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Stocks in the news on Tuesday
From Standard & Poor's Equity ResearchGoldman Sachs Group (GS) posts $7.01 fourth quarter EPS, vs. $6.59 a year ago, on 19% revenue rise.
Best Buy (BBY) posts $0.53 third quarter EPS, vs. $0.31 a year ago, on 6.7% higher same-store sales, 17% higher total sales. The consumer electronics retailer sees fiscal year 2008 EPS of $3.10-$3.20.
Tuesday Morning (TUES) says it now expects fiscal year 2008 total sales to be in the range of $943-$955 million with low single-digit negative comp store sales; based on these results, EPS would be about $0.58-$0.65. It notes revenues fell short of the company's expectations due to continued pressures on the home furnishing sector.
Adobe Systems (ADBE) posts $0.38 fourth quarter EPS (GAAP), vs. $0.30 a year ago, on 34% revenue rise. The software maker sees first quarter revenue of $855-$885 million, GAAP EPS of $0.34-$0.36. Reaffirms target annual revenue growth of about 13%. It approves a 30 million share increase to the stock repurchase program announced in April 2007.
Sprint Nextel (S) names Daniel R. Hesse, 54, president and CEO. He previously was chairman, president and CEO of Embarq.
Waste Industries USA (WWIN) enters into a definitive merger deal with investor group led by Lonnie C. Poole, Jr., WWIN's founder and Chairman, Jim W. Perry, its President & CEO, Macquarie Infrastructure Partners, and Goldman Sachs pursuant to which the investor group will acquire all outstanding shares of WWIN the investor group does not already own for $38.00 per share in cash. The total deal is valued at about $544 million.
Valassis Communications (VCI) expects 2008 adjusted EBITDA of between $260-$280 million, expects low-to-mid-single digit pro forma revenue growth, most of which is expected to come in the second half of 2008. It expects 2008 capex of $35 million, resulting in expected adjusted cash EPS of between $2.14-$2.39.
Synovus Financial (SNV) expects fourth quarter EPS to fall below previously issued guidance of $1.83, excluding TSS spinoff-related costs, due to the deteriorating housing market. FTN Midwest cuts estimates, reiterates neutral.
DreamWorks Animation SKG (DWA) says its Board of Directors has authorized a share repurchase program of $150 million Class A shares.
Human Genome Sciences (HGSI) says results of 2 animal studies demonstrated life-saving potential of its human monoclonal antibody drug ABthrax. Results show that a single dose of ABthrax, administered without concomitant antibiotics, improved survival rates by up to 64% when administered after animals were symptomatic for anthrax disease as a result of inhalation exposure to massively lethal doses of anthrax spores.
Cherokee (CHKE) intends to explore strategic alternatives to increase shareholder value, including among others, a possible sale of the company. It has retained Goldman as its financial advisor to evaluate and assist with this process.
Visicu (EICU) agrees to be acquired by an affiliate of Royal Philips Electronics in $430 million deal. Terms: $12.00 cash per EICU share.
CSK Auto (CAO) posts $0.13 third quarter loss per share, vs. $0.07 EPS a year ago, on 3.0% same-store sales drop, 2.4% total sales drop.
Esmark (ESMK) receives notice that ArcelorMittal USA has terminated the Purchase and Sale Agreement entered into with E2 Acquisition Corp. to purchase substantially all of the assets of the Sparrows Point business. If the acquisition would have been completed, ESMK would have owned about 2% of the equity of E2 Acquisition. ESMK plans to continue its efforts to participate in the purchase of the Sparrows Point business.