Markets & Finance

Wal-Mart, Target Post Results


From Standard & Poor's Equity Research

Ford Motor (F) says it has begun processing exploring a strategic option for Aston Martin, with particular emphasis on the potential sale of all or a portion of the unit.

Glamis Gold (GLG) agrees to be acquired by Goldcorp.(GG) Each Glamis Gold share will exchange for 1.69 shares of Goldcorp, representing value of about $51.49 per share.

Dow Chemical (DOW) is to shut down a number of assets around the world. Due to shutdowns and other optimization activities, it sees a $550 million to $650 million third quarter charge, which includes costs such as severance and asset write-downs.

Wal-Mart Stores (WMT) posts 2.7% higher Aug. same-store sales and 13% higher total sales.

Valassis Communications (VCI) is suing ADVO (AD) to rescind a $1.3 billion merger deal with it based on fraud and material adverse changes, alleging that ADVO management materially misrepresented the financial health of the company and failed to reveal internal control deficiencies.

JDS Uniphase (JDSU) posted 3 cent fourth-quarter GAAP loss per share vs. a 10-cent loss on 86% revenue rise. The company sees $312-$328 million in first-quarter revenue. S&P cuts target, keeps hold. Roth Capital cuts estimate, target, keeps buy.

Jos. A. Bank (JOSB) reported 6.1% lower August same-store sales and 4.6% higher total sales. Ryan, Beck reportedly downgrades to market perform from outperform.

TiVo (TIVO) posts 7 cents second quarter loss vs. a penny loss as higher costs and expenses offset a 50% revenue rise. It sees third quarter net loss of $12 million to $17 million.

Dollar General (DG) posts 15 cents vs. 23 cents second quarter earnings per share (EPS) despite a 3.2% same-store sales rise and 8.7% total sales rise. It posts 4.8% higher Aug. same-store sales. It also says it will not provide EPS guidance for the third quarter and withdraws its previous annual guidance.

Target (TGT) posts 2.8% higher Aug. same-store sales and a 9.2% total sales rise. It sees Sep. same-store sales up 3% to 5%.

Federated Dept Stores (FD) posts 3.8% higher Aug. same-store sales and 62% higher total sales (including its May Co. acquisition.) It expects Sept. same-store sales to increase by 3%-5%, as well as in the third quarter.

Anntaylor Stores (ANN) posts 1.9% higher Aug. same-store sales and 11% higher total sales.

Gap (GPS) posts 7% lower Aug. same-store sales and 2% lower total sales.

Royal Caribbean (RCL) agrees to acquire Pullmantur S.A., a Madrid-based cruise and tour operator, in a move to expand its European and Latin American operations. The compay is to buy all stock of Pullmantur for EUR 430 million, plus net debt of about EUR 270 million.

Pfizer (PFE) People at high risk for colon cancer may slow or prevent development of the disease by taking Pfizer's Celebrex, two studies suggest. But doctors warn of increased risk of heart attacks and strokes, according to the WSJ.

BNP Residential (BNP) agrees to merge with a unit of Babcock & Brown Real Estate Investments in a $766 million deal, at $24 per share cash for each BNP share held.

Nordstrom (JWN) posts 7.1% higher Aug. same-store sales and 9.3% higher total sales.

Hot Topic (HOTT) posts 6.0% lower Aug. same-store sales and 3% higher total sales.

Guess (GES) posts 4% higher Aug. same-store sales.


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