Markets & Finance

Michaels Stores Jumps


Michaels Stores (MIK) posted 42 cents, vs. 30 cents first-quarter earnings per share on a 6% same-store sales rise and an 11% total sales rise. The arts and crafts retailer sees 10% to 15% second-quarter earnings per share growth, 15% to 20% third-quarter growth, and 10% to 15% fourth-quarter growth. Michaels sees 15% to 20% fiscal 2005 earnings per share growth. Wedbush Morgan and Avondale upgraded. S&P keeps the accumulate ranking.

Dollar Tree Stores (DLTR) posted 31 cents, vs. 29 cents first-quarter earnings per share on a 15% net sales rise. The discount retailer sees $700 million to $715 million in second-quarter sales, and $3.2 billion to $3.3 billion in fiscal 2005 sales. S&P reiterates hold. Wachovia raised its estimates.

ManTech International (MANT) cut the 32 cents to 34 cents second-quarter earnings per share guidance to 13 cents to 15 cents, and cut the $204 million to $208 million revenue to $197 million to $201 million. The information-technology company cited changes in estimated revenue earned, and the level of work left to be completed under a contract at ManTech MSM Security Services. Legg Mason and First Albany downgraded.

UBS Financial upgraded Coca-Cola (KO) to buy from neutral.

Tech Data (TECD) posted 59 cents, vs. 38 cents first-quarter earnings per share on a 23% net sales rise. Tech Data sees $4.4 billion to $4.5 billion second-quarter net sales, and 47 cents to 52 cents earnings per share. S&P keeps hold.

Costco Wholesale (COST) posted 42 cents, vs. 33 cents third-quarter earnings per share on an 11% same-store sales rise and a 14% total revenue rise.

Guidant (GDT) offered insights on a conference call regarding the regulatory timeline for its new drug-coated stent. S&P keeps hold. Earlier, UBS Financial cut its price target to $55.

Lone Star Steakhouse (STAR) sees lower-than-expected second-quarter earnings per share of 20 cents to 24 cents. Lone Star says meat costs, which account for 60% of the cost of sales, are up 17% for comp-store restaurants in the first eight weeks of the second quarter, vs. the prior-year period.

Flowers Foods (FLO) posted 30 cents first-quarter earnings per share, vs. a 12 cents loss on a 5.4% sales rise. It sees $1.475 billion to $1.5 billion in 2004 sales, with net income of about 3.75% to 4% of sales.

CIBC World upgraded JDA Software (JDAS) to sector outperform from sector perform.

Coffee chain Starbucks (SBUX) posted an 11% same-store sales rise and a 27% total sales rise.

Chiron (CHIR) won a contract from the National Institute of Allergy and Infectious Diseases to produce an investigational vaccine designed to protect against a strain of avian influenza that recently circulated in China and the Far East.

Aventis (AVE) was also awarded a contract from government to produce an investigational vaccine designed to protect against a strain of avian influenza.

Citigroup (C) will sell its 20% stake in Samba Financial Group, formerly known as Saudi American Bank, to Public Investment Fund, a Saudi public entity. Citigroup will record an after-tax gain of $760 million, or 15 cents per share, in the second quarter.

Home Depot (HD) set a $1 billion stock buyback, and raised the quarterly dividend by 21%.


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