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Aetna (NYSE:AET - News) said its fourth-quarter profit rose 4% on membership growth and higher premiums, and the health insurer raised its full-year profit forecast.
Air T (NasdaqCM:AIRT - News) shares dropped after the Maiden, N.C., provider of air cargo services posted third-quarter earnings of $304,000, or 11 cents a share, down from a year-ago profit of $675,000, or 25 cents a share. The company attributed the lower earnings to a decrease in international deicer sales and air cargo maintenance revenue.
Amvescap Plc (NYSE:AVZ - News) said preliminary month-end assets under management for January rose to $469 billion from $462.6 billion the previous month. The London-based company said long-term assets increased to $401.4 billion from $398.3 billion at the end of December. Meanwhile, money-market assets rose to $67.6 billion from $64.3 billion.
Beacon Roofing Supply (NasdaqGS:BECN - News) shares fell after the Peabody, Mass.-based company reported fiscal first-quarter net earnings of $8.81 million, or 20 cents a share, down from $12.9 million, or 31 cents a share, in the year-ago period. Revenue rose to $380.2 million from $339.9 million. Analysts polled by Thomson Financial had forecast a per-share profit of 27 cents on revenue of $385.9 million.
Central Garden & Pet Co. (NasdaqGS:CENT - News) reported first-quarter net earnings of $2.97 billion, or 12 cents a share. During the same quarter a year ago, the company posted net earnings of $2.56 million, or 12 cents a share. On a post-dividend basis, the per-share loss was 4 cents, compared with a per-share profit of 4 cents a year ago.
Eastman Kodak Co. (NYSE:EK - News) increased its plans for job cuts and related charges, as it seeks to wind down a four-year restructuring program by year-end.
Eddie Bauer Holdings Inc. (NasdaqGM:EBHI - News) said shareholders did not approve the company's proposed sale to a firm owned by affiliates of Sun Capital Partners Inc. and Golden Gate Capital for $9.25 a share. As a result, the Redmond, Wash.-based apparel retailer said it will continue to operate as a standalone publicly traded company.
Family Dollar Stores (NYSE:FDO - News) said same-store sales, or sales at stores open at least a year, rose about 0.1% in January. The average estimate of analysts polled by Thomson Financial was for same-store sales growth of 2.1%. Total sales for the five weeks ended Feb. 3 climbed 38.2% to $585.3 million compared with $423.4 million for the four week period ended Jan. 28, 2006. But total sales comparing the five weeks to the similar five weeks a year ago rose just 4%. The discount retailer said it now expects February same-store sales to be flat, although it still expects second-quarter earnings of 58 to 64 cents. Analysts polled by Thomson are expecting earnings of 62 cents a share.
Gottschalks Inc. (NYSE:GOT - News) said January same-store sales slipped 1%, while total sales rose 21% to $43.5 million. Analysts polled by Thomson Financial had expected a 3% same-store sales rise. "January was a clearance month for us as we deepened promotions in some soft line categories and, in particular, focused on selling through inventory in our home division as we continue to reposition our merchandise assortments in that category," the company said.
Gymboree (NasdaqGS:GYMB - News) shares fell after the San Francisco-based retailer said January same-store sales were flat compared with last year, while overall sales rose 24% to $62.5 million in the period. For the fourth-quarter, same-store sales rose 7% while overall sales rose 19% to $238.5 million. Gymboree expects fourth-quarter earnings of 64 to 66 cents a share, or 70 to 72 cents a share, excluding certain items. For 2007, the company forecast per-share earnings of $1.72 to $1.74, or $1.97 to $1.99 excluding items. Analysts polled by Thomson Financial are forecasting fourth-quarter earnings of 76 cents a share.
Hot Topic Inc. (NasdaqGS:HOTT - News) said its January sales at stores open at least a year fell 6.6% vs. a 0.7% fall in the same month last year. Analysts, on average, had expected the teen retailer to post a same-store-sales drop of 6.1%, according to Thomson Financial.
HSBC (NYSE:HBC - News) warned that bad-debt charges are set to exceed forecasts by about $1.76 billion, as higher interest rates and a lack of refinancing options in the slowing U.S. housing market leave customers unable to pay their mortgages.
Imperial Tobacco Group (NYSE:ITY - News) agreed to acquire Commonwealth Brands from closely held Houchens Industries Inc. for $1.9 billion (974 million pounds). Factoring in the net present value of tax benefits from the deal, the net cost is $1.5 billion. Commonwealth Brands, Bowling Green, Ky., is the No. 4 U.S. cigarette producer, with 3.7% of the American market, Imperial said.
