Markets & Finance

Dunn to Leave HP's Board Immediately


From Standard & Poor's Equity Research

HP (HPQ) announced that Mark Hurd, HP chief executive officer and president, has been appointed to the additional role of chairman, succeeding Patricia Dunn, who is leaving the company's board, effective immediately.

Wal-Mart Stores (WMT) announced plans to measure its 60,000 worldwide suppliers on their ability to develop packaging and conserve natural resources. This initiative, scheduled to begin in 2008, is projected to reduce overall packaging by five percent.

General Motors (GM) GM, Renault and Nissan have made little progress toward an alliance. The auto makers' top executives plan to meet next week, according to the Wall Street Journal.

CVS (CVS) Says the nearly 300 drugs that fall under its competitor Wal-Mart (WMT)'s new pricing policy in the Tampa area represent less than 10% of the 3,000+ unique generic products it stocks, while cash sales amount to less than 0.5% of total pharmacy sales.

Target (TGT) Says that to be consistent with its long-standing practice to be price competitive with Wal-Mart, Target will match Wal-Mart's new, lower prices on generic drugs in the Tampa Bay area beginning immediately.

Boston Scientific (BSX) Sees third quarter sales of $1.97 billion to $2.035 billion and $0.01 to $0.05 cents earnings per share (EPS.) Says it has seen some slowdown in growth in penetration of drug-eluting stents outside US, as well as some retrenchment in the US drug-eluting stent market.

Nike (NKE) Posts $1.47 vs. $1.61 Q1 EPS as stock option expense and higher operating costs offset a 9% revenue rise. Says worldwide futures orders for 9/06-1/07 delivery are up 6%.

3Com (COMS) Posts wider-than-expected $0.04 Q1 loss vs. $0.11 loss on a 69% sales rise.

Palm (PALM) Posts $0.16 vs. $0.18 Q1 EPS as stock option expense offset a 4% revenue rise. Sets a $250 million stock buyback. Sees $0.15 to $0.18 Q2 EPS on $430 million to $450 million revenue.

Texas Instruments (TXN) Sets an additional $5 billion stock buyback and raises its quarterly dividend 33% to $0.04 per share.

KB Home (KBH) Says Q3 total revenue rose 6% to $2.67 billion. Says results reflect a challenging operating environment for the homebuilding industry; it does not expect conditions to improve significantly in the foreseeable future.

New York Times (NYT) Says August 2006 advertising revenues decreased 3.8%, while total company revenues decreased 2.2%. It now sees Q3 EPS of $0.08 to $0.10, vs. the year ago's Q3 EPS of $0.16.

Halliburton (HAL) Announces a $2 billion increase of its existing share buyback.

Nabors (NBR) and First Reserve Corp. are to form a joint venture called NFR Energy LLC, which will invest in oil and gas exploitation opportunities worldwide. Each party will hold equal interest, as well as fund a proportionate share of $1 billion in equity.


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