Wednesday's Gainers
Allegiant Travel Co. (NasdaqGM:ALGT - News) was initiated with a buy rating at Merrill Lynch. The firm set a 12-month price target on the stock of $36. Bear Stearns also began coverage of the company, starting with a peer perform rating.
Amphenol Corp. (NYSE:APH - News) reported fourth-quarter earnings of $78.4 million, or 85 cents a share, up from a year-ago profit of $55.8 million, or 61 cents a share. The latest results reflect a benefit of 2 cents a share related to a reduction in the company's effective tax rate as well as stock option expense of 2 cents a share. Sales rose in the three months ended Dec. 31 to $659.4 million from $508.1 million in the same period a year earlier. The average estimate of analysts polled by Thomson First Call was for a profit of 81 cents a share in the December period on revenue of $649.3 million. Looking ahead, the Wallingford, Conn., maker of electrical and optical connector products forecast earnings of 80 to 82 cents a share for the first quarter on revenue of between $635 million and $645 million. It sees a profit of $3.45 to $3.55 a share for the full year on revenue of between $2.65 billion and $2.71 billion. The company also said it's planning a two-for-one stock split, payable on March 30 to shareholders of record on March 16.
ASML Holdings (NasdaqGS:ASML - News) was upgraded to buy from sell at ABN-Amro following a strong fourth-quarter financial report. The company was also upgraded to hold from reduce at Fortis Bank. The microchip equipment maker posted a profit of 205.5 million euros for the quarter, up from 51.6 million euros a year earlier.
Bill Barrett Corp. (NYSE:BBG - News) was initiated with a buy rating at A.G. Edwards. The firm set a price target of $35.
Bridgford Foods (NasdaqGM:BRID - News) shares jumped after the Anaheim, Calif.-based company reported fourth-quarter net earnings of $1.08 million, or 11 cents a share. In the comparable period last year, the company posted a net loss of $340,000, or 3 cents a share. Revenue in the 17 weeks ended Nov. 3 rose to $43.2 million from $41.9 million. The comparable period last year had 16 weeks, the company said.
CVS Corp. (NYSE:CVS - News) and Caremark Rx Inc. (NYSE:CMX - News) said qualified Caremark Rx Inc. shareholders will receive a one-time cash dividend of $2 per share after the proposed merger between the companies closes. The companies will also retire 150 million shares of the new company after the deal closes.
Flow International (NasdaqGM:FLOW - News) closed its previously disclosed audit committee probe of allegations that certain members of Flow Asia intentionally and inappropriately recognized certain revenues in fiscal 2007 that should have been recorded in fiscal 2006. As a result, the company said it expects its restated fiscal 2006 results to show an increase to revenue of about $2 million, with a net after tax increase to net income of about $2 million.
HealthSpring (NYSE:HS - News) said it expects earnings of $1.55 to $1.65 a share for fiscal 2007 on revenue of between $1.5 billion and $1.6 billion. The current average estimate of analysts polled by Thomson First Call is for a profit of 34 cents a share in the December period. The Nashville, Tenn., managed care company anticipates its Medicare Advantage membership to be in the range of 130,000 to 135,000 by the end of 2007, up from 115,000 at the close of 2006.
Investors Financial Services (NasdaqGS:IFIN - News) was upgraded to market perform from underperform at Ryan Beck & Co.
Lennar Corp. (NYSE:LEN - News), the Miami homebuilder, swung to a fourth-quarter loss from a year-earlier profit on 15% lower revenue. For the quarter ended Nov. 30, Lennar posted a loss of $195.6 million, or $1.24 a share, compared with net income of $581.2 million, or $3.54, in the year-earlier period. Revenue fell to $4.27 billion from $5.03 billion. A survey of analysts by Thomson First Call produced consensus estimates of a loss of $1.11 on revenue of $4.17 billion.
National Financial Partners Corp. (NYSE:NFP - News) said it expects its fourth-quarter per-share earnings "will be broadly consistent" with the consensus analyst estimate. "This view is consistent with the growth of NFP's firms, acquisition activity, and the challenging life insurance underwriting environment," the company said in a statement.
Neurocrine Biosciences Inc. (NasdaqGS:NBIX - News) was upgraded to overweight from equal weight at Lehman Bros. The firm also boosted its price target on the stock to $18 from $8.
