Markets & Finance

NYSE, Euronext Detail Merger Plans


From Standard & Poor's Equity Research

NYSE Group (NYX) and Euronext N.V. are to merge. Each NYSE share is to be converted into one NYSE Euronext share; Euronext holders are to be offered to exchange each share for 0.980 NYSE Euronext shares and ??21.32 in cash or all cash.

Pulte Homes (PHM) sees lower-than-expected 2006 earnings per share (EPS) of $4.70 to $5.00, including second quarter EPS of 85 cents to 95 cents. It says preliminary net new orders for the two months of April and May 2006 totaled 6,447 units, which is about 29% below the year-ago period.

Heidrick & Struggles (HSII) announces that Thomas J. Friel, chairman and CEO, will transition out of the role of CEO. The company reiterates $445 million to $465 million 2006 revenue guidance.

Micron Technology (MU) says it is prepared to increase the exchange ratio in its merger proposal with Lexar Media (LEXR). Under the new terms, Lexar holders will get 0.5625 to 0.5925 shares of Micron Technology for each share held., subject to approval.

Walgreen (WAG) posts 9.8% higher May same-store sales and 15% higher total sales.

Starbucks (SBUX) posts 7% higher May company-operated same-store sales and 23% higher consolidated net revenues.

Fresenius Medical Care (FMS) says its wholly-owned unit, Renal Care Group, received a subpoena from the U.S. Attorney's Office for the Southern District of N.Y. requesting documents relating to stock options granted from the company's formation in 1996 to the present.

Longs Drug Store (LDG) posts 2.9% higher May retail drug store same-store sales and 10% higher total revenue. Pharmacy same-store sales increased 7%, while front-end same-store sales fell 0.9%.

Black Box (BBOX) posts lower-than-expected 53 cents vs. 39 cents fourth quarter EPS (non-GAAP) on an 11% revenue rise. By the second quarter of fiscal year 2007, it expects quarterly revenues in the range of $265 million to $275 million and gross profit margin in the 37% to 38% range, as well as EPS of 90 cents to 95 cents.

Bakers Footwear (BKRS) posts 10 cents vs. 33 cents first quarter EPS on slightly lower same store sales and lower margins. It notes softness in the sandal category.

Pope & Talbot (POP) announces that CFO Richard Atkinson has resigned, effective June 16, 2006, to accept a position at the privately-held bio-energy company.

Wind River Systems (WIND) posts 3 cents vs. 3 cents first quarter EPS (non-GAAP) as higher operating expenses offset a 5% revenue rise. It sees second quarter non-GAAP EPS of 4 cents to 5 cents on revenue of $66 million to $68 million.

Omni Energy Services (OMNI) expects second quarter revenues to exceed Wall Street estimates of about $25.8 million, barring any unexpected weather or permit delays, and to exceed first quarter revenue by as much as 50%. It cites demand for its seismic drilling services.

Revlon (REV) says 2006 revenue growth to be lower than planned due to shortfalls in Vital Radiance, Almay, and in revenue driving actions; it sees 2006 adjusted EBITDA at or below 2005 levels. It also defers a $75 million equity offering and proposed credit facility refinancing.


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