Markets & Finance

Home Depot, Wal-Mart Post Higher Earnings


From Standard & Poor's Equity ResearchHome Depot (HD

) posts 70 cents vs. 57 cents first quarter earnings per share (EPS) on a 13% sales rise.

Wal-Mart Stores (WMT

) posts 63 cents vs. 58 cents first quarter EPS on a 3.8% rise in total US same-store sales and a 12% total sales rise. It sees second quarter U.S. same-store sales up 2% to 4% and 70 cents to 74 cents EPS. The retailer continues to see $2.88 to $2.95 fiscal year 2007 EPS.

Staples (SPLS

) posts 25 cents vs. 20 cents first quarter EPS on an 8.7% total sales rise. It sees low double-digit sales growth in the second quarter and 15% to 20% EPS growth. It also expects fiscal year 2007 EPS to be at the high end of its 15% to 20% growth forecast.

Creative Technology (CREAF

) requests that the US International Trade Commission investigate whether Apple (AAPL

) infringed Creative Technology's Zen patent through importation and sale of iPods into the US. It seeks an injunction and increased damages.

Cognos (COGN

) delays filing its Annual Report on Form 10-K for fiscal year 2006 (ending February) because of an ongoing review by the Securities Exchange Commission that may impact the manner in which the company allocates revenue.

Fannie Mae (FNM

) says the Office of Federal Housing Enterprise Oversight intends to release a final report of its special examination at 10:00 a.m. on May 23rd. As a result, Fannie Mae temporarily suspends the public offering of Benchmark and medium-term debt securities until 5/23.

Jo-Ann Stores (JAS

) posts 28 cents first quarter loss vs. 18 cents EPS on 3.9% lower same-store sales and 1% higher total sales. It says sales growth and its gross margin rate remain challenged due to soft industry conditions and lower customer demand.

Viisage Technology (VISG

) posts 7 cents first quarter loss vs. 9 cents loss on a 39% revenue rise. It sees $120 million to $125 million second half revenue.

Western Digital (WDC

) appoints John Coyne president and COO, replacing Arif Shakeel, who remains CEO.

Lincare Holdings (LNCR

) resolves several ongoing investigations by the Office of Inspector General and/or the U.S. Department of Justice. The combined settlements provide for Lincare to pay a total of $12 million to the government without any admission of wrongdoing by Lincare.

Saks (SKS

) posts 60 cents (including 54 cents item) vs. 11 cents first quarter EPS on 1.9% lower same-store sales and 33% lower total sales. It notes that total sales primarily reflect the sale of Proffitt's/McRae's and NDSG business.

Fossil (FOSL

) posts 14 cents vs. 32 cents first quarter EPS despite a 14% sales rise. It sees 12 cents second quarter EPS. It also raises its $1.05 2006 EPS forecast to $1.07.

Carnival(CUK

) sees 43 cents to 45 cents second quarter EPS and $2.65 to $2.75 fiscal year 2006 EPS, roughly in line with 2005's $2.70. It cites lower revenue yields, higher fuel costs, and a change in accounting.

Ediets.com (DIET

) agrees to acquire Nutrio.com for $8.5 million in cash, plus performance-based earnout payments of up to $2.5 million through early 2008.

Deere & Co. (DE

) posts $2.17 vs. $2.41 second quarter EPS from continuing operations despite a 1.9% sales rise.


Later, Baby
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