19:05 SCANX After Hours Summary: MRVL down 10% on earnings/guidance; BIDZ down 22.2% (responds to Citron on call - no comment on the criminal background of Saied Aframian)
Companies moving in after hours trading in reaction to earnings: Trading Up: VRGY +17.8%; TLVT +3.5; ADI +2.5%; INWK +1.7%… Trading Down: SNIC -13.7%; CENT -11.4%; UTI -10.1%; MRVL -10.0%; SMTC -5.8%; DBRN -5.1%; LNUX -3.2%; CEDC -1.3%; ROH -1.2%… Companies trading in after hours on news: Trading Up: NAVR +3.9% (names Brian Burke Chief Operating Officer); LOV +2.7% (announces appointment of new CFO); PVTB 2.6% (GTCR announces $100 mln investment in co); ARE 2.2% (to replace SQA in the S&P MidCap 400); AN +1.3% (Eddie Lampert amends 13D, discloses 30% stake); FLOW 1.2% (receives multi-million dollar aerospace contract)… Trading Down: BIDZ -22.2% (conference call; responds to Citron (StockLemon) - no comment on the criminal background of Saied Aframian); ILE -12.7% (modifies ongoing clinical program for acne scars); WFC -4.4% (in 8-k discloses special Q4 2007 provision of $1.4 bln); JRCC -2.3% (to sell 4.5 mln shares of common stock); ABCB -1.7% (announces share repurchase program for up to 1 mln shares); CSH -1.4% (Chief Executive Officer adopts 10b5-1 plan); PFG -1.2% (announces authorization of share repurchase program); AMFI -1.1% (names Judith Carre Sutfin new Chief Financial Officer); GOLD -1.1% (announces global offer of 6 mln new shares)
18:42 GAP Great A&P Tea: Federal Trade Commission accepts consent agreement; clears way for A&P to complete pathmark acquisition (28.60 -0.15)
Co announced that the FTC has accepted a proposed consent agreement relating to A&P’s acquisition of Pathmark Stores Inc. In addition, the Hart-Scott-Rodino Act waiting period has expired, thereby permitting the parties to close the transaction. A&P expects to complete the acquisition, which includes 140 Pathmark stores in New York, New Jersey, Pennsylvania and Delaware, on or about December 3, 2007.
18:19 PBY Pep Boys reports Q3 (Oct) results, revs in-line (13.73 -0.49)
Reports Q3 (Oct) loss of $0.42 per share, may not be comparable to the First Call consensus of $0.02; revenues fell 2.8% year/year to $535.4 mln vs the $539.7 mln consensus. “As we work through our inventory transition, we expect continued pressure on our retail business, resulting in reduced sales and gross profit margins as we sell down our non-core merchandise through Q4 and into the first half of 2008. The costs associated with the initial steps in our long-term strategic plan will impact both the third and fourth quarters. Including the $38.3 mln in pre-tax charges noted below ($0.50 per share, after tax), our Q3 Operating Loss increased from $1.3 mln in 2006 to $28.5 mln in 2007.”
18:13 PBY prelim revs OF $535.37 mln vs $539.73 mln First Call consensus (13.73 -0.49)
18:00 ABII Abraxis BioScience announces agreement with Green Cross Corporation for the commercialization of ABRAXANE in Korea (55.80 -1.10)
Co announced that it has granted an exclusive license to Green Cross Corporation for the commercialization of ABRAXANE in Korea. Through this agreement, Green Cross will pay a royalty on net sales of ABRAXANE in Korea as well as upfront and milestone payments. In addition, Green Cross has granted an exclusive license to Abraxis for the future commercialization of the following biosimilars in the U.S. and Canada: erythropoetin, pegylated G-CSF, Interferon-Alpha, recombinant Factor VIII, and etanercept.
18:00 Cyber monday online retail spending hits record $733 mln, up 21% YoY
comScore (SCOR) released an update of holiday season e-commerce spending covering the first 26 days (November 1 — 26) of the November — December 2007 holiday season, including spending totals for Cyber Monday (November 26). More than $10.7 bln has been spent online during the season-to-date, marking a 17-percent gain versus the corresponding days last year. Cyber Monday saw $733 mln in online spending, representing a 2%-increase versus last year and an 84-percent jump from the average daily online spending totals during the preceding four weeks.
