Markets & Finance

Cendant to Split into Four Parts


Cendant (CD) said its board approved a plan to separate into four independent, publicly traded companies: one each for its real estate, travel distribution, hospitality, and vehicle rental businesses. Cendant shareholders will own 100% of equity in all four companies.

Merck (MRK) posted 65 cents vs. 60 cents third quarter earnings per share despite a 2.2% sales drop. It noted that the sales drop reflects a decrease of 3% related to the Vioxx withdrawal, offset by other revenue growth of 1%. It sees between $2.47 and $2.51 2005 earnings per share, excluding 29 cents in net tax charges.

Silicon Labs (SLAB)

posted better-than-expected 26 cents vs. 39 cents third quarter EPS (GAAP) as higher operating costs offset 14% lower revenue. The company sees $104-$108 million in fourth quarter revenue. S&P raises target, reiterates hold.

Goody's Family Clothing (GDYS) received an all-cash buyout bid of $8.85 per Goody's share from Prentice Capital Management, LP and GMM Capital LLC. Goody's determined the offer is a superior proposal to the recent bid made by affiliates of Sun Capital Partners.

Schering-Plough (SGP) posted 3 cents vs. 1 cent third quarter earnings per share (GAAP) on a 15% rise in revenue.

Kroger (KR) has submitted a preliminary bid for Albertson's (ABS) supermarkets, according to two people, adding a new competitor to private-equity firms that have been main suitors of the company, according the Wall Street Journal.

Reebok (RBK) posted $1.87 (including items) vs. $1.34 third quarter earnings per share on 10% lower sales. It sees 55 cents to 65 cents fourth quarter earnings per share (excluding merger related and other unusual items).

Arch Coal (ACI) posted 26 cents (excluding special items) vs. 18 cents third quarter earnings per share on a 28% revenue rise.

AMLI Residential Properties Trust (AML) agreed to be acquired by Morgan Stanley Real Estate's Prime Property Fund (PRIME) in an all-cash transaction totaling about $2.1 billion, in which AMLI holders get $37.75 per share in cash.

Ethan Allen Interiors (ETH) posted 49 cents vs. 51 cents first quarter earnings per share as restructuring and impairment charges offset a 9.1% revenue rise.

Pilgrim's Pride (PPC) raised its 90 cents to $1.00 fourth quarter earnings per share to $1.07 to $1.12 due to better results in both its U.S. and Mexico chicken operations.

CBIZ (CBIZ) received a subpoena from the New York Attorney General requesting information regarding the issue of broker compensation.

Oneok (OKE) raised its four cents third quarter earnings per share from continuing operations guidance to 47 cents to 51 cents. It raised its $1.92 to $1.98 2005 earnings per share from continuing operations guidance to between $3.59 and $3.63. It set preliminary 2006 earnings per share guidance of $1.97 to $2.03.

Barnes Group (B) posted 55 cents vs. 40 cents third quarter earnings per share from continuing operations on 11% higher revenue. It raised its 2005 earnings per share guidance to between $2.15 and $2.20.

First Bancorp (FBP) said the Securities and Exchange Commission issued a formal order of investigation, which appears to relate to, among other things, transactions in which the bank acquired a substantial number of mortgage loans from other Puerto Rican financial institutions.

Biovail (BVF) said the Food and Drug Administration confirmed that Biovail's once-daily extended-release formulation of tramadol has received three years of exclusivity, covering all dosages. Merrill reportedly upgraded the stock to buy from neutral.

Visteon (VC) said results of an independent review are consistent with preliminary conclusions announced 8/1/05. It expects a restatement of 2002, 2003, and 2004 results to increase its net loss by 4%, 2%, and 3%, respectively.

Highland Hospital (HIH) inked a deal to acquire the 385-room Hilton Boston Back Bay hotel for $110 million, or about $286,000 per room.

Triad Hospitals (TRI) posted 53 cents vs. 64 cents third quarter earnings per share despite a 9.6% revenue rise. It sees between 69 cents and 71 cents fourth quarter earnings per share. It narrowed its $2.82 to $2.90 2005 earnings per share from continuing operations guidance to between $2.82 and 2.84. Beyond 2005, it sees annual earnings per share growth in the mid-teens percent range.

Quantum Fuel Systems Technologies Worldwide (QTWW) said it has been awarded a contract by Lockheed Martin (LMT) to develop a hydrogen and oxygen fuel storage module for a regenerative power supply system for space exploration.

Silicon Laboratories (SLAB) posted better-than-expected 26 cents vs. 39 cents third quarter earnings per share (GAAP) as higher operating costs offset 14% lower revenue. It sees $104 million to $108 million fourth quarter revenue.

Veeco Instruments(VECO) posted 5 cents third quarter earnings per share vs. 7 cents loss (GAAP) on 3% higher revenue. It sees 3 cents to 9 cents fourth quarter earnings per share (GAAP) on $100 million to $105 million in revenue. It kept its 2005 guidance of flat revenue and significantly improved profitability compared to 2004.

Natural Alternatives (NAII) posted 6 cents vs. 13 cents first quarter earnings per share on 4% lower sales.

Insteel Industries (IIIN) posted 67 cents vs. $1.06 fourth quarter earnings per share on 10% lower sales.

America Service (ASGR) said its Audit Committee of Board of Directors is conducting an internal investigation into certain matters related to its subsidiary, Secure Pharmacy Plus.

Albany Molecular (AMRI) is in a licensing agreement with Bristol-Myers Squibb (BMY) for its broad program of compounds that encompass biogenic amine reuptake inhibitors in development for treatment of depression and other central nervous system disorders.

Ceradyne (CRDN) received a $47.8 million delivery order for its lightweight ceramic body armor.

Engelhard (EC) posted 48 cents vs. 48 cents third quarter earnings per share from continuing operations on a 21% rise in revenue. It sees higher sales and earnings per share for 2005 vs. a year ago.

Astec Industries (ASTE) posted 47 cents vs. 4 cents third quarter earnings per share on a 34% revenue rise.

Union Bankshares (UBSH) posted 78 cents vs. 51 cents third quarter earnings per share (GAAP) on a 19% rise in net interest income.

Bank Of Hawaii (BOH) posted 85 cents (including after-tax provision) vs. 78 cents third quarter earnings per share on 3.2% higher net interest income.

Rayonier (RYN) posted 96 cents vs. 33 cents third quarter earnings per share from continuing operations on a 3.1% sales rise. It expects fourth quarter results to be well above the year-ago level, but somewhat below third quarter 2005 results.


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