Markets & Finance

GM Says It Told Employees It Doesn't Plan Bankruptcy


General Motors (GM) shares rose after the company said it has internally communicated to its employees that it has no plans to declare bankruptcy.

Intuit (INTU) posted 26 cents first quarter loss vs. 25 cents loss (non-GAAP) as fewer shares offset a 20% revenue rise. It raised fiscal year 2006 guidance to $2.23 to $2.31 earnings per share on revenue of $2.20 billion to $2.26 billion. It also set a $500 million stock buyback.

Applied Materials (AMAT) posted 15 cents vs. 27 cents fourth quarter earnings per share on a 22% revenue decline. It sees 14 cents to 15 cents first quarter earnings per share.

Williams-Sonoma (WSM) posted 31 cents vs. 24 cents third quarter earnings per share on a 4.4% same-store sales rise and 15% total revenue rise. It narrowed its $1.07 to $1.11 fourth quarter earnings per share guidance to $1.07 to $1.09. It raised its $1.84 to $1.88 fiscal year 2006 earnings per share guidance to $1.86 to $1.88.

Barnes & Noble (BKS) posted a better-than-expected breakeven third quarter (including items) vs. 10 cents earnings per share as higher Selling, General and Administrative Expenses costs offset a 4% sales rise. It sees $1.72 to $1.76 fourth quarter earnings per share (including items) and raises fiscal year 2006 earnings per share guidance to $1.99 to $2.03

Network Appliance(NTAP) posted 18 cents vs. 15 cents second quarter earnings per share (GAAP) on 29% higher revenue. It sees 17 cents to 18 cents third quarter earnings per share (GAAP) on 25% to 28% revenue growth. It also set a $650 million stock buyback.

Medtronic (MDT) posted 54 cents vs. 44 cents second quarter earnings per share (before special items) on a 15% revenue rise.

Men's Wearhouse (MW) posted 44 cents vs. 23 cents third quarter earnings per share (including tax-related issues) on 6.6% higher U.S. same-store sales (3.1% higher Canadian), and 9.8% higher total sales. It sees fourth quarter earnings per share of 46 cents to 48 cents on 3% to 4% higher U.S. comparables.

Gymboree (GYMB) posted 39 cents vs. 24 cents third quarter earnings per share from continuing operations on 10% higher same-store sales and 14% higher total sales. It sees 37 cents to 39 cents fourth quarter earnings per share from continuing operations on a comparable increase in the low- to mid-single digits.

IMS Health (RX) and VNU (NV) terminated their merger. VNU is to reimburse IMS Health $15 million for actual out-of-pocket costs, and an additional $45 million to IMS Health should VNU be acquired within the next 12 months; IMS is to pay VNU $15 million if IMS is acquired within the next 12 months.

Novartis (NVS) says the Food and Drug Administration wants more data on the efficacy and safety of Certican for preventing rejection in heart-transplant recipients. Separately, it is recalling 2,712 bottles of incorrectly labeled Diabetisource and 5 lots of GenTeal.

Longs Drug Store (LDG) posted 23 cents vs. 17 cents third quarter earnings per share on 1.2% higher same-store sales and 1.8% higher total sales. It sees 47 cents to 53 cents fourth quarter earnings per share on 1% to 3% higher comparables.

Limited Brands (LTD) posted 3 cents third quarter loss vs. 10 cents earnings per share (adjusted) on 3% lower same-store sales and flat total sales. It says it is comfortable with the current $1.00 fourth quarter earnings per share consensus estimate. It set a $200 million stock buyback.

J.M. Smucker (SJM) postd 79 cents vs. 65 cents second quarter earnings per share from continuing operations on a 2.9% sales rise. It says the second half will be challenged by higher energy and fuel related costs; it sees 5% to 8% earnings per share growth.

Claire's Stores (CLE) posted 38 cents vs. 27 cents third quarter earnings per share on a 9% same-store sales rise and 10% total sales rise. It sees 61 cents to 63 cents fourth quarter GAAP earnings per share, and $1.65 to $1.67 in fiscal year 2006. It set a $200 million stock buyback and a special cash dividend of 25 cents per share.

Saifun Semiconductors (SFUN) posted 44 cents third quarter earnings per share from continuing operations vs. 11 cents loss (pro forma) on a 97% revenue rise.

Stage Stores (STGS) posted 31 cents vs. 30 cents third quarter earnings per share on a 3.9% same-store sales rise and 7.3% total sales rise. Due to anticipated higher share count in the fourth quarter, it trims its 65 cents to 68 cents earnings per share forecast to 64 cents to 67 cents. It also sees $1.85 to $1.89 fiscal year 2006 earnings per share.

Brady (BRC) posted 60 cents vs. 41 cents first quarter earnings per share on a 16% rise in revenue. It raised its $1.78 to $1.82 fiscal year 2006 (ending July) earnings per share guidance to $1.96 to $2.00 earnings per share on sales of $910 million to $920 million, up from prior guidance of $870 million to $880 million.

DirecTV Group (DTV) launched a new Spaceway F2 satellite, which combined with Spaceway F1, will enable the company to provide local HD channels to customers in 36 major markets, or more than 57% of U.S. TV households by early next year.

Payless Shoesource (PSS) posted 32 cents vs. 10 cents third quarter earnings per share on 3% higher same-store sales and 1% higher total sales.


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