Parker-Hannifin Corp. (NYSE:PH - News) reported fiscal second-quarter earnings of $193 million, or $1.64 a share, up from a year-ago profit of $129 million, or $1.07 a share. The latest results reflect a benefit of 9 cents a share from renewal of a federal tax credit for increasing research activities. Sales rose in the three months ended Dec. 31 to $2.51 billion from $2.16 billion in the same period a year earlier. The average estimate of analysts polled by Thomson First Call was for a profit of $1.40 a share on sales of $2.45 billion in the December period. The Cleveland-based maker of motion and control technology products attributed its profit increase in the second quarter to the strong performance of its Industrial International and Aerospace business segments. Looking ahead, Parker-Hannifin lifted its outlook for the full year to earnings from continuing operations of $6.35 to $6.75 per share from its prior projection of $6.05 to $6.45 a share. Wall Street's current consensus estimate for the year is for a profit of $6.38 a share.
Progressive Corp. (NYSE:PGR - News) reported net income of $138.9 million, or 18 cents a share, for the month of December, up from a year-ago equivalent profit of $122.9 million, or 15 cents a share. For the quarter ended Dec. 31, the Mayfield Village, Ohio-based insurance provider said it earned $400.9 million, or 53 cents a share, up from last year's earnings of $281.6 million, or 35 cents a share. The average estimate of analysts polled by Thomson First Call was for a profit of 50 cents a share in the December quarter.
SPX Corp. (NYSE:SPW - News) said it expects earnings from continuing operations of $3.80 to $3.95 a share for fiscal 2007 on revenue of about $4.7 billion. The Charlotte, N.C., maker of flow technology, test and measurement products said it expects the primary drivers for its profit growth in 2007, estimated at between 26% and 31% from 2006's target, to be continued strength across all of its business segments and a reduced tax rate. The current average estimate of analysts polled by Thomson First Call is for a profit of $3.59 a share in fiscal 2007 on revenue of $4.59 billion. SPX sees free cash flow from continuing operations of between $240 million and $280 million for fiscal 2007.
Shares of Star Scientific (NasdaqGM:STSI - News) soared after the company said decisions on three pending summary-judgment motions in its patent-infringement lawsuit against R.J. Reynolds Tobacco Co., a unit of Reynolds American (NYSE:RAI - News), will be available on the court's Web site on Friday. The Chester, Va., developer of technologies designed to reduce tobacco toxins said in a filing with the Securities and Exchange Commission that Judge Marvin J. Garbis of the U.S. District Court for the District of Maryland provided notice of his rulings on the motions last week. Star Scientific filed a patent-infringement suit in 2001 alleging that Reynolds had violated the company's process to reduce the level of nitrosamines - a carcinogenic toxin - in tobacco.
State Street Corp. (NYSE:STT - News) said fourth-quarter net income for the three months ended Dec. 31 rose 17% to $291 million, or 86 cents a share, from $249 million, or 74 cents a share in the year-ago period. The Boston-based lender said revenue increased 15% to $1.62 billion. Analysts surveyed by Thomson First Call forecast earnings of 84 cents a share and revenue of $1.56 billion, on average. Expenses rose 13% to $1.18 billion from $1.04 billion. Return on shareholders' equity was flat at 15.9%. For 2007, State Street said it plans to target the upper end of its long-term financial goals of revenue growth of 8% to 12%, earnings per share growth of 10% to 15%, and return on equity of 14% to 17%.
Sterling Construction Co. (NasdaqGS:STRL - News) was upgraded to buy from hold at Morgan Joseph & Co.
Stewart Enterprises (NasdaqGS:STEI - News) reported fourth-quarter earnings from continuing operations of $10.7 million, or 10 cents a share, up from a year-ago loss of $2 million, or 2 cents a share. Excluding items, the New Orleans funeral and cemetery services provider posted a profit from continuing operations of $9.2 million, or 9 cents a share in the latest quarter. Revenue rose in the three-month period to $131.2 million from $114.1 million last year. The average estimate of analysts polled by Thomson First Call was for a profit of 6 cents a share in the October period.
TSYS (NYSE:TSS - News) said fourth-quarter net earnings rose to $87.1 million, or 44 cents a share, from $49.7 million, or 25 cents a share, in the same period last year, on the back of higher revenue. The company now sees 2007 net income growth falling between 3% and 5% vs. 2006, down from its prior outlook of a 9% to 7%.
Xoma Ltd. (NasdaqGM:XOMA - News) and Schering-Plough (NYSE:SGP - News) expanded their collaboration agreement, with Schering-Plough exercising its right to initiate additional development programs. Xoma said it would receive upfront payments for each additional program, as well as research funding and royalties on any sales of the products.