Isilon Systems Inc. (NasdaqGM:ISLN - News) shares fell after the Seattle-based developer of clustered storage systems and software late Wednesday reported a fourth-quarter net loss of $10.4 million, or 72 cents a share, vs. a net loss of $4.08 million, or 78 cents a share, last year. There were 14.55 million shares outstanding in the quarter ended Dec. 31, compared with 5.25 million a year ago Excluding items, the company posted a loss of $3.3 million, or 6 cents a share, compared with a loss of $4.1 million, or 9 cents a share, last year. Revenue rose to $20.7 million from $8.7 million. Isilon expects first-quarter revenue of $21 million to $23 million. For the full year 2007, the company expects revenue of $115 million to $125 million.
J.C. Penney Co. (NYSE:JCP - News) said its January sales at department stores open at least a year increased 3.6%. Analysts, on average, expected it to post a same-store sales gain of 3.5%, according to Thomson Financial. Total department-store sales for the four weeks ended Jan. 27 rose 5.5%, the Plano, Texas, company said. For February, Penney forecast comparable department-store sales to increase in the low-single digits.
JoS A Bank Clothiers (NasdaqGS:JOSB - News) said annual earnings will be at least $2.25 a share, up 15% from last year, with total sales up 18% to $546 million. January same-store sales dropped 4.7%, while direct marketing sales improved 42%, the company said. Analysts polled by Thomson Financial expected a 1% rise in January same-store sales, and annual earnings of $2.17 a share.
Level 3 Communications (NasdaqGS:LVLT - News) said its fourth-quarter loss widened to $237 million from $169 million a year earlier as it announced that it would reduce headcount in 2007 by about 1,000 employees. The company said the fourth-quarter loss included a loss of $54 million for the extinguishment of debt. Level 3 posted a loss of 20 cents a share for the quarter, compared with a loss of 24 cents a share a year earlier, when the company had fewer shares outstanding. The Broomfield, Colo., telecommunications and information-services company said Thursday that revenue rose to $846 million from $418 million a year earlier. Analysts polled by Thomson Financial, on average, expected a loss of 14 cents a share on revenue of $831.8 million. Level 3 forecast total communications revenue of $1 billion to $1.05 billion for the first quarter and $4.03 billion to $4.31 billion for the full year. The company also said its financing unit would offer $500 million in senior notes.
Shares of New Century Financial (NYSE:NEW - News) tumbled as much as 30% Thursday, hitting their lowest in nearly four years at one point, as investors punished the mortgage services provider over its warning that loan production for 2007 would fall short of expectations.
New York & Co. (NYSE:NWY - News) said its January sales at stores open at least one year rose 2.3%. Analysts, on average, had expected same-store sales to rise 2.9%, according to Thomson Financial. Net sales for the five weeks ended Feb. 3 rose 32.4% to $83.7 million. The retailer backed its fourth-quarter profit forecast of 37 cents to 46 cents a share. The company continues to expect to report an increase in gross margin for the fourth quarter due to improved merchandise margins and also still expects non-recurring litigation expenses of about 2 cents a share, which are included in its outlook.
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DeclinersShares of Advanced Micro Devices (NYSE:AMD - News) were lower following a report that the company could be replaced by rival Intel (NASDAQ:INTC - News) in certain Sun Microsystems' (NASDAQ:SUNW - News) server products, according to The Wall Street Journal.
Aladdin Knowledge Systems (NASDAQ:ALDN - News) said its fourth-quarter net income fell 6.9%, and the company expects fiscal 2007 earnings to range from 90 cents to $1.09 a share. The provider of network-security software products said fourth-quarter net income fell to $3.62 million, or 24 cents a share, from $3.88 million, or 26 cents a share, a year earlier. Revenue gained 12% to $24.3 million from $21.8 million. Excluding stock-based compensation costs, the Tel Aviv company earned $4.16 million, or 28 cents a share, in the latest fourth quarter. Analysts surveyed by Thomson Financial, on average, had been expecting Aladdin to earn 27 cents a share on revenue of $23.2 million for the final quarter of 2006. For 2007, Aladdin also expects revenue of $95 million to $102 million.
Bassett Furniture (NASDAQ:BSET - News) reported fourth-quarter earnings of $359,000, or 3 cents a share, down 83% from $2.07 million, or 18 cents a share, in the year-ago period.
Blair Corp. (AMEX:BL - News) named Adelmo Lopez president and chief executive officer, effective immediately. The Warren, Pa., direct marketer of apparel and home products said John Zawacki, its retiring president and CEO, will serve as vice chairman until April 1. Lopez most recently served as executive vice president, COO and CFO. Larry Pitorak will assume the interim CFO position.
