99 Cents Only Stores (NYSE:
NDN -
News) reported third-quarter sales at stores open at least one year rose 1.9%. Total sales for the quarter ended Dec. 31 rose 8.3% to $302.1 million, the City of Commerce, Calif., retailer said.
Altair Nanotechnologies' (NASDAQ:
ALTI -
News) shares gained after the Reno, Nev.-based company announced it has entered into a series of agreements with Phoenix Motorcars. Altair received a $1.04 million purchase order for its NanoSafe 35 KWh battery pack systems from Phoenix Motorcars. In addition, Altair also entered into a multi-year agreement under which Phoenix Motorcars expects to place $16 million to $42 million in orders for up to five hundred battery pack systems in 2007. In consideration for a three-year exclusivity agreement within the U.S., Altair also received a 16.6% ownership stake in the company.
Apple Computer (NASDAQ:
AAPL -
News) shares rose as reports indicate the company is likely to unveil its first mobile phone products at its annual Macworld show.
Armor Holdings (NYSE:
AH -
News) was upgraded to overweight from equal weight at Lehman Bros. The firm cited a request for supplemental funding from the Defense Department for the upgrade.
Axcelis Technologies (NASDAQ:
ACLS -
News) reiterated its forecast for fourth-quarter earnings of between 11 cents and 15 cents a share. The average earnings estimate of 13 analysts surveyed by Thomson First Call is 12 cents a share. The Beverly, Mass., semiconductor-manufacturing technology company said it expects revenue for the fourth quarter of 2006 in a range of $115 million to $125 million. The company also said it expects systems orders in the fourth quarter to increaee more than 60% from orders in the third quarter.
Boston Scientific Corp. (NYSE:
BSX -
News) said it will cut 500 to 600 employees at the cardiac rhythm management unit as part of its plans to reallocate R&D resources. The Natick, Mass., maker of medical devices said most of the job losses will be at the CRM facility in Arden Hills, Minn.
British Sky Broadcasting (NYSE:
BSY -
News) was upgraded to overweight from equal-weight at Morgan Stanley. The firm said the company should see financial stability in 2007.
Buca Inc. (NASDAQ:
BUCA -
News) said fourth-quarter comparable-restaurant sales rose 4% from the year-earlier period. For 2006, comparable-restaurant sales increased 3.8%.
Ceradyne (NASDAQ:
CRDN -
News)fourth-quarter sales rose 56% to $178 million, after new orders reached $314 million, also up 56% from a year earlier. Backlog at the end of 2006 was $344 million, up 25% a year earlier. The defense-products manufacturer estimated 2006 earnings per share at the upper end of its expected range of $4.45 to $4.55.
Cheesecake Factory (NASDAQ:
CAKE -
News) said preliminary fourth-quarter comparable-restaurant sales rose 0.8% from the year-earlier period. Revenue rose 18% to $360.4 million.
Cray (NASDAQ:
CRAY -
News) said it expects revenue of about $100 million for the fourth quarter and $220 million for the full year. The Seattle-based supercomputer maker said this view is in line with the outlook offered in its November earnings release. It also anticipates the fourth quarter will be "solidly profitable." The current average estimate of analysts polled by Thomson First Call is for earnings of 32 cents a share in the December quarter on revenue of $100.5 million. For 2007, Cray said it's targeting revenue of between $230 million and $260 million with improved gross margins and "modestly higher" costs for research and development as well selling, general and administrative expenses. The company is targeting operating income of 3% to 7% of revenue for 2007.
Emmis Broadcasting Corp. (NASDAQ:
EMMS -
News) reported a third-quarter net profit of $0.9 million, or 2 cents a share, down from $198.8 million, or $5.36 a share in the year-ago period. The company's year-ago figure included income of $198 million from discontinued operations. Emmis said operating income fell 28.4% to $17.5 million as revenue fell 6.9% to $91.2 million. "While we have been disappointed with the continued softness in our New York and Los Angeles markets, we are beginning to see signs that the worst is behind us. I'm confident that programming and management actions taken in recent months are beginning to deliver and point to better results in 2007," said CEO Jeff Smulyan.
Endologix (NASDAQ:
ELGX -
News) shares advanced after the Irvine, Calif.-based medical device company said domestic product revenue in the fourth quarter came in at $4.1 million, up from $1.7 million last year. Domestic product revenue for full-year 2006 was $12.3 million, up from $4.8 million in 2005, the company said.
Endo Pharmaceuticals Holdings Inc. (NASDAQ:
ENDP -
News) said it expects 2007 per-share earnings of $1.68 to $1.72, excluding stock-based compensation, among other items.
France Telecom (NYSE:
FTE -
News) was upgraded to buy from neutral at UBS, saying the company's investor day removed uncertainty about the stock. "France Telecom already had a strong run but post investor day, with increased certainty on numbers, we believe the shares are now genuinely cheap," the firm said.
Great Atlantic & Pacific Tea Co. (NYSE:
GAP -
News) said it swung to a third-quarter profit of $41 million, or 97 cents a share, compared to a loss of $71 million, or $1.74 a share, a year earlier. U.S. sales for the period fell to $1.54 billion from $1.58 billion. Comparable sales slipped 3%, mainly due to the sales lift post Hurricane Katrina in its New Orleans operations and difficult economic conditions in its Midwest operations.
Hospira (NYSE:
HSP -
News) was upgraded to buy from neutral at Banc of America Securities. The firm also lifted its price target on the stock to $42 from $36.