17:51 MRVL Marvell Conference Call Summary (16.60 +0.61) -Update-
In Q4 expect storage sales to improve over Q3 as a result of continuing customer demand and consumer electronic seasonality; in addition to strong PC sales, this continuing demand is caused partially by the proliferation of hard drives in to non-traditional application such as PVR security, DVD recorders, external storage for attachment to all kinds of devices… we expect continuing growth in ethernet infrastructure, and connectivity business segments…. expect wireless business to be relatively flat… expect gross margin percentage to improve 40 basis points over Q3; expect to see gross margins of 50% by the second half of FY ‘09…. expect pro forma operating expenses in Q4, to remain ~ at Q3 levels when normalized for an extra week… expect expenses to grow at a rate below rate of revenue growth for fiscal ‘09… Gross margins is something that have become a central focus of the company; have made a very determined effort to improve gross margins by looking at operational efficiencies… in terms of the operating expenses, right now it’s a little too early for co to give an indication of whether they could take the number for Q4 and reduce it by $10 million to come up with the expenses of Q1; ‘I’m not prepared to make any comment on that at this point’… In Q3, co had extremely good linearity; shipments in the first two months of the quarter were much greater than general; as they go in to Q4 backlog was strong… In response to GPS question: ‘this is an area that we also looking at, and it’s too early for us to talk about the GPS at this point, and we have something to talk about, and we’ll talk about it later’…
17:50 ARE Alexandria RE to replace SQA in the S&P MidCap 400 (91.96 +1.70)
ARE will replace Sequa Corp. (SQA.A) in the S&P MidCap 400 after the close of trading on Friday, November 30. Sequa is being acquired by The Carlyle Group in a deal that is expected to close on or about that date, pending final approvals.
17:49 MKTIN Market Internals
The Dow was up 1.69% to close at 12958, the Nasdaq was up 1.57% to close at 2580, and the S&P was up 1.49% to close at 1428. Leading sectors included: Healthcare Facilities +10.6%, Education Services +7.9%, Specialty Stores +6.6%, Real Estates Mgmt +5.3%, Internet Retail +4.4%. Lagging sectors included: Oil & Gas Refiners -3.4%, Consumer Electronics -2.4%, Oil & Gas Exploration -1.7%, Oil & Gas Equipment -1.7%, Homebuilding -1.3%. Today’s movement came from higher than avg volume (NYSE 1653 vs. 1466 avg, Nasdaq 2209 vs. 2142 avg), with advancers outpacing decliners (NYSE 2216/1081, Nasdaq 1693/1317) with new lows outpacing new highs (NYSE 384/26, Nasdaq 282/54)
17:46 GOLD Randgold Resources announces global offer of 6 mln new shares (36.31 -0.51)
17:42 SNIC Sonic Solutions Earnings Call summary (10.37 -0.22) -Update-
The co says that the majority of its option review is behind them. Q2 was driven by strength of its consumer business and successful launch. OEMs are getting ready to incorporate Cater 10 in their products and the co anticipate the adoption of the suite across all of its OEMs in the next 3-6 months. The co has begun to roll out Qflix into the mkt with a number of significant announcements. Mgmt expects a small impact in the near-term of licenses revenue due to the partnerships but expects to see volume related revenue from Qflix in late calendar 2008. Ongoing operating expenses will drop slightly in December, but the co will not see the full impact of its current restructuring until the March Q. The co forecasts that ongoing operating expenses in the March Q will be between $23-24 mln. SNIC believes the changes made along with other changes in progress will permit the co to return to its traditional 20% operating margin and generate favorable scenarios in $30-40 mln of EBITDA per year. The est for the cost of the option review will be between $2-3 mln with the December quarter. Very optimistic that the co will begin to see growth in FY09 owing to the HD adoption. Analysts were very concerned about the gross margins and there were multiple questions asked…mgmt expects to see marginal improvement in gross margin due to more sales, retail sales and technology licensing. SNIC is positioned for growth by continuing its focus on three primary business drivers: HD, consumer use of digital media and DVD on demand.
17:41 PVTB GTCR announces $100 mln investment in PrivateBancorp (28.28 +1.04)
GTCR Golder Rauner announces it has agreed to invest approximately $100 mln in PVTB. GTCR is the lead institutional investor among a number of institutions and individuals that will together provide approximately $200 mln in new equity to PrivateBancorp. The investment by GTCR and co-investors will assist PrivateBancorp as it pursues a strategy of growth and expansion to become the preeminent middle market commercial, commercial real estate and private bank in Chicago and in the other markets that it serves.
17:38 GUID Guidance Software guides FY07 and FY08 revs below consensus (12.78 +0.35)
In 8-K filing, co discloses sees FY07 revs of $74-76 mln vs $77.71 mln First Call consensus and FY08 revs of $94-99 mln vs $98.64 mln First Call consensus.
