Markets & Finance

London SE Rejects Nasdaq's $4.1 Billion Cash Offer


Nasdaq Stock Market (NDAQ) the London Stock Exchange rejects an unsolicited $4.1 billion cash offer from Nasdaq, stating that the proposal, which represents only an 8% premium to the current market price, substantially undervalues the company.

Shares of DreamWorks Animation (DWA) declined Friday after the company posted 61 cents vs. $1.99 fourth quarter earnings per share (EPS) on a 65% revenue decline. It says its Wallace & Gromit release did not perform as well as expected. It will not provide EPS guidance going forward.

Nortel Networks (NT) posts preliminary 51 cents fourth quarter loss (including 57 cents litigation expense) vs. 3 cents EPS on a 13% revenue rise. It is to delay the filing of its 2005 10-K, in the latest of Nortel's accounting snafus. The principal unit of Nortel is to restate its 2003, 2004, first 9 months of 2005, and adjust periods prior to 2003.

AnnTaylor Stores (ANN) posts 43 cents fourth quarter adjusted EPS vs. 7 cents loss on a 6.8% fourth quarter same-store sales rise and 18% total sales rise. It says it is comfortable with a $1.60 to $1.65 fiscal year 2007 EPS estimate.

J Jill Group (JILL) posts 15 cents vs. 13 cents fourth quarter EPS despite 3% lower same-store sales and 9.6% higher total sales. It attributes disappointing 2005 results primarily to customer dissatisfaction with merchandise offerings.

Pitney Bowes (PBI) says the Securities and Exchange Commission requirement on the proposed spin-off of Capital Services external financing business could extend the time frame for completion into 2007. Separately, it is to sell its Imagistics Intl lease portfolio.

Aeropostale (ARO) posts 76 cents vs. 62 cents fourth quarter EPS on 10% higher same-store sales and 33% higher total sales. It sees 14 cents to 16 cents first quarter EPS on same-store sales equal to, or slightly below the year-ago level, and fiscal year 2006 EPS growth of about 20%.

Big 5 Sporting Goods (BGFV) posts 34 cents vs. 42 cents fourth quarter EPS as costs offset a 1.5% rise in same-store sales and flat total sales. It sees same- store sales growth in the low-to-mid-single digits for the first quarter; and 2006 EPS of $1.23 to $1.33.

Quiksilver (ZQK) posts 15 cents (including options expense) vs. 12 cents first quarter EPS on 58% higher revenue. It sees second quarter sales of $525 million to $530 million and 6 cents EPS, excluding options. It also says the third and fourth quarter are likely to be better than expected.

Allion Healthcare (ALLI) expects to restate its financial results for second quarter 2005 and for the nine-months ended Sept. 30 2005 to correct omission of non-cash interest expense relating to warrants to purchase 100,000 shares of stock.

Nucor (NUE) raises $1.90 to $2.10 first quarter EPS guidance to between $2.20 and $2.40, citing strong shipments and better than expected margins. It says margins have been favorably impacted by a stable scrap pricing environment.

Education Realty (EDR) posts 8 cents fourth quarter EPS vs. 33 cents third quarter loss and 80 cents loss for the first 8 months of operations as a public company. It also posts 26 cents fourth quarter FFO vs. 3 cents third quarter FFO and 20 cents 8-months FFO.

Skillsoft (SKIL) posts 6 cents fourth quarter EPS vs. 27 cents loss despite a 2.9% revenue drop. It sees 2 cents to 3 cents first quarter EPS and 16 cents to 20 cents in fiscal year 2007.

Adtran (ADTN) lowers first quarter guidance to $106 million to $112 million revenue. It also sees GAAP EPS of 19 cents to 22 cents.


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