SAN FRANCISCO – Among the companies whose shares are expected to see active trading in Wednesday's session are Abercrombie & Fitch Co., Limited Brands Inc., and Medtronic Inc.
Abercrombie & Fitch (ANF) is expected to report second-quarter earnings of 87 cents a share, according to a survey of analysts by Thomson Financial.
Charming Shoppes Inc. (CHRS) is expected to post earnings of 12 cents a share for the second quarter.
Eaton Vance Corp. (EV) is expected to report third-quarter earnings of 41 cents a share.
Foot Locker Inc. (FL) is expected to post a loss of 18 cents a share for the second quarter.
Intuit Inc. (INTU) is expected to report a fourth-quarter loss of 5 cents a share.
Limited Brands (LTD) is expected to post earnings of 19 cents a share for the second quarter.
Tech Data Corp. (TECD) is expected to report second-quarter earnings of 30 cents a share.
Toll Brothers Inc. (TOL) is expected to post a loss of 2 cents a share for the third quarter.
Tween Brands Inc. (TWB) is expected to report second-quarter earnings of 15 cents a share.
WCI Communities Inc. (WCI) is expected to post a loss of 96 cents a share for the second quarter.
After Tuesday's closing bell, the board of directors at Delta Air Lines Inc. (DAL) said they have elected Richard Anderson, a former boss of rival Northwest Airlines Corp. (NWA) , as chief executive officer. See full story.
American Electric Power (AEP) said it has agreed to sell its 50% interest in the Sweeny Cogeneration plant in Texas to ConocoPhillips for roughly $80 million, including working capital items and the assumption of debt. AEP expects to record a pre-tax gain of roughly $44 million in the fourth quarter from the sale. The deal is expected to close in the fourth quarter. Sweeny Cogeneration, which began operations in 1998, is a 450-megawatt plant about 80 miles southwest of Houston.
Analog Devices Inc. (ADI) reported fiscal third-quarter net income of $120 million, or 37 cents a share, down from net income of $145 million, or 39 cents a share, in the same period a year ago. For the three months ended Aug. 4, the chipmaker said revenue was $680 million, up 3% from last year's period. The results topped Wall Street's expectations of earnings of 36 cents a share on revenue of $672.2 million, according to analysts polled by Thomson Financial. Norwood, Mass.-based Analog Devices supplies chips used in a range of industrial equipment, consumer electronics, and computers. The firm forecast fiscal fourth-quarter earnings per-share between 36 cents and 40 cents and revenue in the range of $680 million to $710 million.
Archstone-Smith Trust (ASN) said its shareholders have approved the company's acquisition by affiliates of Tishman Speyer and Lehman Brothers for $60.75 a share. The deal is valued at $22.2 billion, including the assumption of debt. About 98.9% of Archstone-Smith's common shares present and voting at the special meeting were cast in favor of the proposed merger, representing about 78% of the total number of common shares entitled to vote, the Denver-based apartment real-estate investment trust said. The transaction is still expected to close on Oct. 5, the company said.
Bally Technologies Inc. (BYI) late Tuesday said it still expects fiscal 2007 revenue of $670 million to $690 million, and forecast per-share earnings of more than 34 cents and adjusted earnings of more than 51 cents. Analysts polled by Thomson Financial are currently expecting, on average, a fiscal 2007 per-share profit of 28 cents on revenue of $684 million. For fiscal 2008, the Las Vegas-based maker of gambling devices and systems expects earnings of $1.25 to $1.55 a share, or adjusted earnings of $1.39 to $1.69 a share, on revenue of more than $830 million. Analysts are looking for a fiscal 2008 per-share profit of $1.01 on revenue of $783 million.
CenturyTel Inc. (CTL) said it has authorized the buyback of up to $750 million of its common stock. The repurchase program will expire on Sept. 30, 2009, unless extended by the board, the Monroe, La.-based telecommunications company said.
Dell Inc. (DELL) said that Nasdaq's board has decided to give the computer maker until Nov. 12 to file its delayed financial reports and regain compliance with the exchange's listing requirements. Round Rock, Texas-based Dell said it expects to file its past due periodic reports by the first week of November. The company announced last week that it will restate more than four years of financial results after "errors and irregularities" were discovered during a review of past accounting and reporting practices.