17:36 GUID sees FY08 revs $94-99 mln vs $98.64 mln First Call consensus (12.78 +0.35)
17:36 GUID sees FY07 revs $74-76 mln vs $77.71 mln First Call consensus (12.78 +0.35)
17:29 BIDZ Bidz.com Confernce Call Summary; responds to Citron (StockLemon) report (11.82 -4.74) -Update-
During call, co says NILE and OSTK are not similar models and that BIDZ has had 15 consecutive qtrs of profitability and is investing cash back into the building… there are no cash flow issues…. expects to generate $19 mln in EBITDA in 2007…. inventories are increasing due to co’s strategy to grow its business… Co says it has been historically underinventoried, the goal is to provide better customer service…. also moving into manufacturing its own items… co says it is false that he is being paid 30,000 shares per month — this has been changed to 10,000 as of Dec 10, 2007. He has never sold any shares before the last 2 months. He has agreed to take a $1 salary to show his commitment… BIDZ has no comment on the criminal background of Saied Aframian and did not know this until yesterday. Co is looking into this relationship. Co says it has 300 suppliers. Leaving LA Jewelry would not have a material impact on operations…. Complaints are only 1 in 33,000 items sold… Better Business Bureau gave BIDZ that F rating years ago and co cannot understand why is has stayed there… AGI Labs was founded in 1987… Co says it does not want to be judged on speculation…. co reaffirms guidance provided a couple of weeks ago. Sees Q4 revs of $56-58 mln; for 2008 revenue $225-230 mln… Q&A: If we stop working with LA Jewelry, it would not be material impact. Co was asked about inventory methods. It is all valued at cost, does not add in any overhead… Inventory levels need to be where they are to achieve those sales predictions. From LA Jewelry, it is mostly avg to mid type of jewelry. Regarding the high end watches, co says it purchases them mostly from Alliance, a co in NY. Co does check on vendors, compares vs Jewelry Board industry watch… “If we stop working with LA Jewelry, it would not be material”. When does co book revenue? co only books after it is shipped and after funds received… Co says it must invest in inventory, if bought back stock, they would have to hold for 6 months. Co expects Q1 to be strong, needs money to buy inventory…Co would consider looking at other labs besides AIG.., During Q&A, co welcomes people to come over and look at bidding records. As a new co, co says it is being scrutinized closely… Co says it has security for its software, recently invested $1 mln to protect from intrusions… Has LA Jewelry planted someone in your operation? Co says it doesn’t matter, there is no shill bidding… Regarding the Maxent $11,000 tv sold mentioned in the article. Co says it dos not sell tvs, only by certified merchants, probably a mistake. However, analyst seems skeptical. Also asks who would buy a $500,000 ring sight unseen? each bidder was sent a full registration. Co says NILE has sold $1.5 mln rings…. Co says it does not plan to raise money in the near future…. Analysts seem incredulous that co is allowing merchants to sell tv’s on their site with only a credit check and co gets no cut from the sale. An analyst then asked why 19 people bid over $500K for the canary ring? Analyst had three gemologist who say it’s worth $150K tops. Analyst seems pretty skeptical, wonders why another bidder bought 15 Maxent tv’s for well over $700 price he found on Google… stock at $9.33.
17:28 AXE Anixter announces additional share repurchase program of 1 mln shares (61.26 +0.80)
17:24 CVD Covance agrees to enter strategic relationship with eResearchTechnology to offer its clients eRT’s centralized cardiac safety services (84.65 +1.25)
Co announced that it has agreed to sell its centralized ECG business to eResearchTechnology and enter into a ten year marketing agreement to offer its clients cardiac safety services through eRT’s robust centralized ECG platform. The transactions are expected to be completed on or before November 28, 2007. In exchange for its centralized ECG business, which accounted for less than 2% of the co’s annual net revenues, Covance disclosed that it has received an upfront cash payment from eRT of approximately $35 iln with the opportunity to receive up to an additional $14 iln in contingent consideration relating to the transferred backlog as well as from revenues generated from new contracts secured under the long-term marketing arrangement. In addition, Covance expects to receive certain referral fees over the term of the marketing agreement. Covance is maintaining its full-year 2007 earnings target of $2.65 per diluted share, excluding any gain resulting from the sale of its centralized ECG business (consensus is for $2.65). In 2008, Covance continues to target revenue growth in the low- to mid-teens range and diluted earnings per share growth of 20%, excluding any gain resulting from any future contingent consideration received from the sale of the centralized ECG business.
17:23 ALNC Alliance Financial declares quarterly dividend increase and stock repurchase program for 144K shares (23.17 -0.63)
Co announced that its Board of Directors has declared a quarterly dividend of $0.24 per common share. This represents an increase of $0.02 per share or 9.1% from the previous quarter. The dividend is payable on January 8, 2008 to shareholders of record on December 26, 2007. In addition, the Company announced that its Board of Directors authorized the repurchase of up to 3% of the Company’s outstanding common stock, or approximately 144K shares.
17:22 ALNC Alliance Financial announces stock repurchase program of up to 3% of shares oustanding or 144k; increases dividend by 9.1% (23.17 -0.63)
17:20 SNDA Shanda Interactive beats by $0.01, beats on revs (34.50 +0.84)
Reports Q3 (Sep) earnings of $0.44 per share, excluding non-recurring items, $0.01 better than the First Call consensus of $0.43.
17:20 ERES eResearchTech agrees to acquire the Centralized ECG Business of Covance; announces 10 yr contract and updates guidance (10.93 +0.02)
The co announces that it has agreed to acquire the centralized ECG business of Covance (CVD). In addition, Covance and ERES have entered into an exclusive ten-year marketing agreement to supply eRT’s centralized cardiac safety services to Covance’s clients. The cos disclosed that eRT will make a cash payment of $35.2 mln and may pay approximately $14 mln in additional compensation based upon eRT’s potential realization of revenue from the backlog transferred and from new contracts secured through Covance’s marketing activities. ERES will adjust its previously issued Q4 2007 revenue guidance of $27 mln to $28.5 mln (consensus $27.9 mln), adding approximately $1.5 to $2.0 million additional revenue as a result of the transaction. Additionally, mgmt adjusted its previously issued Q4 2007 guidance for diluted earnings per share of $0.09-0.11 downward by $0.02 loss per diluted share to $0.07-0.09 (consensus $0.10). The reduction in diluted earnings per share is caused by transition costs associated with the integration of operations of Covance Cardiac Safety Services with that of eRT.
