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Corporate Summary
Company News for November 23, 2009
Posted Mon Nov 23, 09:11 am ET
by Avishek Mishra

• A large run of holiday sales offerings crashed the Ebay (NASDAQ:EBAY) website, causing a major weekend web outage

• Tyson Foods (NYSE:TSN) reported better-than-expected earnings of 28 cents a share, beating Zacks estimates by 2 cents, on revenues of $7.2 billion, which exceeded Zacks estimates of $6.85 billion

• India’s Reliance Industries bid $12 billion in cash for Lyondell Bassell when it exits bankruptcy

• Microsoft (NASDAQ:MSFT) is reportedly in discussions with News Corp. (NASDAQ:NWSA) to "de-index" the firm's news websites from Google (NASDAQ:GOOG)

• Coca-Cola (NYSE:KO) announced plans to more than double the number of its bottling plants in China over the next ten years as part of its goal to triple sales to the country

• Hershey (NYSE:HSY) trust encouraged the firm to counter Kraft's (NYSE:KFT) hostile, $16.2 billion bid with its own, $17 billion offer

• According to S&P most US banks are failing to meet adequacy standards comfortably enough to avoid ratings downgrades. Both HSBC (NYSE:HBC) and Goldman Sachs (NYSE:GS) showed stronger-than-average balance sheets, with UBS (NYSE:UBS) and Citigroup (NYSE:C) well below average

Company News for November 20, 2009
Posted Fri Nov 20, 09:07 am ET
by Avishek Mishra

• DR Horton (NYSE:DHI) reported a fiscal fourth quarter loss of 73 cents, versus Zacks projections of a 27 cents loss, on revenues of $1.01 billion, which was inline with Zacks estimates.  According to Chairman Donald R. Horton, "Our net sales orders in the September quarter reflected a 26% increase compared to the prior year quarter. However, market conditions in the homebuilding industry are still challenging, characterized by rising foreclosures, high inventory levels of available homes, increasing unemployment, tight credit for homebuyers and weak consumer confidence."

• Dell (NASDAQ:DELL) reported disappointing third quarter earnings of 23 cents a share, missing Zacks estimates of 27 cents a share, as a 15% fall in revenues from a year ago generated revenues of $12.9 billion, below Zacks projections of $13.2 billion.  Nevertheless, CEO Michael Dell said early Windows 7 demand was proving correct his assumption that firms which had passed over Vista would upgrade with Windows 7, driving the market growth above traditional 10% averages

• JM Smucker (NYSE:SJM) reported record fiscal second-quarter earnings of $1.22 a share, 18 cents better than Zacks estimates, on revenues of $1.28 billion, above Zacks estimates of $1.24 billion.  The company said it sees full-year earnings of $3.95 to $4.05 a share

Company News for November 19, 2009
Posted Thu Nov 19, 09:27 am ET
by Avishek Mishra

• Bank of America/Merrill (NYSE:BAC) downgraded a number of semiconductor companies, expecting a modest inventory correction, even as economies improve and demand for electronics rises.  Four shares were downgraded to neutral, including Intel (NASDAQ:INTC), Texas Instruments (NYSE:TXN), Marvel Technology Group (NASDAQ:MRVL) and LSI Corp (NYSE:LSI).  The form lowered Maxim Integrated Products (NASDAQ:MXIM), National Semiconductor (NYSE:NSM), Power Integrations (NASDAQ:POWI) and Microchip Technology (NASDAQ:MCHP) to underperform

• Advanced Micro Devices (NYSE:AMD) rose 10.6% yesterday. The firm announced a private debt offering of $500 million of senior notes. This morning's news saw FBR Research raising its price target to $9 from $8, while maintaining a "market perform" opinion

• Goldman Sachs (NYSE:GS) reiterated its "buy" rating on CVS Caremark (NYSE:CVS), saying the shares are cheap at current levels.  The firm said at $30, CVS is selling at just 10.6 times 2010 estimates, below a two year, 14x average, with long-term growth of 13% anticipated

• Reports said Blackstone (NYSE:BX) plans to acquire Birds Eye Foods, the largest US frozen-vegetable company, for over $1.3 billion in an all-cash deal

• Tenneco (NYSE:TEN) priced a 12 million share offering at $16.50 per share for $187 million

• Sears Holding (NASDAQ:SHLD) reported a third quarter loss of 81 cents, less than the $1.09 loss expected, on better-than-expected revenues of $10.19 billion

• Dick's Sporting Goods (NYSE:DKS) reported third quarter earnings of 16 cents a share, ahead of estimates by 7 cents as revenues of $990 million topped expectations of $961 million.  The company said it expect fourth-quarter earnings of 41 cents to 46 cents a share

