Markets & Finance

Circuit City Boosts Sales Forecast


Circuit City (CC) posted 1 cent second quarter earnings per share vs. a 6 cents loss on 5.3% higher sales at stores open longer than a year. The company raised its fiscal year 2006 total sales growth expectations to 5% to 8% vs. a previous 3% to 6% estimate.

Leggett & Platt (LEG) said it sees 30 cents to 35 cents third quarter earnings per share on sales of $1.3 billion to $1.35 billion, as well as $1.35 to $1.45 2005 earnings per share on 2%-3% sales growth. The company cited significantly higher costs and weak sales volume. S&P cut its estimates and maintained its hold recommendation on the stock.

Maytag (MYG) said third quarter 2005 results will be "significantly" lower than guidance previously provided by the company due to higher costs. S&P reiterated its hold opinion on the stock.

Stemcells (STEM) announced the results of a published study that demonstrates the company's proprietary human neural stem cells restore the lost motor function of mice with spinal cord injuries.

Estee Lauder (EL) said that first quarter earnings per share will be "significantly" below its previous guidance on net sales growth in the low-single digits (constant currency). JP Morgan reportedly downgraded the stock to neutral from overweight. S&P cut the shares to hold from buy. BoA says buy on weakness.

Procter & Gamble (PG) confirmed its previously announced 75 cents to 76 cents first quarter earnings per share guidance despite disruption of its coffee business and higher commodity materials costs. The company expects sales growth toward the upper end of its previous guidance range of 6% to 8%.

Pfizer (PFE) received a non-approvable letter from the Food and Drug Administration regarding its parecoxib sodium, non-narcotic injectable COX-2 selective analgesic for the treatment of acute pain. The pharmaceutical company plans to meet with the FDA to discuss concerns.

Factset Research (FDS)posted 37 cents vs. 30 cents fourth quarter earnings per share on a 22% revenue rise. The company sees $88 million to $90 million in first quarter revenue. S&P maintains hold.

Goldman Sachs (GS) posted $3.25 vs. $1.74 third quarter earnings per share on 14% higher net revenue in Investment Banking.

Books-A-Million (BAMM) said it will not file its Form 10-Q for the second quarter by its required filing date. The company said it has identified material weaknesses as defined by Audit Standard No. 2 adopted by the Public Company Accounting Oversight Board.

Vail Resorts (MTN) said the Securities and Exchange Commission finished its investigation, and no enforcement action has been recommended regarding the ski resort company, or any of its present or former directors, officers or employees.

Tempur-Pedic International (TPX) said it sees 22 cents to 23 cents third quarter earnings per share, and $1.05 to $1.07 2005 earnings per share (both pro forma). Piper Jaffray downgraded the shares. ST Robinson Humphrey, Citigroup, and Goldman reportedly downgraded as well. S&P put its estimates under review.

Progress Software (PRGS) posted 31 cents vs. 22 cents third quarter earnings per share on an 11% revenue rise. The company sees 31 cents to 32 cents fourth quarter earnings per share (GAAP) on $104 million to $106 million in revenue. The company sees $1.16 to $1.17 fiscal year 2005 GAAP earnings per share on $401 million to $403 million.

Rohm & Haas (ROH) said it sees 67 cents to 70 cents third quarter earnings per share from its continuing operations on about $1.9 billion in sales. In response to higher raw material and energy related costs, the company plans to implement selling price increases.

Chemtura (CEM) said it sees third quarter operational earnings per share of 10 cents, significantly below consensus estimates. The company noted major shortfalls in its legacy Great Lakes businesses and said it believes the third quarter and fourth quarter will be anomalies in an otherwise strong long-term story. S&P keeps its hold on the stock.

Factset Research (FDS) posted 37 cents vs. 30 cents fourth quarter earnings per share on a 22% revenue rise. The company sees $88 million to $90 million first quarter revenue. S&P maintains its hold on the stock.

Swift Transportation (SWFT) sees 30 cents to 33 cents third quarter earnings per share (before the impact of option acceleration and asset impairment), below the 41 cents consensus. Legg Mason downgraded to hold from buy. S&P cut its estimate and price target.


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