Boeing was downgraded to market perform from outperform at Wachovia Securities. The firm cited its belief that the commercial aircraft order cycle has peaked and told clients it's concerned about potential delays on the 787 program, citing contacts deep within Boeing's supply chain. Wachovia said it's been told that suppliers to the program are unhappy with the costs of maintaining schedule and are demanding more money. The broker said the negotiations could result in additional increases in R&D costs if the suppliers get their way.
Central Garden & Pet Co. (NASDAQ:CENT - News) shares fell after the Walnut Creek, Calif., seller of outdoor products and pet supplies forecast a loss of 12 to 14 cents a share for its fiscal first quarter ended in December. The company had previously projected breakeven results for the period. It attributed the lower view to a shift in seasonal purchases by lawn and garden retailers later in the quarter, higher than anticipated grain costs, and lower sales and a mix shift within its pet bird and small animal product categories.
Shares of Cisco Systems (NASDAQ:CSCO - News) slipped after JMP Securities became the latest Wall Street firm to downgrade the networking giant. Analyst Samuel Wilson lowered his rating to market perform from market outperform, citing evidence that the communications equipment business has decelerated over the past month, as well as some concerns over share dilution. Wilson also believes that previous positive catalysts, such as evidenced that business was solid and "compelling" valuation, will be muted going forward. "Given that our bottoms up check into Cisco's business suggest that its business is good but not accelerating, we believe that Cisco's stock will trade in line with the overall market in the near-term," Wilson said. "Finally, with the recent move in Cisco's stock price over the past six months, we anticipate that shares outstanding may actually be trending upwards given the large number of options outstanding that are now in the money."
Compania Anonima Nacional Telefonos de Venezuela (NYSE:VNT - News) shares dropped following a move by Venezuelan President Hugo Chavez on Sunday said the government won't pay market price for the telecom in its move to nationalize the company.
The Cooper Cos. (NYSE:COO - News) said it plans to refinance debt through a $650 million revolving credit line and a private offering of $350 million of senior notes due 2015. The Lake Forest, Calif., company said it plans to use funds to repay its $250 million term loan and all debt under its existing $750 million syndicated bank credit line. The new credit line will be unsecured and the terms and timing of the new financing will depend on market conditions and other factors.
Shares of Dell Inc. (NASDAQ:DELL - News) slumped after UBS cut its earnings and revenue outlook and price target for the PC maker, citing concerns over market share losses. "Checks indicate large PC share losses for Dell in the U.S. and Europe and we believe [fiscal] fourth-quarter revenue will be even weaker than we had originally expected," Analyst Benjamin Reitzes said in a research note. Reitzes lowered his fourth-quarter earnings estimate to 28 cents a share from 30 cents and his revenue forecast to a decline of 3% to $14.7 billion from $15.4 billion. For fiscal 2008, his earnings forecast was cut to $1.30 a share from $1.35 and his revenue projection was cut to 5% growth to $60 billion from $62 billion. While Reitzes' rating remains buy, his price target was cut to $26 from $27.
Dr Reddy's (NYSE:RDY - News) said third-quarter net profit more than tripled to $43 million from $14 million a year earlier. Sales jumped to $350 million from $134 million.
Eaton Corp. (NYSE:ETN - News) said fourth-quarter earnings rose to $241 million, or $1.59 a share, from $210 million, or $1.38 a share, a year earlier. Excluding charges for acquisition integration, the Cleveland industrial manufacturer said Monday that operating income rose to $1.66 a share from $1.43 a share a year earlier. Eaton said quarterly net sales climbed to $3.1 billion from $2.82 billion in the year-earlier period. Analysts polled by Thomson Financial, on average, expected quarterly earnings of $1.59 a share on revenue of $3.14 billion. Eaton Corp. also forecast earnings of $1.30 to $1.40 for the first quarter of 2007 and $6.05 to $6.25 for the full year. Operating earnings, which exclude charges to integrate recent acquisitions and joint ventures, should come in at $1.35 to $1.45 for the quarter and $6.30 to $6.50 for the year, Eaton said in a statement. A survey of analysts by Thomson First Call produced consensus earnings estimates of $1.58 for the quarter and $6.30 for 2007. The company's board also approved a 10% boost in the quarterly dividend, to 43 cents a share from 39 cents, payable Feb. 23 to stock of record Feb. 5. In addition, Eaton authorized a 10-million-share buyback to replace the 1.3 million shares remaining from a 10-million-share authorization approved in April 2005.