17:18 JRCC James River Coal to sell 4.5 mln shares of common stock (6.96 +0.14)
Co announces that it has agreed to sell 4.5 mln shares, with an over-allotment option to sell up to an additional 675K shares, of its common stock in a public offering through UBS Investment Bank.
17:16 PXD Pioneer updates plans for MLP Offering (44.45 -0.92)
The co announces that Pioneer Southwest Energy Partners now intends to close its planned initial public offering of common units during the first quarter of 2008, rather than the fourth quarter of 2007 as previously announced. The closing has been delayed due to year-end market conditions, and the timing of the closing in 2008 will depend on market conditions at the time.
17:15 SNDA prelim $0.44 vs $0.43 First Call consensus; revs $87.4 mln vs $81.80 mln First Call consensus (34.50 +0.84)
17:10 ABCB Ameris Bancorp announces share repurchase program for up to 1 mln shares or 7.4% of shares outstanding (15.12 +0.97)
17:10 AN AutoNation: Eddie Lampert amends 13D, discloses 30% stake, up from 28.5% (15.75 -0.11)
In filing, the firm cites purchases from 11/13 through 11/26 at prices from $15.69-17.00
17:08 LTON Linktone beats by $0.01, beats on revs; guides Q4 revs in-line (2.47 -0.13)
Reports Q3 (Sep) loss of $0.10 per share, excluding non-recurring items, $0.01 better than the First Call consensus of ($0.11); revenues rose 13.7% year/year to $13.3 mln vs the $12.3 mln consensus. Co issues in-line guidance for Q4, sees Q4 revs of $13.5-14.50 mln vs. $14.12 mln consensus. “Although we continue to face regulatory challenges and a near-term weakening market environment for wireless value-added services, we do expect the market to begin to gradually stabilize next year. Meanwhile, Linktone is realizing certain benefits of the investments we have made in our cross media strategy. We remain committed to seeking the best possible opportunities and outcomes for the benefit of our shareholders, including the pursuit of potential strategic investments and synergistic collaborations.”
17:07 ROH Rohm and Haas guides FY07 EPS below consensus, revs above consensus; FY08 EPS in-line, revs above consensus (49.56 +0.81)
Co sees FY07 EPS of $3.25-3.30 vs $3.37 First Call consensus; sees revs $8.8 bln vs $8.75 bln First Call consensus. Co sees FY08 $3.80-4.00 vs $3.85 First Call consensus; sees revs $10 bln vs $9.27 bln First Call consensus. While sales growth in the quarter continued at a robust pace, earnings will be adversely impacted by the continued run-up in raw materials, which have increased $60 mln over the same period in 2006. The co has initiated a new round of price increases to recover these higher costs, and expects to capture approximately $10 mln of the run-up in the fourth quarter. The co expects to have pricing in place to cover approximately 80% of the raw material escalation by the beginning of the first quarter of 2008.
17:07 SNDA Shanda Interactive announces the appointment of Grace Wu as CFO (34.00 +0.84)
Co announces that Grace Wu, the Co’s vice president of strategic investments, has been appointed as chief financial officer. She joined SNDA as vice president of strategic investments in October 2007. Prior to joining SNDA, she spent five years with AUOptronics, where she was responsible for financial planning and analysis, investor relations and capital markets activities. Prior to joining AUOptronics, she worked at Goldman Sachs and Lehman Brothers where she divided her responsibilities between the equity capital markets and investment banking divisions.
17:06 LTON sees Q4 revs $13.5-14.50 mln vs $14.12 mln First Call consensus
17:05 LTON prelim ($0.10) vs ($0.11) First Call consensus; revs $13.3 mln vs $12.30 mln First Call consensus
17:03 ROH sees FY08 $3.80-4.00 vs $3.85 First Call consensus; sees revs $10 bln vs $9.27 bln First Call consensus (49.56 +0.81)
17:02 ROH sees FY07 $3.25-3.30 vs $3.37 First Call consensus; sees revs $8.8 bln vs $8.75 bln First Call consensus (49.56 +0.81)
17:00 PFG Principal Financial Group announces authorization of share repurchase program for up to $500 mln (66.34 +2.50)
16:59 CAH Cardinal Health CEO bought 20K shares at $57.33-57.67 on 11/26 (57.36 +0.44)
16:57 CEDC Central European Dist to reaffirm 2007 & 2008 guidance (47.27 +1.40)
Co reaffirms FY07 EPS guidance of $1.65-1.79 vs $1.65 First Call consensus; revs $1.17-1.20 bln vs $1.15 bln First Call consensus. CEDC reaffirms FY08 EPS of $2.03-2.13 vs $2.21 First Call consensus; revs $1.26-1.36 bln vs $1.34 bln First Call consensus.