• Children's Place (NASDAQ:PLCE) reported in-line earnings of $1.38 on in-line revenues of $463 million. Comparable sales fell 2%

• Williams-Sonoma (NYSE:WSM) third quarter beat by 11 cents as earnings posted at 16 cents and revenues exceeded estimates at $729 million

Company News for November 18, 2009
Posted Wed Nov 18, 09:07 am ET
by Avishek Mishra

• TJX (NYSE:TJX) posted a larger-than-anticipated profit as demand for discounted consumer products continued. The firm said it sees fourth-quarter earnings of 65 cents to 71 cents a share from continuing operations

• Saks (NYSE:SKS) reported a surprise quarterly profit

• Microsoft (NASDAQ:MSFT) shares rose 3.0%, and led the gainers on the DJIA, after Morgan Stanley (NYSE:MS) and UBS (NYSE:UBS) recommended the shares.  Morgan Stanley's analyst raised the price target on the stock due to encouraging demand for Windows 7 and upbeat expectations for holiday season demand.  UBS' analyst placed a $34 price target on the shares

• Barclays Capital (NYSE:BCS) raised ExxonMobil (NYSE:XOM) to "overweight"

• Autodesk (NASDAQ:ADSK) offered a slightly downside fourth-quarter guidance of 24 cents a share ex-items

• Salesforce.com (NYSE:CRM) said it sees fourth-quarter earnings of 14 cents to 15 cents a share, versus Street estimates of 15 cents a share

• BMO Capital downgraded Research in Motion (NASDAQ:RIMM) to "market perform" from "outperform," cutting the price target to $64 from $100

• A counter-offer to Kraft's (NYSE:KFT) hostile, $16 billion Cadbury (NYSE:CBY) offer may be in the works from Hershey (NYSE:HSY) and Ferrero

Company News for November 17, 2009
Posted Tue Nov 17, 09:39 am ET

• Home Depot (NYSE:HD) topped estimates by a nickel as earnings for the third quarter reached 41 cents, on inline revenues of $16.36 billion, down 8%. Comparable sales fell 6.9%. The company issued 2010 guidance of $1.55, slightly ahead of $1.53 projections. According to the firm, "There is still a great deal of pressure in the housing and home improvement markets, though there are some positive signs of stabilization."

• ExxonMobil (NYSE:XOM) shares were upgraded to "overweight" at Barclays Capital (NYSE:BCS)

• A regulatory filing showed Berkshire Hathaway (NYSE:BRK.A) nearly doubled its Wal-Mart (NYSE:WMT) holdings; added almost 112 million Wells Fargo (NYSE:WFC) shares; the filing showed a 1.28 million holding of ExxonMobil (NYSE:XOM) shares; and 3.2 million shares of SunTrust Banks (NYSE:STI)

• UBS (NYSE:UBS) CEO Grubel outlined an ambitious goal of annual pre-tax profits of $14.89 billion over the next 3-5 years

• Dillard's (NYSE:DDS) reported a smaller than expected third quarter loss, with a non-GAAP loss of 3 cents, versus estimates of a 51 cent loss on revenues of $1.36 billion, off estimates of $1.38 billion. Same-store-sales fell 9%

Company News for November 16, 2009
Posted Mon Nov 16, 09:09 am ET
by Avishek Mishra

• Boeing's (NYSE:BA) new head of its commercial aircraft division, Jim Albaugh, said the long-awaited Dreamliner test will happen by yearend

• Citigroup (NYSE:C) plans to sell Bellsystem 24, a Japanese telemarketing company, to Bain Capital for $1 billion, bringing to $10.8 billion the dollar amount Citi has raised from sales of Japanese assets

• Hedge fund Paulson & Co. reported in a September 30 filing Citigroup (NYSE:C) holdings of 300 million shares, valued at $1.45 billion

• Cisco (NASDAQ:CSCO) raised its bid for Tandberg ASA to $3.4 billion, or about an 11% increase, and extended its offer to December 1

• According to a Bloomberg report, Mitsubishi UFJ has hired JP Morgan (NYSE:JPM) and Morgan Stanley (NYSE:MS) to manage an $11 billion secondary offering, Japan's largest ever. The company plans to sell about 2.5 billion common shares

• Bristol-Myers Squibb (NYSE:BMY) said it plans to spin off its 83% stake in Mead Johnson Nutrition Company

• JP Morgan (NYSE:JPM) said it is offering to purchase the remaining 50% of stockbroker Cazenove, placing a valuation on the firm of $3.32 billion

• General Motors (NYSE:GM) plans to start repaying its Treasury loan early, beginning by yearend with $1 billion quarterly installments to the US and $200 million quarterly to Canada

• General Motors' (NYSE:GM) third quarter revenues bettered estimates at $28 billion versus $22.9 billion expected, rising $4.9 billion from the second quarter. Inventories dropped 158,000 to 424,000

• Lowe's (NYSE:LOW) reported inline third quarter earnings of 24 cents on revenues of $11.38 billion, versus Zacks estimates of $11.27 billion.  The company said, "We are beginning to see signs of improved performance in some of the hardest-hit housing markets including California, Florida and areas of the desert Southwest."

