Stock Market Wrapup June 26th
The Dow, Nasdaq, and S&P 500 seesawed but stayed up for most of the day before ending down slightly amidst concerns about tomorrow's Fed meeting. Consumer confidence numbers for June were released today, and the drop was more severe than analysts had expected. The Conference Board's index was down to 103.9, from a revised May number of 108.5. Analysts had expected an index number of 105. Sales of new homes also dropped -1.6% to an annual pace of 915,000 units.
Lennar Homes (NYSE: LEN) showed the effects of the drop in home sales as it announced a loss of -$244.5 million, or -$1.55 per share. Last year, the company had a profit of $327.4 million, or $2.00 per share. The company also announced a weak forecast for its third quarter and the rest of 2007. Quarterly revenues slipped -37% to $2.88 billion. Lennar was down -3.1% on the news.
Oracle (Nasdaq: ORCL) announced after the bell that fiscal fourth-quarter earnings were up 27% from a year ago to $1.6 billion, or 31 cents a share. Excluding items, EPS came in at 37 cents, beating analyst estimates by two cents. Revenues were up 20% to $5.8 billion with software revenues up 19% to $4.8 billion. Fiscal-year earnings were up 27% to $4.3 billion, or 81 cents per share, with total revenues of $18 billion, up 25%.
Nike (NYSE: NKE) also released its fiscal fourth-quarter earnings after the bell, reporting a profit of $437.9 million, or 86 cents per share. Revenues were up 9% for the quarter to $4.4 billion. For the fiscal year, Nike showed profits of $1.5 billion, or $2.93 per share, with revenues of $16.3 billion.
Grocery store chain Kroger (NYSE: KR) posted profits of $336.6 million, or 47 cents per share, for its fiscal first quarter. Profits were up 11.3% from the year-ago period, when Kroger announced profits of $302.4 million. Sales rose 6.7% to $20.73 billion, exceeding analyst estimates of $20.32 billion. The stock fell -6.7%.
Rupert Murdoch and the board of directors of Dow Jones (NYSE: DJ) have reportedly come to a preliminary agreement regarding editorial independence, thereby clearing the path for the purchase of the media company by News Corp. (NYSE: NWS). A source reportedly told AP that while there are still some points to iron out, most of the deal has been worked out. The Dow Jones board of directors includes four members of the Bancroft family -- the controlling shareholder group for the company.
Ventana Medical Systems (Nasdaq: VMSI) saw shares of its stock soar today on news that Roche Holding AG had made an offer for the company. Roche offered $3 billion, or $75 a share, in a hostile takeover bid Monday evening. Ventana closed up 47.7% on the day. Roche also closed another deal today, finalizing its purchase of Gaithersburg, MD-based BioVeris Corp. for $600 million.
Basell, a Dutch chemical company, has made a bid for Huntsman Corp. (NYSE: HUN). Under the deal, Basell would acquire all outstanding shares of Huntsman for $5.6 billion, or $25.25 per share. The total deal is worth $9.6 billion when assumption of debt is included. Huntsman has been shopping itself around for some time, but has had trouble finalizing a deal.
Lennar Homes (NYSE: LEN) showed the effects of the drop in home sales as it announced a loss of -$244.5 million, or -$1.55 per share. Last year, the company had a profit of $327.4 million, or $2.00 per share. The company also announced a weak forecast for its third quarter and the rest of 2007. Quarterly revenues slipped -37% to $2.88 billion. Lennar was down -3.1% on the news.
Oracle (Nasdaq: ORCL) announced after the bell that fiscal fourth-quarter earnings were up 27% from a year ago to $1.6 billion, or 31 cents a share. Excluding items, EPS came in at 37 cents, beating analyst estimates by two cents. Revenues were up 20% to $5.8 billion with software revenues up 19% to $4.8 billion. Fiscal-year earnings were up 27% to $4.3 billion, or 81 cents per share, with total revenues of $18 billion, up 25%.
Nike (NYSE: NKE) also released its fiscal fourth-quarter earnings after the bell, reporting a profit of $437.9 million, or 86 cents per share. Revenues were up 9% for the quarter to $4.4 billion. For the fiscal year, Nike showed profits of $1.5 billion, or $2.93 per share, with revenues of $16.3 billion.
Grocery store chain Kroger (NYSE: KR) posted profits of $336.6 million, or 47 cents per share, for its fiscal first quarter. Profits were up 11.3% from the year-ago period, when Kroger announced profits of $302.4 million. Sales rose 6.7% to $20.73 billion, exceeding analyst estimates of $20.32 billion. The stock fell -6.7%.
Rupert Murdoch and the board of directors of Dow Jones (NYSE: DJ) have reportedly come to a preliminary agreement regarding editorial independence, thereby clearing the path for the purchase of the media company by News Corp. (NYSE: NWS). A source reportedly told AP that while there are still some points to iron out, most of the deal has been worked out. The Dow Jones board of directors includes four members of the Bancroft family -- the controlling shareholder group for the company.
Ventana Medical Systems (Nasdaq: VMSI) saw shares of its stock soar today on news that Roche Holding AG had made an offer for the company. Roche offered $3 billion, or $75 a share, in a hostile takeover bid Monday evening. Ventana closed up 47.7% on the day. Roche also closed another deal today, finalizing its purchase of Gaithersburg, MD-based BioVeris Corp. for $600 million.
Basell, a Dutch chemical company, has made a bid for Huntsman Corp. (NYSE: HUN). Under the deal, Basell would acquire all outstanding shares of Huntsman for $5.6 billion, or $25.25 per share. The total deal is worth $9.6 billion when assumption of debt is included. Huntsman has been shopping itself around for some time, but has had trouble finalizing a deal.
Labels: DJ, Dow Jones and Co. Inc., KR, LEN, Lennar Corp., News Corp, Nike Inc., NKE, NWS, Oracle Corp., ORCL
posted by Stock Administrator @ 7:52 PM
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