Markets & Finance

Best Buy, Circuit City Post Higher December Sales


From Standard & Poor's Equity ResearchBest Buy (BBY) posted a 7% Dec. same-store sales rise and 15% total revenue rise. Sees fiscal year 2007 earnings per share (EPS) of $2.70 to $2.80.

Circuit City (CC) posted 4.2% higher December same-store sales and 5.9% higher total sales. As a result of its Dec. performance, raises fiscal year 2007 sales guidance and narrows guidance to the top end of a previous range for EPS from continuing operations.

Freddie Mac (FRE) sees third quarter net loss of about $550 million vs. $880 million net income last year. says third quarter 2006 results reflect the reversal of mark-to-market gains on derivatives, credit guarantee assets, and obligations recognized in the first half.

Motorola, Inc (MOT) sees lower-than-expected $11.6 billion to $11.8 billion fourth quarter sales and GAAP EPS of 13 cents to 16 cents.

Redback Networks (RBAK) sees lower-than-anticipated fourth quarter revenue of about $64 million. Notes distribution channel disruptions caused by the timing of a proposed acquisition by Ericsson and lower-than-expected revenue from the older SMS product line.

XM Satellite Radio (XMSR) says it added more than 1.695 million new subscribers in 2006, ending the year with more than 7.625 million subscribers.

Tractor Supply (TSCO) says fourth quarter sales were weaker than expected primarily due to unseasonably warm weather. Cuts its $2.37 billion to $2.39 billion 2006 sales forecast to $2.3696 billion and its $2.29 to $2.30 EPS to between $2.20 and $2.22.

New York Times (NYT) agrees to sell its Broadcast Media Group, consisting of nine network-affiliated television stations, associated Web sites, and a Digital Operating Center, to Oak Hill Capital Partners for $575 million.

Dollar Tree(DLTR) Sees fourth quarter sales near the upper-end of previously announced guidance of $1.28 billion to $1.31 billion.


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