Company News for November 13, 2009
Posted Fri Nov 13, 09:30 am ET
by Avishek Mishra

• Intel (NASDAQ:INTC) agreed to pay Advanced Micro Devices (NYSE:AMD) $1.25 billion to settle a private antitrust lawsuit

• Dell (NASDAQ:DELL) announced plans to enter the smartphone business, in partnership with China Mobile and Claro. Its first product, the Mini 3, will be designed around Google's (NASDAQ:GOOG) Android operating system

• Disney (NYSE:DIS) reported fiscal fourth quarter results after yesterday's close, with earnings ex-items coming in 5 cents a share better-than-expected at 46 cents. Revenues of $9.87 billion came in well ahead of Zacks estimates of $9.18 billion

• McDonald's (NYSE:MCD) addressed its plans to open 1,000 additional restaurants next year, and provide an image makeover to the rest.  The firm set targets for average annual sales growth of 3-5% and average annual operating earnings growth of 6-7%

• Abercrombie and Fitch (NYSE:ANF) reported third quarter non-GAAP earnings of 30 cents a share, well above Zacks estimates of 20 cents, as revenues of $765.4 million topped Zacks estimates of $763 million

• The rue21 IPO of 6,765,437 common shares was priced at $19.00 per share. The stock will trade on the NASDAQ with the symbol RUE

• Goldman Sachs (NYSE:GS) upgraded Goodyear Tire (NYSE:GT) shares to "buy"

Company News for November 12, 2009
Posted Thu Nov 12, 09:26 am ET
by Avishek Mishra

• Wal-Mart (NYSE:WMT) reported estimate-topping results of 84 cents a share, three cents above Zacks estimates of 81 cents, on revenues of $98.67 billion, slightly below estimates of $99.50 billion. Comparable sales eased 0.4% from last year. The firm raised fourth quarter and full-year guidance to a range of $1.08-$1.12 for the quarter and $3.57-$3.61 for the year

• Kohl's (NYSE:KSS) reported results of 63 cents a share, above Zacks estimates of 61 cents, on revenues of $4.1 billion, above Zacks projections of $4 billion

• Banking analyst Richard Bove strongly advised purchase of Bank of New York Mellon (NYSE:BK) shares, saying the firm's multiple should be twice current levels due to growth prospects

• Motorola (NYSE:MOT) is considering sale of its Home and Networks Mobility division as part of its turnaround plan. Analysts value the unit at $3-$5 billion

• Hewlett-Packard (NYSE:HPQ) said it agreed to acquire 3Com (NASDAQ:COMS) for $7.90 per share, in a deal valued at about $2.7 billion in cash. The company also posted preliminary fiscal fourth quarter results and raised 2010 guidance

• United Technologies (NYSE:UTX) agreed to purchase GE's (NYSE:GE) security business for $1.82 billion

• Reports said Microsoft's (NASDAQ:MSFT) new Bing search engine has been gaining market share against competing Google (NASDAQ:GOOG) and Yahoo (NASDAQ:YHOO)

• According to a WSJ report, News Corp's (NASDAQ:NWSA) Dow Jones is close to a sale of stake in its stock indexing unit, Stoxx Ltd, for $309 million

• Applied Materials (NASDAQ:AMAT) reported better-than-anticipated fiscal fourth quarter earnings of 13 cents, 10 cents above projections, on revenues of $1.53 billion, which topped estimates of $1.32 billion. The firm anticipates 30% 2010 revenue growth; layoffs of 1300-1500 over the next year are planned

• Clearwire (NASDAQ:CLWR) posted a third quarter loss of 43 cents a share, versus Zacks estimates of a 45 cents loss as revenues increased 13.2% to $68.8 million, slightly ahead of Zacks estimates of $68 million.  The firm maintained 2009-2010 guidance, and plans new $1.564 billion in equity financing

• Ralcorp (NYSE:RAH) reported earnings of $1.14 a share ex-items, versus Zacks estimates of $1.24, on revenues of $983.2 million, up 12.6% YoY, off Zacks estimates of slightly above $1 billion

Company News for November 11, 2009
Posted Wed Nov 11, 08:50 am ET
by Avishek Mishra

• Goldman Sachs (NYSE:GS) added Cytec Industries (NYSE:CYT) to its Conviction Sell List, with a target of $31.  The analyst warned of the bleak outlook for the late-cycle aerospace industry, and economic uncertainties in Europe, which represents 40% of sales

