loss from operations vs. a $0.04 loss on sharply lower sales.

Flowers Foods (FLO) posted better than expected $0.18 vs. $0.28 Q2 EPS despite a 4.4% sales rise. Janney Montgomery raised estimates.

ResMed (RMD) posted $0.25 vs. $0.19 Q2 EPS on a 49% revenue rise.

American Eagle ( AEOS) posted 3.7% higher July U.S. same store sales, and 53% higher total sales.

Ann Taylor (ANN) posted a 13% Q2 same store sales decline, and a slight total sales rise. Ann Taylor sees $0.22 Q2 EPS, citing inventory improvement and strong margins.

Wireless Facilities (WFII) posted $0.04 Q2 EPS from operations on a 8% revenue decline and sees further sequential increases in revenue, EBITDA growth in Q3 and Q4 , bringing 2001 revenue to $217M-$240M.

Hot Topic (HOTT) posted 3.8% higher July same store sales, and 50% higher total sales.

Anchor Gaming (SLOT) posted 16% higher Q4 EBITDA on a slight revenue rise. Anchor posted $1.24 EPS. The results were adjusted for the sale of Sunland Park Racetrack & Casino. Anchor sees Q1 EPS of at least $1.25.

Talbots (TLB) posted a slight Q2 same store sales rise and a 8% total sales rise. Talbots sees Q2 EPS at the high end of its previously stated $0.25-$0.27 range.

Dollar General (DG) posted 7.8% Q2 same store sales rise and a 20% total sales rise. The company sees a 5%-7% Q3 same store sales rise, and a 17%-19% total sales rise.

Intimate Brands (IBI) posted a 5% Q2 same store sales decline, and a 3% total sales decline.


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