Markets & Finance

Tyco Shares Fall


Tyco International (TYC) shares lost ground Tuesday after the company posted third quarter earnings per share (GAAP basis) from continuing operations of 56 cents, vs. 43 cents one year earlier, on a 3% revenue rise. The conglomerate sees fourth quarter earnings per share from continuing operations of 45 cents to 47 cents, excluding items; it expects fiscal 2006 earnings per share from continuing operations to increase 10%. Wachovia downgraded its opinion on the shares to market perform from outperform. S&P cut its estimates and reiterates its hold opinion.

CNOOC (CEO) announced it has withdrawn its offer for Unocal (UCL). Bear Stearns upgraded CNOOC to outperform from peer perform.

Coach (COH) posted fourth quarter earnings per share of 25 cents, vs. 17 cents, on a 24% rise in sales. The leather-goods retailer sees at least 24 cents first quarter earnings per share on sales of $440 million to $445 million. Coach raised its 2006 earnings per share guidance to at least $1.24 on a sales rise of 22%.

Marsh & McLennan (MMC) posted second quarter earnings per share of 31 cents, vs. 73 cents, as charges and higher expenses offset a 2.2% revenue rise.

Masco (MAS) posted second quarter earnings per share of 64 cents, vs. 64 cents.

The company lowered its 2005 outlook. S&P cut its estimates but reiterates its buy rating.

Blockbuster (BBI) shares movedlower as the company says an overall industry decline and continued poor theatrical performance had a negative impact on the second quarter, and has created uncertainty about the balance of the year. S&P cut its estimates and price target, and keeps hold.

Macrovision (MVSN) posted second quarter earnings per share (GAAP basis) of 12 cents, vs. 18 cents, as higher expenses offset a 25% revenue rise. It lowered its 2005 guidance to 89 cents to 92 cents earnings per share (pro forma) and $205 million to $215 million in revenue.

Sirius Satellite (SIRI) posted a 13-cent second quarter loss per share, vs. an 11-cent loss, as higher costs and expenses offset sharply higher revenue. The company raised its yearend 2005 subscriber guidance from 2.7 million to 3 million and its total revenue forecast from $215 million to to $225 million.

Comcast (CMCSA) posted second quarter earnings per share of 19 cents, vs. 12 cents, on an 11% revenue rise. The cable operator sees about 2005 revenue growth of about 10%.

Emerson Electric (EMR) posted third quarter earnings per share of 86 cents (including a charge), vs. 81 cents, on an 11% revenue rise. The company raised its fiscal 2005 earnings per share forecast to a range of $3.45 to $3.50; including the tax impact of repatriating $1.3 billion of foreign earnings, the new guidance is $3.31 to $3.36.

Maxim Integrated (MXIM) posted fourth quarter earnings per share of 37 cents, vs. 36 cents, as lower SG&A and R&D costs offset 4.9% lower sales.

Kinder Morgan (KMI) agreed to acquire Canadian natural gas distributor Terasen Inc. for a total purchase price, including debt assumption, of about $5.6 billion.

Brooks Automation (BRKS) posted third quarter earnings per share from continuing operations of 3 cents, vs. 28 cents, on 26% lower revenue. The company says the business environment was relatively soft going into the third quarter and remains so as it enters the current quarter.

Jupitermedia (JUPM) will sell its Search Engine Strategies trade shows, ClickZ.com Network of Web sites, including SearchEngineWatch.com, for $43 million in cash to Incisive Media plc.

H&R Block (HRB) agreed to acquire the Tax & Business Services division of American Express (AXP) for about $220 million.

Career Education (CECO) posted second quarter earnings per share of 50 cents, vs. 35 cents, on a 23% revenue rise. The company set a $300 million stock buyback.

Fresh Del Monte (FDP) posted second quarter earnings per share of 80 cents, vs. $1.03, as increased fruit, energy, and containerboard costs, and lower pricing associated with its Asian banana business, offset a 21% revenue rise. The company reiterated its 2005 earnings per share guidance of $2.30 to $2.40.


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