Markets & Finance

Target Expects Weaker Sales


AT&T posts higher earnings; plus more stocks in the news Tuesday

Target (TGT) sees April same-store sales weaker than an initial plan of down 2% to 4%. It cut 4% to 6% March to April same-store sales growth forecast to between 3% and 4%; sees first quarter same-store sales up 4%. The retailer sees first-quarter earnings per share (EPS) growth consistent with the previous fiscal year 2008 estimate.

International Business Machines (IBM) Sets additional $15 billion stock buyback. As a result of increased share repurchase 2007 EPS growth -- before a gain from the sale of printer operations -- could be 12% to 14%. IBM raises is quarterly dividend 33% to $0.40.

Texas Instruments (TXN) posts better-than-expected $0.35 vs. $0.36 first quarter EPS on a 4.3% revenue decline. The chip maker sees $0.39 to $0.45 second quarter EPS on $3.32 billion to $3.6 billion revenue.

AT&T (T) posts $0.65 vs. $0.52 adjusted first quarter EPS on revenue of $29.4 billion (excluding the effects from its merger).

U.S. Steel (X) posts $2.30 vs. $2.04 first quarter EPS on flat sales. It sees overall second quarter results in line with the first quarter.

DuPont (DD) posts $1.01 vs. $0.88 first quarter EPS on a 6.1% net sales rise. Reaffirms its 2007 EPS forecast of about $3.15, excluding a $0.06 charge for significant items.

Boeing (BA) announces that Air Canada exercised existing options and purchase rights for 23 Boeing 787 aircraft, bringing its total firm orders for aircraft to 37 from the 14 originally announced, with deliveries starting in 2010.

Amgen (AMGN) posts $1.08 vs. $0.91 first quarter adjusted EPS on a 15% revenue rise. The company says 2007 revenue guidance is up for review at this time, but will reduce operating costs to offset the revenue impact. It sees 2007 adjusted EPS at the low end of a previous $4.30 to $4.50 range.

Juniper Networks (JNPR) posts $0.19 vs. $0.19 first quarter EPS (non-GAAP) as higher expenses offset an 11% revenue rise.

AK Steel (AKS) Posts $0.56 vs. $0.06 first quarter EPS on a 20% sales rise. Sees second quarter average per-ton selling prices 2% to 3% higher compared to the first quarter.

McGraw-Hill (MHP) Posts $0.40 vs. $0.20 first quarter EPS (including items) on a 14% revenue rise. Notes a strong performance by Financial Services, as well as improvement in Education, Information & Media. MHP is the parent company of S&P and BusinessWeek.com.


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