) chairman Rick Wagoner plans to announce as early as next week a series of plant closures that are expected to eliminate at least 25,000 hourly jobs over the next three years. A restructuring was promised by year-end, according to the Detroit News.
General Electric (GE
) is to sell most of its Insurance Solutions business to Swiss Re for $8.5 billion in securities, cash, and the assumption of debt. On a continuing basis, it sees $1.72 2005 earnings per share and $1.92 to $2.02 in 2006. It raised its dividend 14% and upped a stock buyback to $25 billion.
) agreed to be acquired by Cisco Systems (CSCO
) for $6.9 billion, or $43 per share.
) agreed to acquire Midwest Wireless for $1.075 billion in cash.
) posted 51 cents vs. 41 cents fourth quarter earnings per share (non-GAAP) on a 7% revenue rise. It sees 46 cents to 48 cents first quarter non-GAAP earnings per share, or 42 cents to 44 cents including stock-based compensation expense.
) posted 24 cents vs. 28 cents third quarter earnings per share on 7% lower same-store sales and 2.5% lower total sales. It cited deteriorating traffic trends continuing beyond anticipated levels. It also cut its $1.30 to $1.34 fiscal year 2006 (ending January) earnings per share estimate to $1.12 to $1.17.
Marvell Technology Group (MRVL
) posted 29 cents vs. 15 cents third quarter earnings per share (GAAP) on a 34% revenue rise. It cited strong internal growth aided by an acquisition.
H & R Block (HRB
) posted 22 cents second quarter loss vs. 15 cents loss despite a 14% revenue rise. It says good performance in Tax Services, RSM McGladrey, and Financial Advisors units were offset by weak mortgage earnings. It cut its $2.12 to $2.32 fiscal year 2006 earnings per share guidance to $1.90 to $2.15.
Walt Disney (DIS
) posted 23 cents vs. 25 cents fourth quarter earnings per share (excluding stock option expense) despite a 2.5% total revenue rise. It says studio entertainment revenue fell 20%, and consumer products were down 16%.
) posted 47 cents vs. 55 cents third quarter earnings per share on 1.5% lower same-store sales and 18% higher total sales. It sees 55 cents to 61 cents fourth quarter earnings per share. It increases its stock buyback program by $50 million.
Liz Claiborne (LIZ
) offered to buy J Jill Group (JILL
) for $18 per share in cash, or $366 million according to the Wall Street Journal.
) posted 39 cents vs. 27 cents third quarter earnings per share on a 5.9% rise in same-store sales and 8% total sales rise. It sees 60 cents to 65 cents fourth quarter earnings per share. It raised $1.80 to $1.90 fiscal year 2006 (ending January) earnings per share estimate to $1.90 to $1.95.
Foot Locker (FL
) posted 41 cents vs. 47 cents third quarter earnings per share from continuing operations as increased promotional activity in Europe offset 2.7% higher same-store sales and 3.1% higher total sales. It sees 53 cents to 61 cents fourth quarter earnings per share from continuing operations. It upped its quarterly dividend by 20%.
Gold Kist (GKIS
) posted 49 cents fourth quarter earnings per share vs. breakeven despite a 9% sales drop. The current quarter is below Street estimates.
Canadian National Railway (CNI
) sees 20% fourth quarter earnings per share growth and set its 2006 objective to generate earnings per share growth of 10% to 15%, or free cash flow of $1 billion.
) posted 5 cents third quarter loss vs. 7 cents loss on slightly higher same-store sales. It sees 59 cents 61 cents fourth quarter earnings per share and raised its fiscal year 2006 earnings per share guidance to 70 cents to 72 cents.
) posted 38 cents vs. 30 cents third quarter earnings per share (GAAP) on a 26% revenue rise. It sees $1.32 to $1.34 fiscal year 2006 GAAP earnings per share on $1.511 billion to $1.521 billion revenue and $1.16 to $1.20 fiscal year 2007 GAAP earnings per share.
Under Armour (UARM
)said that initial 12.1 million Cl. A shares were offered at $13 per share.
AnnTaylor Stores (ANN
) posted 42 cents vs. 19 cents third quarter earnings per share on flat same-store sales and a 12% total sales rise. It reaffirmed $1.17 fiscal year 2006 earnings per share guidance.
) cut its 35 cents to 27 cents second quarter eanings per share forecast to 32 cents. It cited weaker-than-forecast sales growth of basic dental equipment and below-plan performance at Patterson Medical. It cut its $1.54 to $1.58 fiscal year 2006 earnings per share view to $1.44 to $1.46.
Ligand Pharmaceuticals (LGND
) estimated total third quarter revenues under new sell-through revenue recognition methodology at $44.8 million. It preliminarily posted 11 cents second quarter loss, and 24 cents first quarter loss. The company is to explore alternatives to enhance shareholder value.