Markets & Finance

Freddie Mac Announces Financial Results


Icahn pushes for a board seat on Motorola; Nike posts higher earnings; plus more stocks in the news Friday

Freddie Mac (FRE) Posts $480 million fourth quarter loss, as realized losses and mark-to-market impacts on its credit guarantee portfolio, derivatives, and administrative expenses offset net interest income, management and guarantee income. Sets a $1 billion share buyback.

Motorola (MOT) Carl Icahn files a proxy statement requesting shareholders elect him to the board.

Nike (NKE) Posts $1.37 vs. $1.24 third quarter earnings per share (EPS) on 9% revenue growth. Says worldwide futures orders rose 9%.

Citigroup (C) A faction within the company is pushing its CEO to make a bid for ABN Amro, now in exclusive takeover talks with Barclays. Any move by Citigroup would be unsolicited, and could even be perceived as hostile: Wall Street Journal.

Palm (PALM) Posts $0.11 vs. $0.28 third quarter GAAP EPS as higher operating expenses offset a 5.7% revenue rise. Sees fourth quarter revenue of $400 million to $410 million and GAAP gross margin of 35.9% to 36.4% and GAAP EPS of $0.10 to $0.13.

Merck (MRK) Says the CDC has adopted unanimous recommendation of its Advisory Committee on Immunization Practices for use of Gardasil (indicated to help prevent cervical cancer) in girls and women ages 11 to 26.

3com (COMS) Posts $0.01 third quarter GAAP loss vs. $0.08 loss on an 82% revenue rise. Receives final approval from the People's Republic of China for 3com to acquire Huawei Technologies' 49% stake in H3C for $882 million.

Genentech (DNA) Reaffirms 25% to 30% growth in non-GAAP EPS for 2007. Expects first quarter US product sales to be flat. Aims to bring more than 30 new molecular entities into clinical development between 2006 to 2010, vs. the prior goal of 20.

Amgen (AMGN) Discontinues Vectibix treatment in a PACCE trial evaluating the addition of Vectibix to standard chemo and Avastin for treatment of metastatic colorectal cancer due to increased toxicity level, without efficacy improvement.

DaimlerChrysler (DCX) Keybanc says sources indicate Magna and private equity partner have written a joint letter of interest offering to buy the Chrysler unit for about $4.6 billion to $4.7 billion, with its supplier looking to take a 20% to 25% stake.

Avery Dennison agrees to acquire all outstanding shares of Paxar (PXR) for $30.50 each in cash; the total transaction is valued at about $1.34 billion and the deal is expected to close by year-end.


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