Greif Inc. (NYSE:GEF - News) said it plans to sell up to $300 million worth of senior notes due 2017. The Delaware, Ohio-based industrial packaging company plans to use the proceeds to fund the purchase of its 8 7/8 senior subordinated notes due 2012 and for general corporate purposes.
Independent Bank Corp. (NASDAQ:INDB - News) was downgraded to sell from neutral at FTN Midwest Research. The firm cited disappointing results from the company in the fourth quarter.
Intersil Corp. (NASDAQ:ISIL - News) was downgraded to underweight from equal-weight at Morgan Stanley.
Mosaic (NYSE:MOS - News) was downgraded to neutral from buy at Banc of America Securities. The firm cited higher ammonia input costs for the move.
Nova Chemicals Corp. was downgraded to sell from hold at Citigroup Investment Research.
Packeteer (NASDAQ:PKTR - News) shares slid after JMP Securities downgraded the company to market perform from market outperform.
Pfizer (NYSE:PFE - News) reported fourth-quarter net income more than tripled on nearly flat sales. Earnings were $9.45 billion, or $1.32 a share, compared with $2.73 billion, or 37 cents, in the year-earlier period. Revenue was $12.6 billion against $12.55 billion. The company reported that adjusted fourth-quarter earnings fell 12% to 43 cents a share. A survey of analysts by Thomson First Call produced a consensus estimate of 42 cents of profit on $12.26 billion of revenue. The drop in adjusted profit reflected "the timing of certain operating expenses in 2006," Pfizer said in a statement. Global pharmaceutical revenue was $11.7 billion, about even with the year-earlier quarter, and was $6.1 billion in the U.S., down 3%. The results reflected the loss of exclusivity of the depression and anxiety treatment Zoloft in the U.S. in June 2006, Pfizer said.
PetMed Express (NASDAQ:PETS - News) fiscal third-quarter earnings rose 3.1%, boosted by growth in retail new-order sales and retail reorder sales. The Pompano Beach, Fla., pet pharmacy had third-quarter earnings of $2.75 million, or 11 cents a share, compared with $2.67 million, or 11 cents, a year earlier. PetMed said sales for the quarter ended Dec. 31 rose 21% to $31.4 million from $25.9 million a year ago. Analysts surveyed by Thomson Financial expected, on average, earnings of 15 cents a share on revenue of $34 million.
Philips Electronics NV (NYSE:PHG - News) said fourth-quarter net profit more than doubled to 680 million euros ($882 million) from 332 million euros a year earlier, easily topping analysts' expectations for profit of 396 million euros. Revenue slipped to 8.13 billion euros from 8.19 billion, falling short of analysts' expectations for sales of 8.32 billion euros. Comparable sales rose 2%. Philips proposed to raise its annual dividend to 0.60 euros from 0.44 euros. The company also said it will raise its dividend pay-out ratio to a range of 40% to 50% from a previous range of 25% to 35% of continuing net income. Looking ahead, Philips said it's confident it can achieve its 2007 target of EBITA growth of at least 7.5% on sales growth of 5% to 6%.
Sears (NASDAQ:SHLD - News) said Craig Monaghan, chief financial officer since September, will leave at the end of this month.
Semtech Corp. (NASDAQ:SMTC - News) was downgraded to underweight from equal-weight at Morgan Stanley.
Sify Ltd. (NASDAQ:SIFY - News) shares slumped after the India-based provider of Internet, network and e-commerce services reported third-quarter net earnings of $940,000, or breakeven per American Depositary receipt. In the same quarter last year, the company posted a net loss of $240,000, or breakeven per ADR. Sify reported revenue of $31.5 million, up 16% from $27.2 million last year.
Star Scientific (NASDAQ:STSI - News) shares dropped after the company said it plans to appeal a summary judgment against it in its patent infringement lawsuit against RJ Reynolds Tobacco Co. The company filed its suit in 2001, alleging that R.J. Reynolds had violated the company's process to reduce the level of nitrosamines - a carcinogenic toxin in tobacco. R.J. Reynolds is a unit of Reynolds American (NYSE:RAI - News).
Sunpower Corp. (NASDAQ:SPWR - News) was downgraded to market perform from outperform at Piper Jaffray.
Take-Two Interactive said it's received a delisting notice from the Nasdaq Stock Market, citing the company's failure to file its Form 10-K for the fiscal year ended Oct. 31 with the Securities and Exchange Commission. The company said it will present its plans to regain compliance to the Nasdaq Listing Qualifications Panel by Jan. 25.