• JP Morgan (NYSE:JPM) plans to reinstate 401K matching programs starting with 2009 as well as plans to hire 1,200 mortgage officers

• Yahoo (NASDAQ:YHOO) CEO Bartz said the company is hiring again as the firm expects to increase its operating profit margin to the 15-20% range on cost cutting and sales growth

• Adobe Systems (NASDAQ:ADBE) said it plans to cut 680 jobs, or about 9% of its workforce, as part of a restructuring plan.  The company said the move would result in pre-tax charges of $65 million to $71 million, with $18 million to $20 million to be taken in the fourth quarter

• Monsanto (NYSE:MON) confirmed its full-year 2010 earnings outlook and said it still sees a 2012 gross profit of at least $8.6 billion, claiming an accelerated launch of new corn and soybean products

• Bond insurer, Ambac Financial Group (NYSE:ABK) warned of a possible bankruptcy protection filing in its 10-Q

• Reports said General Electric (NYSE:GE) is in talks with United Technologies (NYSE:UTX) to sell its security systems unit for over $1.5 billion

• Wells Fargo (NYSE:WFC) upgraded Toll Brothers (NYSE:TOL) with a price target range of $24-$26

• Deutsche Bank (NYSE:DB) upgraded Smithfield Foods (NYSE:SFD) raising the price target from $12 to $20 due to an improving pork market

• Flowers Foods (NYSE:FLO) reported inline earnings of 34 cents a share on revenues of $603 million, off Zacks estimates of $617 million

Company News for November 10, 2009
Posted Tue Nov 10, 09:31 am ET
by Avishek Mishra

• Priceline.com (NASDAQ:PCLN) reported adjusted third quarter earnings of $3.45 a share, 55 cents above consensus estimates, on better-than-expected revenues of $730.7 million, ahead of estimates of $$693.97 million on strong summer season travel. The firm provided fourth quarter guidance at about $1.06-$1.16

• Electronic Arts (NASDAQ:ERTS) said it plans to cut 1500 additional jobs. The firm reported second quarter adjusted earnings of 6 cents, a one penny miss, on revenues of $1.15 billion, which slightly topped Street projections of $1.12 billion. The firm forecast 2010 earnings of $0.70-$1.00, topping estimates of 89 cents on revenues of $4.2-$4.4 billion versus estimates of $4.26 billion

• Cadbury (NYSE:CBY) rejected the latest Kraft (NYSE:KFT) bid calling it "derisory"

• Moody's (NYSE:MCO) commented that AIG (NYSE:AIG) will be able to repay its Federal loans

• Wells Fargo (NYSE:WFC) lifted its growth expectations for the semiconductor group following release of third quarter numbers. Intel (NASDAQ:INTC) remained its first pick within the group, with "outperform" ratings also on Micron Tech (NYSE:MU) and Xilinx (NASDAQ:XLNX). Analysts increased 2010 growth expectations of 25% for the industry from 10-20% prior

• Goldman Sachs (NYSE:GS) added Polo Ralph Lauren (NYSE:RL) to its Conviction Buy List, with a price target of $94

• Goldman Sachs (NYSE:GS) also added Kroger (NYSE:KR) to its Conviction Buy List, with a price target of $27

• Goldman Sachs (NYSE:GS) removed Coca-Cola Enterprises (NYSE:CCE) from its Conviction Buy List, but maintained a "buy" rating on the shares

• Tyco International (NYSE:TYC) released better-than-expected third quarter earnings of 61 cents a share, 7 cents above estimates, on revenues of $4.42 billion, slightly higher than estimates of $4.32 billion

• Burlington Northern (NYSE:BNI) CEO advised Berkshire Hathaway (NYSE:BRK.A) is liquidating shares of rival railroads Norfolk Southern Corp. (NYSE:NSC) and Union Pacific (NYSE:UNP) as it readies its purchase of Burlington

• Google (NASDAQ:GOOG) moved further into the market for digital advertising on cell phones with the acquisition of AdMob for $750 million

Recent Posts

Company News for November 23, 2009
Mon Nov 23, 09:11 am ET

Company News for November 20, 2009
Fri Nov 20, 09:07 am ET

Company News for November 19, 2009
Thu Nov 19, 09:27 am ET

Company News for November 18, 2009
Wed Nov 18, 09:07 am ET

Company News for November 17, 2009
Tue Nov 17, 09:39 am ET

Company News for November 16, 2009
Mon Nov 16, 09:09 am ET

Company News for November 13, 2009
Fri Nov 13, 09:30 am ET

Company News for November 12, 2009
Thu Nov 12, 09:26 am ET

Company News for November 11, 2009
Wed Nov 11, 08:50 am ET

Company News for November 10, 2009
Tue Nov 10, 09:31 am ET

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