From Standard & Poor's Equity ResearchGoogle (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
) sells 50 ERJ 145s and 50 EMBRAER 190s to HNA Group, the fourth largest airline company in China, for US$2.7 billion.
) 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.
) 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.