Markets & Finance

Amilyn Shares Surge


Pier 1 Imports (PIR) says August same-store sales were trending below projections, and it now sees a drop of 13%-15%, with a second-quarter same-store sales drop of 8%-9%. The home-furnishings retailer says heavy promotional activity and markdowns through August will result in a second-quarter loss per share of 12 cents to 14 cents.

La-Z Boy (LZB) posted first quarter earnings per share of 6 cents, vs. a 7-cent loss (including charges) one year earlier, on flat net sales. The furniture retailer sees second quarter earnings per share of 17 cents to 21 cents, vs. 17 cents in the year-ago quarter, with second quarter sales decreasing in low single-digit range vs. year-ago quarter's $521 million.

Shares of Amilyn Pharmaceutical (AMLN) and Alkermes (ALKM) climbed Tuesday after the two companies, along with Eli Lilly (LLY), announced positive results from an ongoing Phase 2 study of Byetta, a long-acting release diabetes treatment. Wachovia and Bear Stearns each upgraded Amilyn, while S&P maintains its hold recommendation.

CarMax (KMX) shares were solidly higher after the auto retailer raised its 3%-9% second quarter same-store used unit sales growth forecast to 10%, and its 29 cents to 34 cents earnings per share forecast to 37 cents. Lehman raised its estimates and price target on CarMax.

Plumtree Software (PLUM) shares rose after the company agreed to to be acquired by BEA Systems (BEAS) in a deal valued at $200 million in cash.

According to a Wall Street Journal report, WFS Financial (WFSI) is close to finding a buyer. Wachovia (WB) was among those exploring a deal for the auto-finance concern, which has a market capitalization of $2.5 billion, according to the story.

Sanderson Farms (SAFM) posted third quarter earnings per share of $1.19, vs. $1.69, on a 10% sales drop. The company notes market prices for all poultry products except for leg quarters were lower than record high prices experienced in the third quarter of fiscal 2004.

Williams-Sonoma (WSM) posted second quarter earnings per share of 26 cents, vs. 23 cents, on a 3.7% same-store sales rise and a 13% total revenue rise. The home-goods retailer sees a 3%-5% third quarter same-store sales rise, and earnings per share of 29 cents to 31 cents. It sees a 3.5%-4.5% fiscal 2006 same-store sales rise, and earnings per share of $1.84-$1.88.

Shoe Carnival (SCVL) posted second quarter earnings per share of 20 cents, vs. 15 cents, on a 2.9% same-store sales rise and a 7.6% total sales rise. The retailer sees third quarter same-store sales up 1%-3%, and earnings per share of 43 cents to 45 cents. It sees $1.20-$1.25 fiscal 2006 earnings per share.

Myriad Genetics (MYGN) posted a 32-cent fourth quarter loss per share, vs. a 37-cent loss, on 73% higher revenue.


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