Markets & Finance

Google's CEO to Join Apple's Board


From Standard & Poor's Equity Research

Google (GOOG) Dr. Eric Schmidt, CEO of Google, is elected to Apple (AAPL)'s board of directors. The Wall Street Journal says the move aligns two tech powerhouses with rivalries against Microsoft (MSFT).

Embraer-Empresa (ERJ) sells 50 ERJ 145s and 50 EMBRAER 190s to HNA Group, the fourth largest airline company in China, for US$2.7 billion.

Novell (NOVL) posts preliminary 3 cents third quarter earnings per share (EPS) vs. breakeven despite a 4.4% revenue drop. It sees $246 million to $256 million fourth quarter revenue and 4 cents non-GAAP EPS from continuing operations (excluding estimated 3 cents expense from stock-based compensation).

Costco Wholesale (COST) sees 68 cents to 71 cents fourth quarter EPS and $2.23-$2.26 in fiscal year 2006, citing lower-than-planned gross margins and the inclusion of a 3 cents one-time tax charge. It posts 11% higher sales for the four weeks ended Aug. 27.

Progress Software (PRGS) is to restate its previously issued financial statements in order to correct errors relating to its accounting for stock-based compensation. It does not expect restatement will have any impact on its previously reported revenue.

ADC Telecommunications (ADCT) posts 20 cents vs. 30 cents third quarter GAAP EPS despite a 12% sales rise. It sees $1.27 billion to $1.285 billion fiscal year 2006 sales and 51 cents to 56 cents GAAP EPS.

Genzyme (GENZ) says it plans to initiate a tender offer to acquire AnorMED (AOM) in the form of an all-cash transaction, valuing AnorMED at $8.55 per share. Earlier, AnorMED said its board unanimously rejected Genzyme's $8.55 per share offer.

Taro Pharmaceutical Industries (TARO) is to revise its estimates of accounts receivable reserves for prior years; this will result in restatement of 2003 and 2004 results. The company's independent auditors request that the Audit Committee retain independent counsel to investigate.

Micros Systems (MCRS) posts 53 cents vs. 45 cents fourth quarter GAAP EPS on a 12% revenue rise. It sees $170 million to $173 million first quarter revenue and 33 cents to 36 cents GAAP EPS. It also sees $778 million to $781 million fiscal year 2007 revenue and $1.90-$1.94 EPS.


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