Markets & Finance

SEC Approves Tyco's CIT Plan


Del Monte (DLM) was delayed. The company will acquire a new Heinz unit, consisting of North American Pet Food & Pet Snacks, U.S. Tuna, U.S. Private Label Soup, U.S. Infant Feeding, and others. Terms: 0.45 "new" Del Monte share per Heinz share.

Bristol-Myers (BMY) will either cancel its existing deal with ImClone or make a tender for all of ImClone, after Wednesday's arrest of former ImClone CEO Sam Waskal. Also, Bristol-Myers hired Goldman Sachs to help explore alternatives, including the sale of the company and a merger, according to press reports.

Microchip Technology (MCHP) sees $0.15 Q1 EPS from operations on 7%-7.5% higher sequential sales. CS First Boston raised estimates.

According to press reports, Tyco (TYC) reported the IPO of its CIT Group unit was approved by regulators. Separately, Tyco filed restated Q2 financials to report a $4.5 billion estimated goodwill impairment related to CIT.

Dana Corp. (DCN) raised its Q2 EPS forecast to $0.41-$0.45; previously Dana expected $0.33-$0.35, citing operating improvements and stronger North American vehicle production.

H&R Block (HRB) posted $2.46 vs. $2.00 Q4 EPS before an accounting change on a 12% revenue rise, and sees $2.60-$2.75 fiscal 2003 EPS on a 10%-15% revenue rise and raised its quarterly dividend 12.5%.

Acutrade Financial (ACRT) ) received a letters of inquiry from the SEC and Nasdaq regarding its operations. The company says it has not been informed that it is the subject of any formal investigation.

Kroger (KR) expects to exceed its $0.44 Q1 consensus EPS from operations estimate, saying its identical food store sales are showing continued improvement.

General Dynamics (GD) says its General Dynamics Canada unit was awarded a contract valued at $128M by the Canadian Dept. of National Defense to supply and integrate a new data management system for patrol aircraft.


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