Tecumseh Products Co. (NASDAQ:TECUA - News) named James Bonsall interim president and chief operating officer, a new position. In addition to his new role, Bonsall will continue as president of the company's engine and power train group and as managing director of AlixPartners.
Titan International (NYSE:TWI - News) said it may post a negative gross-profit margin for the fourth quarter and affirmed its sales forecast for all of 2007. The pressure on margin stems from Titan's effort to add off-the-road-tire capacity at its Freeport, Ill., and Des Moines, Iowa, tire facilities. That effort stems in turn from capacity constraints at its Bryan, Ohio, tire plant, Titan said in a statement. The company said that for 2006, its farm-tire business will be down at least $75 million from 2005. Titan still expects to report 2007 sales of $800 million to $825 million. Demand in January and February is "strong," Titan said. Titan also registered an offer with the Securities and Exchange Commission under which holders of its $81.2 million of 5.25% senior convertible notes due 2009 could convert the debt to common shares at an increased rate.
Tween Brands (NYSE:TWB - News) said Chief Operating Officer William May Jr. has resigned, effective today. The New Albany, Ohio-based retailer said it has named Kenneth Stevens as president and COO, effective Jan. 29. Additionally, the company said it plans to record a one-time after-tax charge of 2 cents to 3 cents a share during the fourth quarter for costs associated with May's separation agreement.
Westell Technologies (NASDAQ:WSTL - News) was downgraded to neutral from outperform at Cowen & Co. The firm cited a deteriorating outlook for the company's fundamentals.
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Shares of Advanced Micro Devices (NYSE:AMD - News) were lower following a report that the company could be replaced by rival Intel (NASDAQ:INTC - News) in certain Sun Microsystems' (NASDAQ:SUNW - News) server products, according to The Wall Street Journal.
Aladdin Knowledge Systems (NASDAQ:ALDN - News) said its fourth-quarter net income fell 6.9%, and the company expects fiscal 2007 earnings to range from 90 cents to $1.09 a share. The provider of network-security software products said fourth-quarter net income fell to $3.62 million, or 24 cents a share, from $3.88 million, or 26 cents a share, a year earlier. Revenue gained 12% to $24.3 million from $21.8 million. Excluding stock-based compensation costs, the Tel Aviv company earned $4.16 million, or 28 cents a share, in the latest fourth quarter. Analysts surveyed by Thomson Financial, on average, had been expecting Aladdin to earn 27 cents a share on revenue of $23.2 million for the final quarter of 2006. For 2007, Aladdin also expects revenue of $95 million to $102 million.
Bassett Furniture (NASDAQ:BSET - News) reported fourth-quarter earnings of $359,000, or 3 cents a share, down 83% from $2.07 million, or 18 cents a share, in the year-ago period.
Blair Corp. (AMEX:BL - News) named Adelmo Lopez president and chief executive officer, effective immediately. The Warren, Pa., direct marketer of apparel and home products said John Zawacki, its retiring president and CEO, will serve as vice chairman until April 1. Lopez most recently served as executive vice president, COO and CFO. Larry Pitorak will assume the interim CFO position.
Boeing was downgraded to market perform from outperform at Wachovia Securities. The firm cited its belief that the commercial aircraft order cycle has peaked and told clients it's concerned about potential delays on the 787 program, citing contacts deep within Boeing's supply chain. Wachovia said it's been told that suppliers to the program are unhappy with the costs of maintaining schedule and are demanding more money. The broker said the negotiations could result in additional increases in R&D costs if the suppliers get their way.
Central Garden & Pet Co. (NASDAQ:CENT - News) shares fell after the Walnut Creek, Calif., seller of outdoor products and pet supplies forecast a loss of 12 to 14 cents a share for its fiscal first quarter ended in December. The company had previously projected breakeven results for the period. It attributed the lower view to a shift in seasonal purchases by lawn and garden retailers later in the quarter, higher than anticipated grain costs, and lower sales and a mix shift within its pet bird and small animal product categories.
Shares of Cisco Systems (NASDAQ:CSCO - News) slipped after JMP Securities became the latest Wall Street firm to downgrade the networking giant. Analyst Samuel Wilson lowered his rating to market perform from market outperform, citing evidence that the communications equipment business has decelerated over the past month, as well as some concerns over share dilution. Wilson also believes that previous positive catalysts, such as evidenced that business was solid and "compelling" valuation, will be muted going forward. "Given that our bottoms up check into Cisco's business suggest that its business is good but not accelerating, we believe that Cisco's stock will trade in line with the overall market in the near-term," Wilson said. "Finally, with the recent move in Cisco's stock price over the past six months, we anticipate that shares outstanding may actually be trending upwards given the large number of options outstanding that are now in the money."
