Countrywide Financial takes hits from subprime meltdown; plus more stocks in the news Thursday
Ford Motor (F) Posts $0.15 first quarter loss vs. $0.76 loss on a 5.4% revenue rise. Says first quarter results came in somewhat stronger than expected, but there are many uncertainties going forward.
Countrywide Financial (CFC) Posts $0.72 vs. $1.10 first quarter earnings per share (EPS) on 15% lower revenue. Cites the impact of charges related to its subprime activities, increases to loss reserves, and related asset valuation adjustments. Sees $3.50 to $4.30 2007 EPS.
Dow Chemical (DOW) Posts $1.00 vs. $1.24 first quarter EPS on a 3.4% revenue rise. Raises its quarterly dividend 12%.
US Airways Group (LCC) Posts $0.37 vs. $0.05 first quarter EPS (excluding net credits from special items) on 3.4% higher PRASM. Says the recent rise in fuel prices is once again having a material effect on its outlook; sees additional $300 million of expenses in 2007.
Aetna (AET) Posts $0.81 vs. $0.64 first quarter operating EPS on a 7.5% revenue rise. Sees $0.79 second quarter operating EPS. Raises $3.30 2007 operating EPS forecast to $3.35.
Beazer Homes (BZH) Posts $1.12 second quarter loss vs. $2.35 EPS on a 35% revenue drop. Has yet to see meaningful evidence of a sustainable recovery in the housing market, and expects current conditions to put pressure on homebuilders' operating results.
Pulte Homes (PHM) Posts $0.33 first quarter loss vs. $1.01 EPS on a 37% revenue decline. Sees breakeven to $0.10 loss in the second quarter, before any additional land-related charges. Due to the lack of EPS visibility, cannot give guidance for the rest of the year.
Apple (AAPL) Posts $0.87 vs. $0.47 second quarter EPS on a 21% revenue rise. Sees third quarter revenue of about $5.1 billion and EPS of about $0.66.
Bristol-Myers Squibb (BMY) Posts $0.38 vs. $0.32 first quarater non-GAAP EPS despite a 4.3% revenue drop. Raises $1.20 to $1.30 2007 non-GAAP EPS guidance to between $1.30 and $1.40. In collaboration with Pfizer (PFE) to develop and commercialize anticoagulant, metabolic compounds.
Wendy's (WEN) Forms a special committee to review strategic options, including modifications to its capital structure and the possible sale of the company. Posts $0.15 first quarter GAAP EPS despite a 2% rise in total revenue.