16:55 YTEC Yucheng Technologies: Empire Capital discloses 6.3% stake in SC 13G (12.08 +0.30)
16:50 WFC Wells Fargo in 8-k discloses special Q4 2007 provision of $1.4 bln (29.83 +0.34)
In its 8-k, the co discloses that it will further tighten its home equity lending standards and record a special fourth quarter 2007 provision of $1.4 bln (pre-tax), largely for higher losses it now expects in certain indirect channels through which it is no longer accepting business. The co will continue to provide home equity financing directly to its customers, but has decided to stop originating or acquiring new home equity loans through certain indirect channels… The special provision for the liquidating portfolio reflects the higher losses the co expects in this portfolio because of further deterioration in the outlook for the housing market. Losses in this liquidating portfolio are currently expected to total approximately $1 bln over the course of 2008 and 2009 and are expected to diminish over time as the loans are resolved or repaid. The co expects to apply actual quarterly charge-offs in the liquidating portfolio against the special reserve and, in keeping with the Company’s practice, will provide for charge-offs in its continuing lending business to maintain adequate reserve coverage each quarter. The co expects that its fourth quarter 2007 provision for credit losses will adequately cover all losses inherent in its portfolios, reflecting all charge-offs in the quarter plus the special provision.
16:48 FNM Fannie Mae: Several insiders disclose recent purchases in flings just out (29.40 +0.4 
A FNM Executive VP bought 3K shares, SVP/Controller bought 1K shares, Chief Business Officer bought 5K shares and three Directors bought a total of 12K shares. The purchases took place at prices between $28.69-30.55, in transactions yesterday and today.
16:42 HLF Herbalife appoints new head of global operations (39.31 +0.56)
Co announces the appointment of Shankar Suryanarayanan as senior vice president of global operations to lead the strategic development of the co’s manufacturing, strategic sourcing, supply chain, and process improvement efforts on a global basis. He joins the co from Sandoz, a division of NVS, where he was head of global sourcing and purchasing and responsible for an annual spend of over $1 bln from over 1,000 suppliers.
16:39 VECO Veeco Instruments announces that court issued an order in patent infringement action against Asylum Research Corp (16.37 +0.26)
Co announces that court issued an order in VECO’s patent infringement action against Asylum Research Corporation. In a lengthy opinion dealing with VECO’s patent claims against Asylum Research relating to atomic force microscopes, the Court ruled that VECO had presented sufficient evidence of Asylum’s infringement as to three of VECO’s patents to set the case for trial. VECO expects the trial to commence in the first half of 2008 and intends to vigorously pursue its claims and to seek an injunction barring the sale of any infringing Asylum AFMs.
16:38 SMTC Semtech beats by $0.07, beats on revs; guides Q4 (Jan) EPS above consensus, revs lower than consensus (15.90 +0.93)
Reports Q3 (Oct) earnings of $0.29 per share, $0.07 better than the First Call consensus of $0.22; revenues rose 23.4% year/year to $78.6 mln vs the $77.2 mln consensus. Co issues mixed guidance for Q4, sees EPS of 0.24-0.25 vs. $0.23 consensus; sees Q4 revs flat to -4% sequentially, or roughly $75.5-78.6 mln vs. $79.88 mln consensus. Yesterday, Semtech entered into a written settlement agreement under which it will receive $6.5 mln from an insurer in settlement of litigation brought by Semtech to recover $12 mln it paid in fiscal year 2004 to resolve a dispute with a customer. Details of the settlement are contained in the Form 8-K Semtech filed today. This settlement with the third, and final, defendant fully resolves the litigation and is payable in cash in two installments in fiscal year 2009. The entire amount of the third settlement is expected to be recognized as income in the fourth quarter of fiscal year 2008. Net of related legal expenses, the settlement is expected to contribute approximately 7 cents to GAAP fully diluted earnings per share in the fourth quarter.
16:34 SMTC sees Q4 $0.24-0.25 vs $0.23 First Call consensus
16:34 NAVR Navarre names Brian Burke Chief Operating Officer (2.03 -0.24)
16:33 PFBI Premier Financial Bancorp announces purchase of Traders Bankshares for $18.14 mln in stock (13.18 -0.36)
16:32 SMTC sees Q4 revs flat to -4% sequentially, or roughly $75.5-78.6 mln vs $79.88 mln First Call consensus
16:31 APEI American Public Education Conference Call Summary (38.50 -0.1 -Update-
At the Signal Hill Conference, co stresses the benefits of having military students. It’s an attractive end market because the military requires education achievement. To go beyond major, a masters degree is required. Also, military people move a lot so it makes for easy credit transfers. For example, a lot of regular colleges will not take credits from other colleges… Co also moving aggressively into non-military, sees a large opportunity. Would like to eventually be 50/50 with civilian students. Co says it would like to enter the doctoral market and there are many students waiting for the co to enter this market… As an online co, costs remain low… co has track record of growth…. Q3 data shows growth is continuing… co cites an industry report that says the military education market should be 75% online over the coming years vs 50% now. Co says it’s well positioned to take advantage as there are only 6 purely online schools. Note: this is a recent IPO that priced at $20 on Nov 9 (+93%). See IPO Profile.
