SAN FRANCISCO – Among the companies whose shares are expected to see active trading in Thursday's session are M&T Bank Corp., Marriott International Inc., and Motorola Inc.
Electro Scientific Industries Inc. (ESIO) is expected to report fourth-quarter earnings of 25 cents a share, according to a survey of analysts by Thomson Financial.
Fastenal Co. (FAST) is expected to post earnings of 39 cents a share for the second quarter.
Fleetwood Enterprises Inc. (FLE) is expected to report a fourth-quarter loss of 31 cents a share.
M&T Bank (MTB) is expected to post earnings of $1.86 a share for the second quarter.
Marriott International (MAR) is expected to report second-quarter earnings of 53 cents a share.
Methode Electronics Inc. (METH) is expected to post earnings of 15 cents a share for the fourth quarter.
Nexen Inc. (NXY) is expected to report second-quarter earnings of 57 cents a share.
Saba Software Inc. (SABA) is expected to post a loss of 4 cents a share for the fourth quarter.
Texas Industries Inc. (TXI) is expected to report fourth-quarter earnings of $1.10 a share.
After Wednesday's closing bell, Motorola (MOT) said it expects to report a second-quarter loss and revenue that will be below its prior forecasts as the mobile-phone giant said its results were hampered by poor sales in Europe and Asia.
Also, Genentech Inc. (DNA) said its second-quarter profit rose 41 percent over the same quarter last year, and the biotechnology giant lifted its profit forecast for the full-year period.
And, General Electric Co. (GE) said it has abandoned plans to buy a preventive healthcare business from Abbott Laboratories (ABT) after the two companies failed to work out details needed to clinch the $8.13 billion deal.
American Eagle Outfitters Inc. (AEO) said that total sales for the five weeks ended July 7 came in at $270.2 million, up 15 percent. Same-store sales at the teenwear retailer rose 8 percent in the same period, ahead of the 4.4 percent average estimate of analysts polled by Thomson First Call. American Eagle said in the sales report that that "spring and summer unit sell-through rates were strong" and that it is "pleased with its inventory position heading into the back-to-school season." The company also boosted its fiscal second quarter outlook to 35 cents to 36 cents a share, up from a previous view of 34 cents to 36 cents.
Best Buy Co. (BBY) said it has promoted Julie Owen to lead the company's entertainment business operating group. Owen succeeds Gary Arnold. Most recently, Owen served as vice president of customer care for the Minneapolis-based electronics retailer.
Blackbaud Inc. (BLKB) expects second-quarter revenue, license revenue and non-GAAP operating income to be at or slightly above its forecast. The Charleston, S.C., provider of software and services to nonprofit organizations had predicted revenue of $61 million to $63 million. Analysts polled by Thomson Financial predict second-quarter revenue of $62.3 million. Separately, Blackbaud said Senior Vice President of Sales Christopher Todd and Senior Vice President of Marketing Richard Braddock, Jr. intend to resign on or around August 1 to pursue other opportunities.
CalAmp Corp. (CAMP) said it now expects to post a first-quarter charge of $16 million, or 41 cents a share net of tax, due to a previously disclosed product performance issue with a Direct Broadcast Satellite customer. As a result, the Oxnard, Calif.-based provider of wireless communications products said it now expects a net loss in the range of 47 cents to 49 cents a share for the quarter. Excluding the amortization of intangible assets, stock-based compensation expense and write-off of acquired research and development costs, the adjusted per-share loss is expected to be 40 cents to 42 cents. CalAmp also said it now sees revenue of $47.4 million, which exceeds the previous outlook of $44 million to $47 million. In May, the company said it expected a first-quarter net loss of 6 cents to 9 cents a share. The forecasted loss has caused a default in connection to the financial covenants under the company's bank credit agreement, CalAmp said. The company said it has notified its lenders and is in discussions with them to resolve the issue.
Chaparral Steel Co.'s (CHAP) fiscal fourth-quarter net income rose 43 percent to $80.2 million, or $1.65 cents a share, from $56.1 million, or $1.16 cents a share, a year earlier. The Midlothian, Texas, steel company said sales for the quarter ended May 31 increased 21 percent to $488.7 million from $405.5 million, citing strong demand for new industrial production capacity and a solid nonresidential construction market. Analysts polled by Thomson Financial expect, on average, earnings of $1.40 a share and sales of $460 million.