Compania Anonima Nacional Telefonos de Venezuela (NYSE:VNT - News) shares dropped following a move by Venezuelan President Hugo Chavez on Sunday said the government won't pay market price for the telecom in its move to nationalize the company.
The Cooper Cos. (NYSE:COO - News) said it plans to refinance debt through a $650 million revolving credit line and a private offering of $350 million of senior notes due 2015. The Lake Forest, Calif., company said it plans to use funds to repay its $250 million term loan and all debt under its existing $750 million syndicated bank credit line. The new credit line will be unsecured and the terms and timing of the new financing will depend on market conditions and other factors.
Shares of Dell Inc. (NASDAQ:DELL - News) slumped after UBS cut its earnings and revenue outlook and price target for the PC maker, citing concerns over market share losses. "Checks indicate large PC share losses for Dell in the U.S. and Europe and we believe [fiscal] fourth-quarter revenue will be even weaker than we had originally expected," Analyst Benjamin Reitzes said in a research note. Reitzes lowered his fourth-quarter earnings estimate to 28 cents a share from 30 cents and his revenue forecast to a decline of 3% to $14.7 billion from $15.4 billion. For fiscal 2008, his earnings forecast was cut to $1.30 a share from $1.35 and his revenue projection was cut to 5% growth to $60 billion from $62 billion. While Reitzes' rating remains buy, his price target was cut to $26 from $27.
Dr Reddy's (NYSE:RDY - News) said third-quarter net profit more than tripled to $43 million from $14 million a year earlier. Sales jumped to $350 million from $134 million.
Eaton Corp. (NYSE:ETN - News) said fourth-quarter earnings rose to $241 million, or $1.59 a share, from $210 million, or $1.38 a share, a year earlier. Excluding charges for acquisition integration, the Cleveland industrial manufacturer said Monday that operating income rose to $1.66 a share from $1.43 a share a year earlier. Eaton said quarterly net sales climbed to $3.1 billion from $2.82 billion in the year-earlier period. Analysts polled by Thomson Financial, on average, expected quarterly earnings of $1.59 a share on revenue of $3.14 billion. Eaton Corp. also forecast earnings of $1.30 to $1.40 for the first quarter of 2007 and $6.05 to $6.25 for the full year. Operating earnings, which exclude charges to integrate recent acquisitions and joint ventures, should come in at $1.35 to $1.45 for the quarter and $6.30 to $6.50 for the year, Eaton said in a statement. A survey of analysts by Thomson First Call produced consensus earnings estimates of $1.58 for the quarter and $6.30 for 2007. The company's board also approved a 10% boost in the quarterly dividend, to 43 cents a share from 39 cents, payable Feb. 23 to stock of record Feb. 5. In addition, Eaton authorized a 10-million-share buyback to replace the 1.3 million shares remaining from a 10-million-share authorization approved in April 2005.
Greif Inc. (NYSE:GEF - News) said it plans to sell up to $300 million worth of senior notes due 2017. The Delaware, Ohio-based industrial packaging company plans to use the proceeds to fund the purchase of its 8 7/8 senior subordinated notes due 2012 and for general corporate purposes.
Independent Bank Corp. (NASDAQ:INDB - News) was downgraded to sell from neutral at FTN Midwest Research. The firm cited disappointing results from the company in the fourth quarter.
Intersil Corp. (NASDAQ:ISIL - News) was downgraded to underweight from equal-weight at Morgan Stanley.
Mosaic (NYSE:MOS - News) was downgraded to neutral from buy at Banc of America Securities. The firm cited higher ammonia input costs for the move.
Nova Chemicals Corp. was downgraded to sell from hold at Citigroup Investment Research.
Packeteer (NASDAQ:PKTR - News) shares slid after JMP Securities downgraded the company to market perform from market outperform.
Pfizer (NYSE:PFE - News) reported fourth-quarter net income more than tripled on nearly flat sales. Earnings were $9.45 billion, or $1.32 a share, compared with $2.73 billion, or 37 cents, in the year-earlier period. Revenue was $12.6 billion against $12.55 billion. The company reported that adjusted fourth-quarter earnings fell 12% to 43 cents a share. A survey of analysts by Thomson First Call produced a consensus estimate of 42 cents of profit on $12.26 billion of revenue. The drop in adjusted profit reflected "the timing of certain operating expenses in 2006," Pfizer said in a statement. Global pharmaceutical revenue was $11.7 billion, about even with the year-earlier quarter, and was $6.1 billion in the U.S., down 3%. The results reflected the loss of exclusivity of the depression and anxiety treatment Zoloft in the U.S. in June 2006, Pfizer said.