Incyte Pharmaceuticals (NASDAQ:
INCY -
News) was upgraded to buy from neutral at UBS. The firm also lifted its price target on the stock to $8.50 from $7.
Knology Inc. (NASDAQ:
KNOL -
News) agreed to buy broadband company PrairieWave Communications for $255 million. Knology said it expects the all-cash transaction to close in the second quarter of 2007. PrairieWave serves around 57,000 residential customers and 7,200 business customers, mainly in South Dakota.
The Knot Inc. (NASDAQ:
KNOT -
News) was initiated with a sector outperformer rating at CIBC World Markets.
Osiris Therapeutics Inc. (NASDAQ:
OSIR -
News) said Prochymal received fast-track designation from the Food and Drug Administration. The Baltimore biotechnology company added that it received clearance to conduct a Phase III clinical trial using Prochymal to treat a form of Crohn's disease, a gastrointestinal disorder, that does not respond to standard therapies.
The Pantry Inc. (NASDAQ:
PTRY -
News) agreed to acquire 66 Petro Express convenience stores located in North Carolina and South Carolina. Financial terms weren't disclosed although Pantry said the stores being acquired generated revenue of about $629 million for the 12 months ended in October. Pantry also noted the deal includes the wholesale fuels business of Carolina Petroleum Distributors of Charlotte Inc. The company said it expects the deal to close in the third quarter. Also, Pantry said it experienced "significantly lower gas margins" for its fiscal first quarter ended Dec. 28. As we have previously indicated, our first quarter results will be significantly below a year ago, and unusually low relative to our historical seasonal trends, primarily due to an average gasoline margin per gallon in the low 8-cent range," said Peter Sodini, the company's chairman and CEO. "However, gas margins over the past few weeks have been more in line with historical seasonal trends."
Perry Ellis International (NASDAQ:
PERY -
News) said it's in the final stages of negotiating a licensing agreement for the manufacturing and distribution of fragrances and other related products under its namesake brand. The company said it's working closely with several undisclosed parties to finalize the licensing deal and the sale of related assets acquired from Parlux Fragrances. It added that it expects the transactions to add to earnings in fiscal 2008 and beyond. Also, Perry Ellis said it remains confident of achieving the higher end of its target for earnings of $1.53 to $1.60 a share, adjusted for its Dec. 29 stock split, for the fiscal year ending Jan. 31.
Philips Electronics (NYSE:
PHG -
News) said it plans to start a 1.63 billion euro share buyback on Jan. 22. The buyback, which will complete the company's 4 billion euro capital return program, is expected to complete before the end of 2007.
Rackable Systems (NASDAQ:
RACK -
News) was initiated with an above average rating at Caris & Co. The firm set a $35 price target.
Sirius Satellite Radio (NASDAQ:
SIRI -
News) said it's paying Howard Stern a bonus of 22.1 million shares with a value of $82.9 million after it beat its subscriber targets by more than two million in 2006.
Stage Stores Inc. (NYSE:
SSI -
News)declared a 3-for-2 stock split and plans to maintain the quarterly dividend at 5 cents a share after the split. This equates to a 50% increase in the dividend after the split, which will be paid Jan. 31 to holders of record on Jan. 17.
Stifel Financial Corp. (NYSE:
SF -
News) agreed to buy Ryan Beck, a provider of financial advice, from BankAtlantic Bancorp (NYSE:
BBX -
News) for 2.53 million shares. The deal values Ryan Beck at about $91 million and ends its bid to launch an initial public offering.
Thermage Inc. (NASDAQ:
THRM -
News) said it sees fourth-quarter revenue of $14.6 million to $14.8 million. Last month, the Hayward, Calif., producer of medical devices that non-invasively tighten tissue said it was looking for quarterly revenue of $14 million to $14.5 million.
ViroPharma Inc. (NASDAQ:
VPHM -
News) said it expects net product sales of $195 million to $205 million in 2007.
Volt Information Sciences' (NYSE:
VOL -
News) shares jumped after the New York-based provider of staffing and IT services reported fourth-quarter net earnings of $13.6 million, or 86 cents a share, up 62% from $8.36 million, or 54 cents a share, in the year-ago period. Revenue rose to $610.2 million from $590.2 million. Analysts polled by Thomson First Call had forecast a per-share profit of 62 cents.
WebMD (NASDAQ:
WBMD -
News) said better-than-expected online advertising revenue will push its fourth-quarter earnings above the high end of its estimated range of 7-11 cents a share. Analysts surveyed by Thomson First Call are forecasting earnings of 10 cents a share, on average. Revenue for the fourth quarter is expected to be approximately $79 to $80 million, above the range of $73.5 to $76.5 million previously provided.
Williams-Sonoma (NYSE:
WSM -
News) said its revenue rose 3.6% for the eight-week holiday sales period ended Dec. 24 to $900.4 million from $868.7 million in the year-ago equivalent period. The San Francisco home products retailer said same-store sales increased 1.1% for the period versus a 4.5% rise last year. The company also reiterated its financial outlook for the fourth quarter and full year, saying it still expects earnings of $1 to $1.06 per share for the quarter and $1.70 to $1.76 a share for the year. Excluding non-recurring items and the impact of new accounting standards, Williams-Sonoma sees earnings of $1.03 to $1.09 a share for the fourth quarter and $1.86 to $1.92 a share for the year. For 2007, the company said it believes its plans to revitalize the Pottery Barn brand could increase pressure on margins, particularly in the first half of the year.
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