Markets & Finance

New Century Stops Lending


P&G affirms EPS guidance; Ford reportedly plans to sell Aston Martin business; plus more stocks in the news Friday

From Standard & Poor's Equity ResearchAs a result of its current constrained funding capacity, New Century Financial (NEW) has elected to cease accepting loan applications from prospective borrowers effective immediately.

Procter & Gamble (PG) affirms previously announced third quarter earnings per share (EPS) guidance of 72 cents to 74 cents on sales growth of 7% to 9%.

Financial Times reports Ford Motor (F) says it will sell its Aston Martin luxury-car unit to a group of investors including the U.K.'s David Richards.

Yahoo Inc (YHOO) Shares are lower after a WSJ report that Yahoo and AT&T are renegotiating their comprehensive broadband partnership set to expire 4/08 (earlier said 4/07).

Movie Gallery (MOVI) completes refinancing of its senior secured credit facility. The company expects the new $900 million facility to save more than $6 million of cash interest annually.

Hovnanian Enterprises (HOV) posted a 91 cents first quarter loss (including pre-tax charges) vs. $1.25 EPS on an 8.8% revenue decline. The company posted 20 cents adjusted EPS. It sees $1.10 to $1.50 fiscal year 2007 EPS (excluding charges).

National Semiconductor (NSM) posted better-than-expected 22 cents vs. 37 cents third quarter EPS on a 21% revenue decline. The company says bookings improved through the latter part of the third quarter. Sees fourth quarter revenue 3% to 6% below the third quarter level.

Quiksilver (ZQK) posted 2 cents vs. 15 cents first quarter EPS despite a 2.1% revenue rise, noting unseasonably warm weather. The company cut its fiscal year 2007 guidance to 53 cents EPS on $2.45 billion revenue.


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