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3M Co. (NYSE:MMM - News) was downgraded to neutral from overweight at Prudential Equity Group, which said it will take some time for the stock to regain its valuation premium. Fears over the company's optical film business have been extinguished by strong third-quarter figures, but convincing investors to pay a premium for the company as economies in Europe and North America slow could take more time than originally anticipated, Prudential said.
Agnico-Eagle Mines Ltd. (NYSE:AEM - News) was downgraded to neutral from buy at Merrill Lynch, which cited valuation. The broker said Agnico-Eagle is trading close to the upper end of the valuation range within which North American gold producers have historically traded. "Despite this downgrade, we still believe that the company has excellent long-term growth prospects," Merrill Lynch said. "Agnico-Eagle is in the midst of developing four gold projects that should convert the company into a multi-mine operator allowing the company to more than triple gold output."
American Ecology (NASDAQ:ECOL - News) said it sees 2007 earnings of 92 to $1.02 per share. The waste-services company also backed its view for 2006 earnings of 85 to 90 cents per share.
Biopure Corp. (NASDAQ:BPUR - News) agreed to sell 25 million new shares of common stock and warrants to acquire an additional 25 million new shares to underwriters. The price for one share and one warrant is 64 cents, the company said. The exercise price of each warrant is 80 cents. The transaction is expected to close on Dec. 13, resulting in net proceeds to Biopure of $14.4 million, assuming no warrant is exercised.
Central Garden (NASDAQ:CENT - News) said fourth-quarter net earnings fell to $6.02 million, or 25 cents a share, from $6.72 million, or 31 cents a share, in the same period last year, as expenses and income taxes rose. Excluding $9 million in increased brand building and strategic work, the Walnut Creek, Calif.-based producer and marketer of garden and pet supplies posted per-share earnings of 49 cents.
Chesapeake Energy Corp. (NYSE:CHK - News) is launching a public offering of 30 million shares of its common stock. The Oklahoma City-based natural gas producer said it has granted the underwriter, Deutsche Bank Securities, a 30-day option to buy up to 4.5 million additional shares to cover any over-allotments.
Consolidated Water Co. (NASDAQ:CWCO - News), which builds and operates seawater desalination plants, said it has priced a public offering of 1.5 million shares at $24.90 a share. The company said it expects the offering to generate net proceeds of $34.9 million. It added it expects to use the proceeds to repay existing debt as well as possible future acquisitions and investments.
Countrywide Financial (NYSE:CFC - News) shares slumped after Stifel Nicolaus downgraded shares of the mortgage giant to hold from buy. "Recent developments in the mortgage industry have significantly increased the risks in the sector," Stifel Nicolaus said in a note to clients. Analysts cited severe credit deterioration, decreased secondary market appetite and tightening underwriting standards. "We expect trends to worsen given our belief that housing has yet to bottom or even fully impact credit trends," analyst Chris Brendler said.
Shares of Duckwall-ALCO Stores Inc. (NASDAQ:DUCK - News) dropped after the Abilene, Kansas-based general merchandise retailer posted a wider loss for the third quarter. For the three months ended Oct. 29, the company lost $648,000, or 18 cents a share, compared to an equivalent year-ago loss of $187,000, or 5 cents a share. Sales from continuing operations rose 9.3% in the latest quarter to $110.1 million from $100.7 million in the same period a year earlier. Duckwall-ALCO said its gross margin declined in the quarter to 31.2% due to higher freight costs, lower margins on higher sales at its fuel centers, and higher than expected degree of seasonal markdowns for its horticulture and patio merchandise products.
Genta (NASDAQ:GNTA - News) shares dropped after the Berkeley Heights, N.J.-based biopharmaceutical company said a Phase III trial of chemotherapy with or without Genasense, conducted in older, previously untreated patients with acute myelogenous leukemia, failed to meet its primary endpoint of overall survival.
