Ford Motor (F) expects to report a small Q3 profit vs. the consensus estimate for a $0.10 loss, notinhg larger-than-expected industry volumes, and progress on its Revitalization Plan.
Genentech (DNA) says a Phase III study of Avastin in relapsed metastatic breast cancer patients did not meet its objectives of progression-free survival. The biotech company is still waiting for Phase III test results for the treatment of colorectal cancer, the lead indication for Avastin.
Cubist Pharmaceuticals (CBST) and Gilead Sciences (GILD) terminated their licensing agreement for the commercialization of Cidecin, the oral formulation of daptomycin; Gilead will not owe any future payments to Cubist. CS First Boston downgraded its rating on Cubist to underperform from neutral.
Skechers USA (SKX) sees lower-than-expected $0.30-$0.35 Q3 EPS on $245-$255 million in revenue, citing a weak domestic retail sales environment. The company currently expects $0.10-$0.14 Q4 EPS.
Brean Murray says earlier fall promotions at J Jill Group (JILL) suggest gross margin upside may not materialize in Q3. The company was unavailable for comment.
Astoria Financial (AF) says assuming interest rates and mortgage loan refinance activity remain unchanged, it expects $0.72-$0.74 Q3 EPS. S&P reiterates hold. JP Morgan reportedly downgraded the shares.
Biosite (BSTE) and XOMA (XOMA) have resolved all outstanding disputes regarding patent and licensing issues.
Nokia (NOK) sees Q3 sales of EUR 7.1B-EUR 7.4B, with EPS (pro forma) at the upper end of a previous range of EUR 0.15-EUR 0.17. Nokia expects Q3 Mobile Phones sales growth of 4%-9%.
Quantum (DSS) set a restructuring plan, and expects total charges of about $100M, with slightly less than half being cash charges.
Jack In The Box (JBX) lowered the $0.67 Q4 EPS guidance to $0.34 due to softer sales, one-time costs from an anticipated settlement of labor litigation, and costs to close several under-performing restaurants.
HJ Heinz (HNZ) posted $0.50 vs. $0.57 Q1 EPS (both quarters include special items) as decreased gross margin in its U.S. tuna business, and a planned increase in marketing expense offset a 6.1% sales rise.
Hollis-Eden (HEPH) announced the publication of results demonstrating that HE2200 ande HE2500 can delay, limit or completely prevent disease in Experimental Allergic Encephalomyelitis, a preclinical model that mimics multiple sclerosis in humans.
Gap (GPS) says retiring president and CEO Millard Drexler exercised about 14.5 million options in a deal that increased his stock ownership in the company.