16:31 SMTC prelim non-GAAP vs $0.29 vs $0.22 First Call consensus; revs $78.6 mln vs $77.23 mln First Call consensus
16:30 IAR Idearc names Samuel Jones acting CFO and Treasurer (19.30 -0.96)
16:30 AMFI AMCORE Fncl names Judith Carre Sutfin new Chief Financial Officer (23.41 +0.93)
16:28 RSG Republic Services sells non-core assets in Texas (31.92 )
The co announcs today that it has sold Living Earth Technology, a non-core, stand-alone business in Texas. LETCO is a compost, mulch and soil business that provides these products and other landscape materials to retailers, landscaping contractors and nurseries. Hunt Special Situations purchased LETCO on November 16, 2007 for approximately $37 mln.
16:27 FRE Freddie Mac to offer $6 bln of preferred stock (25.73 +1.23)
Co announced that it will issue $6 bln of non-cumulative perpetual preferred stock. The issuance will involve a larger offering of non- convertible non-cumulative perpetual preferred stock, and a substantially smaller offering of convertible non-cumulative perpetual preferred stock. Both offerings are expected to price in the near term.
16:26 FRE Freddie Mac declares quarterly dividend of $0.25, a 50% reduction (25.73 +1.23) -Update-
Co announces that yesterday it declared a quarterly dividend on the corporation’s voting common stock of $0.25 per share. The fourth quarter dividend reflects a 50% reduction from the previous quarter as part of the co’s previously stated strategy of managing to its 30% mandatory target capital surplus and responding to regulatory concerns, while maintaining the flexibility to effectively manage its business.
16:22 GEL Genesis Energy announces public offering of 7 mln common units (21.75 -0.77)
Co announced that it plans to sell 7 mln common units to the public pursuant to an effective shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission and 559,035 common units to its general partner. The underwriters have the option to purchase up to 1,050,000 additional common units to cover over-allotments.
16:21 PAL North American Palladium announces marketed unit offering of $100 mln (5.78 -0.24)
16:20 ADI Analog Devices reports EPS in-line, misses on revs; guides Q1 EPS in-line, revs below consensus (31.22 +0.76)
Reports Q4 (Oct) earnings of $0.39 per share, excluding non-recurring items, in-line with the First Call consensus of $0.39; revenues rose 6.4% year/year to $648.5 mln vs the $692.1 mln consensus. Co issues guidance for Q1, sees EPS of $0.38-0.42 vs. $0.40 consensus; sees Q1 revs of $610-635 mln vs. $696.89 mln consensus.
16:19 TLVT Telvent reports Q3 EPS of EUR 0.42 vs EUR 0.36 in yr ago period; reports revs of EUR 128.6 mln vs EUR 129.2 mln in yr ago period (26.36 +0.90)
Co raises Y07 EPS guidance of EUR 0.97-1.00, compared to previous guidance of EUR 0.93-0.97, with organic rev growth of 17-20%, compared to previous guidance of 12-14%.
16:17 ADI sees Q1 $0.38-0.42 vs $0.40 First Call consensus; sees revenue growth of -2% to +2%
16:16 ADI prelim $0.39, ex items vs $0.39 First Call consensus; revs $648.47 mln vs $692.08 mln First Call consensus
16:16 FLOW Flow Intl receives multi-million dollar aerospace contract with Mitsubishi Heavy Industries (7.30 -0.01)
The co announces that Mitsubishi Heavy Industries has awarded the company a second round multi-million dollar contract — to supply MHI with Flow’s Composite Waterjet machine tool to cut the carbon fiber wing components for a major commercial jet aircraft program.
16:15 ILE Isolagen modifies ongoing clinical program for acne scars (3.14 -0.01)
Co announces that the FDA has provided follow-up on the Phase III program investigating the Isolagen Therapy for the treatment of moderate to severe acne scars. The FDA reiterated that there are no safety issues that would prevent the initiation of the proposed studies. However, the FDA asked the co to further clarify certain protocol issues and raised questions related to the acne scar Evaluator Assessment Scale and Photo Guide. The FDA recommended that in order to address these issues, the co should conduct a Phase II study; therefore, the co will propose modifying the ongoing Phase III Study IT- A-008 as a Phase II/III study (as discussed further below). The FDA requests are specific to the acne scar clinical program and do not impact the co’s ongoing, pivotal Phase III clinical program evaluating the Isolagen Therapy for the treatment of nasolabial folds, or wrinkles.
16:11 LNUX SourceForge reports EPS in-line, misses on revs (2.50 -0.01)
Reports Q1 (Oct) earnings of $0.01 per share, excluding non-recurring items, in-line with the First Call consensus of $0.01; revenues rose 25.6% year/year to $10.3 mln vs the $10.5 mln consensus.
16:11 MRVL Marvell beats by $0.06, beats on revs (16.65 +0.66)
Reports Q3 (Oct) earnings of $0.14 per share, excluding non-recurring items, $0.06 better than the First Call consensus of $0.08; revenues rose 45.7% year/year to $758.2 mln vs the $711.6 mln consensus. The co also announced a plan to reduce operating expenses and help meet financial targets with a worldwide reduction in force of approximately 400 employees, or approximately 7% of the co’s total workforce. The co expects to incur a restructuring charge in connection with the plan of up to $8 mln in Q4 of fiscal 2008 related to severance and other expenses.
