Markets & Finance

Intuit Shares Fall on Slow Sales


General Mills posts stronger results; Motorola warns of a loss; plus more stocks in the news Thursday

From Standard & Poor's Equity ResearchIntuit (INTU) shares fell Thursday after the company reported total TurboTax federal units sales rose 1% year-over-year for the tax season-to-date through March 17.

KB Home (KBH) posted better-than-expected 34 cents vs. $2.01 first quarter EPS on 19% lower consolidated revenues. The company says that despite recent improvement in first quarter net order and a lower cancellation rate, these trends should be viewed with caution.

General Mills (GIS) posted 74 cents vs. 68 cents third quarter earnings per share (EPS) on a 6.2% sales rise. The food producer raised its $3.09 to $3.13 fiscal year 2007 EPS guidance to between $3.14 and $3.16.

Motorola (MOT) sees a 7 cents to 9 cents first quarter GAAP loss per share on $9.2 billion to $9.3 billion in sales. The company named Greg Brown President and COO and Thomas Meredith as acting CFO. It also raised its stock repurchase program to $7.5 billion.

Affiliated Computer Services (ACS) confirmed the receipt of a proposal from its chairman Darwin Deason, and Cerberus Capital Management L.P. to acquire ACS outstanding stock for a cash purchase price of $59.25 per share.

Borders Group (BGP) posted a $1.25 fourth quarter loss per share vs. $1.78 EPS (GAAP) despite a 3% total sales rise. The company will refocus investment on domestic superstores, cut investment in International Waldenbooks, and develop its own e-commerce Web site. Borders will not provide guidance on revenues and earnings.

Beazer Homes USA (BZH) announced the resignation of James O'Leary, exec VP and CFO, effective March 23, 2007. O'Leary is leaving Beazer to become President and CEO of Kaydon Corp.

Mylan Labs (MYL) shares seen higher after an appeals court overturns a decision favoring Pfizer (PFE) in its bid to keep generic versions of its Norvasc off the market. Mylan has a generic version of Norvasc approved in the US.

Scholastic (SCHL) posted an 18 cents third quarter loss per share vs. a 37 cents loss on a 1.9% revenue rise. Notes higher bad debt and promotion amortization hurt in the third quarter. Scholastic now sees $1.40 to $1.60 fiscal year 2007 EPS.

New York & Co (NWY) posted 40 cents vs. 36 cents fourth quarter EPS on a 1.2% same-store sales rise and 11% total sales rise. The company sees 11 cents to 14 cents first quarter EPS and 85 cents to 95 cents in fiscal 2007.


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