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Bed Bath & Beyond sees weaker sales in its first quarter, and more stocks in the news Tuesday
From Standard & Poor's Equity ResearchAvaya (AV) agrees to be acquired by Silver Lake Partners and TPG Capital for about $8.2 billion, or $17.50 per share cash.
Telik (TELK) says the FDA has placed a clinical hold on Investigational New Drug application for TELCYTA. It says no new patients will be enrolled and no patients currently being treated will receive additional treatment until the FDA releases the hold.
Bed Bath & Beyond (BBBY) sees first-quarter EPS of $0.36-$0.38 on lower-than-expected same-store sales rise of about 1.6% (vs. previous view of +3%-5%). It says the overall retailing environment is challenging. Goldman reportedly downgrades.
UAL Corp. (UAUA) was trading higher after United Airlines unit reported its preliminary May traffic results, which showed the airline's highest-ever May passenger load factor of 84.6%. Total scheduled revenue passenger miles were up by 0.5%.
Feldman Mall Properties (FMP) retains Friedman, Billings, Ramsey & Co. to assist in exploring alternatives that may include the sale of assets, ventures or partnerships, acquisitions or dispositions, or combination, sale or merger of the company.
Openwave Systems (OPWV) rejects 40 million share tender offer from 2 Harbinger Capital funds. Its board thinks implementation of a stand-alone plan will generate greater value for stockholders. It sets 100% special cash dividend.
Moody's (MCO) raises 2007 outlook to reflect higher growth expectations for its U.S. Structured Finance unit. The company sees 2007 revenue growth in mid- to high-teens percent range and EPS growth in low to mid-teens percent range.
Credence Systems (CMOS) posts $0.03 second-quarter loss, vs. $0.14 loss a year ago, despite a 6.8% sales decline. It sees breakeven third-quarter on sales of $120-$123 million.
Navisite (NAVI) posts $0.08 third-quarter loss, vs. $0.12 loss a year ago, on a 17% revenue rise. It sees fourth-quarter revenue of $33.5-$34 million and $6.3-$6.8 million EBITDA. It sees fiscal year 2008 revenue of $140-$150 million and EBITDA of $29-$34 million.
Haverty Furniture (HVT) posts 16% lower May same-store sales and 14% lower total sales. It says May sales reflect continued weakness in the retail furniture sector. It says current quarter to date sales are tracking below first-quarter results and current break-even levels.
Cache (CACH) posts 2% lower May same-store sales and 3.5% lower total sales. It cut $0.20-$0.24 second-quarter EPS guidance to $0.06-$0.08. It sees $0.06-$0.08 third-quarter loss, and $0.46-$0.48 fourth-quarter EPS. It cuts $0.75-$0.80 2008 EPS guidance to $0.47-$0.49.