Published By Michael Baron
Amphenol Corp. (NYSE:APH - News) reported fourth-quarter earnings of $78.4 million, or 85 cents a share, up from a year-ago profit of $55.8 million, or 61 cents a share. The latest results reflect a benefit of 2 cents a share related to a reduction in the company's effective tax rate as well as stock option expense of 2 cents a share. Sales rose in the three months ended Dec. 31 to $659.4 million from $508.1 million in the same period a year earlier. The average estimate of analysts polled by Thomson First Call was for a profit of 81 cents a share in the December period on revenue of $649.3 million. Looking ahead, the Wallingford, Conn., maker of electrical and optical connector products forecast earnings of 80 to 82 cents a share for the first quarter on revenue of between $635 million and $645 million. It sees a profit of $3.45 to $3.55 a share for the full year on revenue of between $2.65 billion and $2.71 billion. The company also said it's planning a two-for-one stock split, payable on March 30 to shareholders of record on March 16.
ASML Holdings (NasdaqGS:ASML - News) was upgraded to buy from sell at ABN-Amro following a strong fourth-quarter financial report. The company was also upgraded to hold from reduce at Fortis Bank. The microchip equipment maker posted a profit of 205.5 million euros for the quarter, up from 51.6 million euros a year earlier.
Bill Barrett Corp. (NYSE:BBG - News) was initiated with a buy rating at A.G. Edwards. The firm set a price target of $35.
Bridgford Foods (NasdaqGM:BRID - News) shares jumped after the Anaheim, Calif.-based company reported fourth-quarter net earnings of $1.08 million, or 11 cents a share. In the comparable period last year, the company posted a net loss of $340,000, or 3 cents a share. Revenue in the 17 weeks ended Nov. 3 rose to $43.2 million from $41.9 million. The comparable period last year had 16 weeks, the company said.
CVS Corp. (NYSE:CVS - News) and Caremark Rx Inc. (NYSE:CMX - News) said qualified Caremark Rx Inc. shareholders will receive a one-time cash dividend of $2 per share after the proposed merger between the companies closes. The companies will also retire 150 million shares of the new company after the deal closes.
Flow International (NasdaqGM:FLOW - News) closed its previously disclosed audit committee probe of allegations that certain members of Flow Asia intentionally and inappropriately recognized certain revenues in fiscal 2007 that should have been recorded in fiscal 2006. As a result, the company said it expects its restated fiscal 2006 results to show an increase to revenue of about $2 million, with a net after tax increase to net income of about $2 million.
HealthSpring (NYSE:HS - News) said it expects earnings of $1.55 to $1.65 a share for fiscal 2007 on revenue of between $1.5 billion and $1.6 billion. The current average estimate of analysts polled by Thomson First Call is for a profit of 34 cents a share in the December period. The Nashville, Tenn., managed care company anticipates its Medicare Advantage membership to be in the range of 130,000 to 135,000 by the end of 2007, up from 115,000 at the close of 2006.
Investors Financial Services (NasdaqGS:IFIN - News) was upgraded to market perform from underperform at Ryan Beck & Co.
Lennar Corp. (NYSE:LEN - News), the Miami homebuilder, swung to a fourth-quarter loss from a year-earlier profit on 15% lower revenue. For the quarter ended Nov. 30, Lennar posted a loss of $195.6 million, or $1.24 a share, compared with net income of $581.2 million, or $3.54, in the year-earlier period. Revenue fell to $4.27 billion from $5.03 billion. A survey of analysts by Thomson First Call produced consensus estimates of a loss of $1.11 on revenue of $4.17 billion.
National Financial Partners Corp. (NYSE:NFP - News) said it expects its fourth-quarter per-share earnings "will be broadly consistent" with the consensus analyst estimate. "This view is consistent with the growth of NFP's firms, acquisition activity, and the challenging life insurance underwriting environment," the company said in a statement.
Neurocrine Biosciences Inc. (NasdaqGS:NBIX - News) was upgraded to overweight from equal weight at Lehman Bros. The firm also boosted its price target on the stock to $18 from $8.