16:11 DBRN Dress Barn misses by $0.02, misses on revs; reaffirms FY08 EPS guidance; announces new $100 mln buyback (14.24 -0.34)
Reports Q1 (Oct) earnings of $0.30 per share, $0.02 worse than the First Call consensus of $0.32; revenues rose 1.5% year/year to $363.7 mln vs the $370.3 mln consensus. DBRN announces a new $100 mln share repurchase program. Co reaffirms guidance for FY08, sees EPS of $1.25-1.35 vs. $1.29 consensus.
16:11 LNUX prelim $0.01 vs $0.01 First Call consensus; revs $10.3 mln vs $10.49 mln First Call consensus
16:10 UTI Universal Technical Institute reports Q4 (Sep) results, misses on revs (20.00 -0.27)
Reports Q4 (Sep) loss of $0.05 per share, includes charges, may not be comparable to the First Call consensus of $0.14; revenues fell 1.9% year/year to $87 mln vs the $88.3 mln consensus. On Nov 26, Board of Directors authorized a share repurchase plan of up to $50 mln of common stock.
16:09 VRGY Verigy beats by $0.08, beats on revs; guides Q1 EPS above consensus, revs above consensus (21.05 +0.56)
Reports Q4 (Oct) earnings of $0.58 per share, excluding non-recurring items, $0.08 better than the First Call consensus of $0.50; revenues rose 3.5% year/year to $209 mln vs the $200 mln consensus. Co issues upside guidance for Q1, sees EPS of $0.49-0.54 vs. $0.38 consensus; sees Q1 revs of $195-205 mln vs. $180.27 mln consensus.
16:09 MMC Marsh McLennan: Investment mgmt firm K.J. Harrison sees breakup of co as necessary to protect the value of the underlying franchises and to maximize shareholder value (24.44 +0.0
K.J. Harrison & Partners of Toronto, a private client investment management firm, announces it has filed a shareholder resolution with Marsh & McLennan Companies for inclusion in the proxy statement for the 2008 annual meeting of shareholders seeking the spin-off of its Kroll and Mercer subsidiaries. KJH sees the breakup of the company as necessary to protect the value of the underlying franchises and to maximize shareholder value. Jim Harrison, CEO of K.J. Harrison & Partners, said, “In our view, holding companies are effective only when they demonstrate that they can add value through excellence in capital allocation and management selection and retention. Marsh & McLennan is currently doing neither. Consequently, the share price trades 40% below our estimate of the underlying enterprises, and these enterprises are each at a disadvantage to competitors.”
16:08 SNIC Sonic Solutions reports Q2 revs $32.3 mln vs $31.5 mln consensus; sees Q3 revs $33-35 mln vs $41.2 mln consensus (10.37 ) -Update-
Co is not reporting EPS due to its ongoing stock options review… Stock is halted.
16:07 BAMM Books-A-Million reports revs of $117 mln compared to $110.7 mln in previous year period; reports a net loss of $0.03 per share, compared to a penny a share in previous year (12.46 +0.23)
Comparable store sales for the quarter increased 2.1% when compared with the 13-week period for the prior year.
16:07 LOV Spark Networks announces appointment of new CFO (4.15 +0.11)
Co announces current Chief Financial Officer, Mark Thompson, will leave the co in January 2008. Brett Zane, currently Chief Financial Officer of Lindora Incorporated, will join LOV and become Chief Financial Officer. Prior to Lindora, Mr. Zane was Chief Financial Officer of Action Media Holdings LLC, Liberman Broadcasting Incorporated and Logex Corporation.
16:07 DBRN reaffirms FY08 $1.25-1.35 vs $1.29 First Call consensus
16:06 VRGY sees Q1 $0.49-0.54 vs $0.38 First Call consensus; sees revs $195-205 mln vs $180.27 mln First Call consensus
16:06 DBRN announces a new $100 mln share repurchase program
16:06 VRGY Verigy announces Board approval of share repurchase program of up to $150 mln (21.05 +0.56)
16:06 UTI prelim ($0.05) may not compare to $0.14 First Call consensus; revs $87.0 mln vs $88.29 mln First Call consensus
16:06 MRVL prelim $0.14, ex items vs $0.08 First Call consensus; revs $758.2 mln vs $711.59 mln First Call consensus
16:06 VRGY prelim $0.58 vs $0.50 First Call consensus; revs $209 mln vs $200.00 mln First Call consensus
16:06 DBRN prelim $0.30 vs $0.32 First Call consensus; revs $363.7 mln vs $370.31 mln First Call consensus
16:05 CSH Cash America Chief Executive Officer adopts 10b5-1 Plan (32.85 +1.01)
The co announces that Daniel Feehan, the Company’s CEO and President, has adopted a pre-arranged, systematic trading plan to sell co shares in accordance with guidelines specified by Rule 10b5-1 under the Securities and Exchange Act of 1934 and with Cash America’s policies with respect to insider sales. The 10b5-1 plan provides for Mr. Feehan’s sale of up to 150,000 currently held shares over a period of six months beginning December 12, 2007. Mr. Feehan anticipates the number of shares to be sold will be approximately 24% of the aggregate number of shares he currently owns or has a right to acquire under option and restricted stock unit agreements. The proceeds from the plan will enable Mr. Feehan to diversify his personal assets.