Delta Air Lines Inc.'s (DAL) board named Richard Anderson chief executive, effective Sept. 1. Anderson, current Delta board member and former chief executive of Northwest Airlines Corp. (NWA) was most recently an executive vice president at UnitedHealth Group Inc. The Atlanta airline, which emerged from bankruptcy protection in April, said Gerald Grinstein will retire as chief executive and from the board on Sept. 1.
DryShips Inc. (DRYS) said it swung to a second-quarter net profit of $110.2 million, or $3.11 a share, from a year-ago net loss of $808,000, or 3 cents a share. Excluding a gain on the sale of five vessels, the company's earnings came in at $56.4 million, or $1.59 a share. Operating income was $120.9 million versus $10.5 million last year. Voyage revenue for the three months ended June 30 more than doubled, rising to $112.5 million from $54.5 million, the Greek shipping company said. Analysts polled by Thomson Financial were expecting, on average, a per-share profit of $1.34 on revenue of $99 million. "The outlook for 2008 remains positive with fewer vessels being delivered from the shipyards and Chinese demand projected to remain strong," said Chairman and Chief Executive George Economou in a statement.
Jack Henry & Associates Inc.'s (JKHY) fiscal fourth-quarter net income rose 15% to $29.1 million, or 32 cents a share, from $25.4 million, or 27 cents a share, a year earlier on a boost in support and services and hardware revenue. The Monett, Mo., computer systems provider's revenue for the quarter ended June 30 increased 12% to $181.3 million from $162.3 million a year ago. Analysts polled by Thomson Financial, on average, predicted fourth-quarter earnings of 32 cents a share and revenue of $178.6 million.
LMI Aerospace Inc. (LMIA) said it now expects LMI segment net sales to range from $142 million to $147 million, and gross margin of 27% to 28.5%. For the D3 Technologies segment acquired on July 31, 2007, net sales for the last five months of the year are expected to range between $30 million and $32 million, resulting in full year sales of $72 million to $74 million, the St. Louis-based company said. "The adjusted guidance for 2007 for the LMI segment reflects sales at the low end of the range of previous guidance, given lower orders for new awards in the current year than expected, as well as deferred delivery of certain tooling, components and subassemblies on newly designed aircraft for which final engineering was made available later than planned," said Chief LMI Chief Executive Ronald Saks in a statement. Additionally, the company said it expects 2008 LMI segment net sales of $160 million to $170 million. For the D3 Tech segment, 2008 net sales are expected to range between $77 million and $87 million, LMI said.
Mannatech Inc. (MTEX) said company founder Samuel L. Caster resigned as chief executive, effective immediately, although he will remain with the company as non-executive chairman. The Coppell, Texas, nutritional supplement and topical products company named President and Chief Operating Officer Terry L. Persinger interim president and chief executive. Persinger still expects to retire from Mannatech in June. Mannatech named Terence L. O'Day executive vice president and operating chief. He was most recently executive vice president of global operations.
Medtronic (MDT) reported fiscal first-quarter net earnings of $675 million, or 59 cents a share, up 12.7% from $599 million, or 51 cents a share, in the year-ago period. Excluding restructuring, certain litigation and purchased in-process research and development charges, the company posted a profit of 62 cents a share versus 55 cents a share last year. The Minneapolis-based medical device maker said revenue for the three months ended July 27 rose 7.9% to $3.13 billion from $2.9 billion in the comparable period last year. Analysts polled by Thomson Financial were expecting, on average, a per-share profit of 62 cents on revenue of $3.17 billion.
Medtronic (MDT) also said a Food and Drug Administration advisory panel will review its pre-market approval application for its Endeavor drug-eluting coronary stent in October. The Minneapolis-based maker of implantable biomedical devices said the FDA will disclose the date and agenda four to six weeks before the meeting. Separately, Medtronic entered a pact with Johnson & Johnson (JNJ) unit LifeScan Inc., permitting it to exclusively distribute and co-market a new blood glucose meter in the U.S. Bayer Group's (BAY) unit Bayer HealthCare LLC will distribute the meter outside the U.S.
Nordstrom Inc. (JWN) said it has authorized a $1.5 billion share buyback. The new repurchase program is expected to extend over the next 24 months, the Seattle-based retailer said.
Roche Group AG's (RHHBY) offer to acquire Ventana Medical Systems Inc.'s (VMSI) offer was extended to Sept. 20 from Aug. 23. Roche made the tender offer to buy all of the shares of the Tucson, Ariz., maker of instrument and reagent systems for $75 a share. In July, Ventana's board rejected the offer as inadequate.