Parker-Hannifin Corp. (NYSE:PH - News) reported fiscal second-quarter earnings of $193 million, or $1.64 a share, up from a year-ago profit of $129 million, or $1.07 a share. The latest results reflect a benefit of 9 cents a share from renewal of a federal tax credit for increasing research activities. Sales rose in the three months ended Dec. 31 to $2.51 billion from $2.16 billion in the same period a year earlier. The average estimate of analysts polled by Thomson First Call was for a profit of $1.40 a share on sales of $2.45 billion in the December period. The Cleveland-based maker of motion and control technology products attributed its profit increase in the second quarter to the strong performance of its Industrial International and Aerospace business segments. Looking ahead, Parker-Hannifin lifted its outlook for the full year to earnings from continuing operations of $6.35 to $6.75 per share from its prior projection of $6.05 to $6.45 a share. Wall Street's current consensus estimate for the year is for a profit of $6.38 a share.
Progressive Corp. (NYSE:PGR - News) reported net income of $138.9 million, or 18 cents a share, for the month of December, up from a year-ago equivalent profit of $122.9 million, or 15 cents a share. For the quarter ended Dec. 31, the Mayfield Village, Ohio-based insurance provider said it earned $400.9 million, or 53 cents a share, up from last year's earnings of $281.6 million, or 35 cents a share. The average estimate of analysts polled by Thomson First Call was for a profit of 50 cents a share in the December quarter.
SPX Corp. (NYSE:SPW - News) said it expects earnings from continuing operations of $3.80 to $3.95 a share for fiscal 2007 on revenue of about $4.7 billion. The Charlotte, N.C., maker of flow technology, test and measurement products said it expects the primary drivers for its profit growth in 2007, estimated at between 26% and 31% from 2006's target, to be continued strength across all of its business segments and a reduced tax rate. The current average estimate of analysts polled by Thomson First Call is for a profit of $3.59 a share in fiscal 2007 on revenue of $4.59 billion. SPX sees free cash flow from continuing operations of between $240 million and $280 million for fiscal 2007.
Shares of Star Scientific (NasdaqGM:STSI - News) soared after the company said decisions on three pending summary-judgment motions in its patent-infringement lawsuit against R.J. Reynolds Tobacco Co., a unit of Reynolds American (NYSE:RAI - News), will be available on the court's Web site on Friday. The Chester, Va., developer of technologies designed to reduce tobacco toxins said in a filing with the Securities and Exchange Commission that Judge Marvin J. Garbis of the U.S. District Court for the District of Maryland provided notice of his rulings on the motions last week. Star Scientific filed a patent-infringement suit in 2001 alleging that Reynolds had violated the company's process to reduce the level of nitrosamines - a carcinogenic toxin - in tobacco.
State Street Corp. (NYSE:STT - News) said fourth-quarter net income for the three months ended Dec. 31 rose 17% to $291 million, or 86 cents a share, from $249 million, or 74 cents a share in the year-ago period. The Boston-based lender said revenue increased 15% to $1.62 billion. Analysts surveyed by Thomson First Call forecast earnings of 84 cents a share and revenue of $1.56 billion, on average. Expenses rose 13% to $1.18 billion from $1.04 billion. Return on shareholders' equity was flat at 15.9%. For 2007, State Street said it plans to target the upper end of its long-term financial goals of revenue growth of 8% to 12%, earnings per share growth of 10% to 15%, and return on equity of 14% to 17%.
Sterling Construction Co. (NasdaqGS:STRL - News) was upgraded to buy from hold at Morgan Joseph & Co.
Stewart Enterprises (NasdaqGS:STEI - News) reported fourth-quarter earnings from continuing operations of $10.7 million, or 10 cents a share, up from a year-ago loss of $2 million, or 2 cents a share. Excluding items, the New Orleans funeral and cemetery services provider posted a profit from continuing operations of $9.2 million, or 9 cents a share in the latest quarter. Revenue rose in the three-month period to $131.2 million from $114.1 million last year. The average estimate of analysts polled by Thomson First Call was for a profit of 6 cents a share in the October period.
TSYS (NYSE:TSS - News) said fourth-quarter net earnings rose to $87.1 million, or 44 cents a share, from $49.7 million, or 25 cents a share, in the same period last year, on the back of higher revenue. The company now sees 2007 net income growth falling between 3% and 5% vs. 2006, down from its prior outlook of a 9% to 7%.
Xoma Ltd. (NasdaqGM:XOMA - News) and Schering-Plough (NYSE:SGP - News) expanded their collaboration agreement, with Schering-Plough exercising its right to initiate additional development programs. Xoma said it would receive upfront payments for each additional program, as well as research funding and royalties on any sales of the products.
Published By Michael Baron
Labels: ALGT, APH, ASML, BBG, BRID, CMX, CVS, FLOW, IFIN, LEN, NBIX, NFP, PGR, PH, RAI, SGP, SPW, STSI, XOMA
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