16:04 INWK InnerWorkings raises Y07 guidance, issues Y08 guidance (13.86 +0.06)
Co is raising lower end of Y07 EPS guidance range to $0.32-0.33, compared to previous guidance of $0.30-0.33, vs $0.32 consensus; raising revs to $285-290 mln, compared to previous guidance of $260-280 mln, vs $281.79 mln consensus. Co sees Y08 EPS of $0.50-0.54 vs $0.50 consensus; sees revs of $450-490 mln vs $411.24 mln consensus. CEO says, “Based upon a robust pipeline of business, we feel there is a tremendous growth opportunity for us in 2008 and beyond and that is reflected in our guidance. We have achieved a consistent track record of success and are encouraged by the massive opportunity ahead of us in this large and highly fragmented marketplace.”
16:03 CENT Central Garden misses by $0.05, reports revs in-line (6.43 +0.03)
Reports Q4 (Sep) loss of $0.02 per share, $0.05 worse than the First Call consensus of $0.03; revenues fell 4.8% year/year to $401 mln vs the $400.8 mln consensus. “With 2007 behind us, we are looking to fiscal 2008 to reset and create a stronger and more agile company,” noted William Brown, Chairman and Chief Executive Officer of Central Garden & Pet Company. “Some of our operations are not performing well. We have significant work to do.”
16:03 ASGN On Assignment discloses departure of Chief Sales Officer (5.95 )
From 8-K filing: “On November 26, 2007, Shawn Mohr, the Chief Sales Officer and President of the Healthcare Staffing Division of On Assignment and the Company mutually agreed that Mr. Mohr’s employment with the Company will terminate effective December 31, 2007 in order to permit Mr. Mohr to pursue other career opportunities. Mr. Mohr’s Employment Agreement with the Company, dated April 14, 2004, will terminate in connection with his termination of employment.”
16:02 INWK sees Y08 EPS of $0.50-0.54 vs $0.50 consensus; sees revs of $450-490 mln vs $411.24 mln consensus
16:01 TTEC TeleTech signs agreement with Yellow Pages Group (20.42 -0.17)
The co announces that it has signed a multiyear agreement with Yellow Pages Group, a leading provider of directory services in New Zealand. Following a comprehensive review, Yellow Pages Group has awarded its 018 and 0172 directory assistance services contract to TeleTech. TeleTech will manage existing personnel and assume client facilities in New Zealand, with plans to move the work to the Philippines in 2008.
16:01 CENT prelim ($0.02) vs $0.03 First Call consensus; revs $401.0 mln vs $400.80 mln First Call consensus
16:01 INWK raising Y07 EPS guidance to $0.32-0.33 vs $0.32 consensus
16:01 ZMH Zimmer Hldgs Ray Elliott to retire as Chairman; John McGoldrick to serve as non-executive Chairman (65.60 +0.87)
Co announced that J. Raymond Elliott will resign as Chairman of the Board and a member of the Board of Directors effective November 30, 2007. John McGoldrick, a current Board member, will serve as Non-Executive Chairman. Mr. Elliott served as Chairman, President and Chief Executive Officer of the Company from August 2001 to May 2007 when David C. Dvorak was promoted to the positions of President and Chief Executive Officer. In November 2006, Mr. Elliott announced his plans to retire following the appointment of a successor CEO.
16:01 INWK raising Y07 rev guidance to $285-290 mln vs $281.79 mln consensus
16:00 MLHR Herman Miller raises Q2 EPS guidance to $0.56-$.063; sales expected to be near or slightly above the top end of previous guidance of approx $475-$500 mln (23.54 -0.50)
Co announces a series of strategic initiatives designed to improve underlying business performance and accelerate growth, and raised its second quarter earnings guidance. The company had announced in September it would pursue actions to improve its operating and financial performance, better align resources across strategic growth initiatives and reduce complexity… Co also noted that order rates have strengthened and that it anticipates sales for the second quarter to be near or slightly above the top end of previous guidance of between $475-$500 mln. Additionally, the co said it is raising its earnings per share guidance for the quarter to $0.56-$0.63, which excludes a one-time charge of $0.03- $0.05 associated with cost reduction actions taken in the quarter. (consensus $0.54 and $492.55 mln).
16:00 BMRN Biomarin Pharm files Investigational New Drug application for PEG-PAL for the treatment of PKU (26.28 +0.73)
Co announces that it has filed an investigational new drug application with the FDA for PEG-PAL, formerly known as Phenylase, for the treatment of phenylketonuria. The company expects to initiate a clinical study of PEG-PAL in PKU patients in the first quarter of 2008.
16:00 INWK raising Y07 guidance
