Markets & Finance

Movers: Wal-Mart, Home Depot, Mattel, VMware, Thornburg Mortgage


Tuesday's stocks in the news

From Standard & Poor's Equity ResearchWal-Mart Stores (WMT) posts second quarter EPS from continuing operations of $0.76, vs. $0.72 a year ago, on 2% higher total U.S. same-store sales (including fuel). The retailer sees $0.62-$0.65 third quarter EPS from continuing operations, and lowers $3.15-$3.23 fiscal year 2008 EPS from continuing operations guidance to $3.05-$3.13.

Home Depot (HD) posts better-than-expected $0.77, vs. $0.82 a year ago, second quarter EPS from continuing operations on 5.2% lower same-store sales, 1.8% lower total sales. The retailer reiterates its forecast for fiscal year 2008 EPS from continuing operations to decline 12%-15%.

VMware (VMW) shares surge on the first day of trading, ending at $51, after pricing at $29. EMC (EMC) is retaining an 87% stake in VMware.

Mattel (MAT) is close to announcing its second big recall of Chinese-made toys in as many weeks, reports the Wall Street Journal.

Thornburg Mortgage (TMA) plunges 46% to $7.65 before the trading in the shares were halted after the company delays its second-quarter dividend because of "significant disruptions" in the mortgage market. Its dividend of 68 cents per share was postponed to Sept. 17 from Aug. 15. The company also said its book value per share fell to $14.28 at Aug. 13 from $19.38 at June 30. Earlier S&P and RBC downgraded the shares.

Bidz.com (BIDZ) posts $0.12, vs. $0.01 a year ago, second quarter EPS on a 21% revenue rise. It sees $3-$3.2 million third quarter net income on revenue in $37-$49 million range.

UBS AG (UBS) posts CHF 2.69, vs. CHF 1.49 a year ago, second quarter EPS on a 36% rise in interest income. The bank says if current turbulent conditions prevail throughout the third quarter, it will probably see very weak trading result in Investment Bank.

Countrywide Financial (CFC) reports mortgage funding volume of $39 billion for July 2007, a 6% increase from last July, but a 14% decline on sequential basis, which reflects tighter lending guidelines that have curtailed total production.

RBC Capital downgrades Thornburg Mortgage (TMA) to underperform from sector perform.

Physicians Formula (FACE) posts $0.01 (excluding items), vs. $0.14 second quarter EPS on 4.2% lower sales. It sees $0.02-$0.05 third quarter loss on $18.5-$20.5 million in sales. Wachovia reportedly downgrades to market perform from outperform.

Charles Schwab (SCHW) reports net new assets brought to the company by new and existing clients for July 2007 totaled $12.8 billion, total client assets were $1.371 trillion, which was up 21% from year-ago, down 1% sequentially.

Nokia (NOK) issues product advisory for Nokia-branded BL-5C battery manufactured by Matsushita Battery Industrial between December 2005 and November 2006. The company says it could potentially experience overheating, causing battery to dislodge.

Hibbett Sports (HIBB) cuts $0.20-$0.24 second quarter EPS view to $0.14-$0.17 on 2.6% higher same-store sales (vs. 13-week period ended July 29, 2006). It notes continued sales downtrend in urban stores, overall softness in consumer shopping patterns.

Netease.com (NTES) posts $0.31, vs. $0.29 a year ago, second quarter earnings per ADS despite 3% lower revenue.

Computer Science (CSC) says it unable to file Form 10-Q for its first quarter because it has not completed its determination of impact of FASB Interpretation No. 48. It sees first quarter revenue of $3.7-$3.8 billion and EPS of $0.65-$0.75, before special charges.

American Railcar Industries (ARII) posts lower-than-expected $0.52, vs. $0.51 a year ago, second quarter EPS on 38% revenue rise.


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