GTx Inc. (NASDAQ:GTXI - News) said a Phase II trial of its ostarine selective androgen receptor modulator met its primary endpoint of increasing lean body mass and a secondary endpoint of improving functional performance. Ostarine continued to demonstrate a favorable safety profile, with no serious adverse events reported, it added. GTx plans to initiate a Phase IIb ostarine clinical trial for cancer cachexia in the summer of 2007. GTx also intends to evaluate the ability of ostarine to treat chronic disease indications including end stage renal disease muscle wasting, frailty and osteoporosis. GTx has reacquired full rights to develop and commercialize andarine and all backup compounds previously licensed to Johnson & Johnson unit Ortho Biotech Products on a mutual agreement to terminate the deal
New Century Financial Corp. (NYSE:NEW - News) said its total mortgage loan production was $4.5 billion, a drop of 11.8% from the equivalent year-ago period. On a sequential basis, November's production slid 10% from October levels. "The decline in our loan production volume in November was in line with our expectations, particularly in light of overall mortgage market declines this quarter," said Brad Morrice, the company's president and CEO, in a statement.
PG&E Corp. (NYSE:PCG - News) was downgraded to neutral from overweight at J.P. Morgan, citing valuation.
Shares of Questcor Pharmaceuticals (AMEX:QSC - News) shares fell after the company said it's received definitive commitments from unaffiliated institutional investors to purchase 10.51 million shares of its common for $1.20 each. In addition, the Union City, Calif.-based Questcor said certain insiders have committed to purchasing 890,000 shares at $1.45 each.
Smith & Wesson Holding Corp. (NASDAQ:SWHC - News) reported second-quarter net earnings of $2.85 million, or 7 cents a share, compared with $692,377, or 2 cents a share, in the same period last year, on the back of strong firearms sales.
Shares of Sprint Nextel (NYSE:S - News) fell as Morgan Stanley analyst Simon Flannery said the company was at a "crossroads," with results falling below expectations set at the time of the Sprint-Nextel merger. "We see significant downside for the stock if management is not successful in stabilizing the business in the near term," Flannery said in a note to clients. He reiterated his underweight rating on the stock, and revised his price target from $18 at the end of 2006 to $19 at the end of 2007. "Recent comments by management appear to suggest that rising handset subsidies, tightened credit standards and increasing pre-paid competition will pressure fourth-quarter and early-2007 results, despite new handset launches and a re-branding campaign," Flannery added.
Unifi Inc. (NYSE:UFI - News) said it now expects its second-quarter earnings before income, taxes, depreciation and amortization to be less than half of its previous forecast of $10 million to $12 million. The company said a September drop in volume has continued.
Witness Systems Inc. (NASDAQ:WITS - News) said a special committee review found mistakes in the measurement dates of stock-option grants, although it did not find evidence of fraud or intentional misrepresentation.
Xilinx (NASDAQ:XLNX - News) said it now sees third-quarter sequential sales falling 2% to 5% due to weaker than anticipated turns business in November, particularly from communications customers. The company had expected a sequential increase of 2% to 5%.
Yum Brands (NYSE:YUM - News) was downgraded to market perform from outperform at Wachovia. The firm cited slowing sales momentum in the U.S. and a potentially significant sales impact related to the recent E. coli outbreak at some of the group's Taco Bell restaurants. Wachovia added Yum's KFC chain is facing tough sales comparisons over the next couple of quarters, though it added it still holds a favorable view on the group's international and Chinese operations.
By Michael Baron

Labels: AEM, BPUR, CENT, CFC, CHK, CWCO, DUCK, ECOL, GNTA, GTXI, Hot Stocks, MMM, NEW, PCG, QSC, S, SWHC, WITS, XLNX, YUM

Here are 7 stocks for traders for Friday from TradingMarkets.com:
Smith & Wesson (NASDAQ:SWHC - News) missed earnings late Thursday, with $0.07 EPS vs an expected $0.09 EPS. SWHC's PowerRating is 4.
Verifone (NYSE:PAY - News) beat earnings on Thursday afternoon, announcing $0.32 EPS over an expected $0.29 EPS. PAY's PowerRating is 4.
National Semiconductor (NYSE:NSM - News) matched earnings on Thursday afternoon with $0.27 EPS. NSM's PowerRating is 3.
Central Garden (NASDAQ:CENT - News) matched earnings late Thursday with $0.49 EPS. CENT's PowerRating is 5.
CorVel (NASDAQ:CRVL - News) is undergoing a 3:2 stock split which is payable on December 8th. CRVL's PowerRating is 1.
Emerson Electric (NYSE:EMR - News) is undergoing a 2:1 stock split which is payable on December 11th. EMR's PowerRating is 5.
EZCORP (NASDAQ:EZPW - News) is undergoing a 3:1 stock split which is payable on December 11th. EZPW's PowerRating is 4.

Labels: CENT, CRVL, EMR, EZPW, Hot Stocks, NSM, PAY, SWHC