Endo Pharmaceuticals Inc., a subsidiary of Endo Pharmaceuticals Holdings Inc. (ENDP), said it is withdrawing guidance related to the expected first-half 2008 filing date of its new drug application for the topical ketoprofen patch. The Chadds Ford, Pa.-based company said the delay has no impact on its previously issued 2007 financial forecast. Endo said the decision is based on the outcome of two Phase III trials in which no statistically significant difference was observed in the primary endpoint — average pain intensity during daily activities — between patients treated with the ketoprofen patch and patients using a placebo patch.
Hot Topic Inc. (HOTT) said that sales at stores open more than a year, or same-store sales, fell 4 percent during June. Analysts, on average, expected the company's same-store sales to fall 6.7 percent during the month, according to Thomson Financial. Net sales fell 1 percent during the month to $60.9 million, the company said.
Intervoice Inc.'s (INTV) board approved the repurchase of up to 2 million common shares over the next two years. The Dallas-based call automation systems developer said the repurchases will be made using its cash resources. The company said that as of May 31, it had about 38.9 million shares of common stock issued and outstanding.
Men's Wearhouse Inc. (MW) said it now expects second-quarter earnings to meet or exceed the higher end of the prior outlook range of 88 cents to 92 cents a share. The revised forecast is primarily due to stronger retail apparel sales at the company's traditional Men's Wearhouse stores, the Houston-based company said. Analysts polled by Thomson Financial are currently estimating per-share earnings of 90 cents for the quarter.
Micron Technology Inc. (MU) , struggling with sharp price declines for its memory chips used in PCs and other electronics, has cut 5 percent of its global workforce, or 1,100 jobs. The job cuts occurred in the Boise, Idaho-area, where Micron is headquartered, the company said in a written statement. "Workforce reductions are always difficult, but these initiatives are being pursued to support the longterm global viability and competitiveness of the company," CEO Steve Appleton said. Micron is realigning its business in a bid to become profitable. For the three months ended May 31, the company lost $225 million, or 29 cents a share.
Resources Connection Inc.'s (RECN) fourth-quarter net income rose 2 percent to $16.1 million, or 32 cents a share, from $15.7 million, or 31 cents a share, a year earlier, as revenue grew 21 percent. The Costa Mesa, Calif., professional services company's revenue for the quarter ended May 31 rose to $200.5 million from $165.9 million in the year-ago period. On average, analysts expected per-share earnings of 31 cents on revenue of $198.9 million, according to a poll by Thomson Financial. Resources Connection's shares closed Wednesday down 32 cents, or 1 percent, at $32.79.
Ruby Tuesday Inc. (RT) reported fiscal fourth-quarter net earnings of $24.7 million, or 46 cents a share, down 22 percent from $31.7 million, or 53 cents a share, in the year-ago period. Excluding items, the company posted adjusted earnings of 50 cents a share compared with 49 cents a share in the fourth quarter of fiscal 2006. The Maryville, Texas-based restaurant operator said revenue in the 13 weeks ended June 5 fell to $356.8 million from $364.2 million. Analysts polled by Thomson Financial were expecting, on average, a per-share profit of 47 cents on revenue of $366.5 million. Same-restaurant sales for the fourth quarter decreased 3.9 percent at company-owned outlets and 2.1 percent at domestic franchise Ruby Tuesday restaurants. The company is targeting fiscal first-quarter earnings of 25 cents to 27 cents a share and fiscal 2008 earnings of $1.59 to $1.67. Analysts are looking for a first-quarter per-share profit of 37 cents and a fiscal 2008 profit of $1.79 a share. Ruby Tuesday also increased its share repurchase authorization by 6.5 million shares.
Strength in China and other international markets helped Yum Brands Inc. (YUM) overcome weakness in the United States and post an 11.5 percent rise in second-quarter profit. The fast-food giant also raised its 2007 profit target.
Zumiez Inc.'s (ZUMZ) June same-store sales increased 13.7 percent, compared with an increase of 12.4 percent a year earlier. Analysts polled by Thomson Financial expected June same-store sales growth of 6.9 percent. The Everett, Wash., specialty retailer of sports-related apparel said net sales for the five-week period ended July 7 rose 48.8 percent to $31.5 million from $21.2 million a year ago.
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