SAN FRANCISCO – Among the companies whose shares are expected to see active trading in Wednesday's session are Best Buy Co., Micron Technology Inc., Monsanto Co. and Research In Motion Ltd.
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Acuity Brands Inc. (AYI) is expected to report second-quarter earnings of 49 cents a share, according to a survey of analysts by Thomson Financial.
Best Buy (BBY) is expected to post earnings of $1.52 a share for the fourth quarter.
Blyth Inc. (BTH) is expected to report fourth-quarter earnings of 60 cents a share.
Circuit City Stores Inc. (CC) is expected to post earnings of 63 cents a share for the fourth quarter.
Healthways Inc. (HWAY) is expected to report second-quarter earnings of 30 cents a share.
Micron Technology (MU) is expected to post a loss of a penny a share for the second quarter.
Monsanto (MON) is expected to report second-quarter earnings of 94 cents a share.
MSC Industrial Direct (MSM) is expected to post earnings of 61 cents a share for the second quarter.
Research In Motion (RIMM) (RIM) is expected to report fourth-quarter earnings of 99 cents a share.
After Tuesday's closing bell, Marshall & Ilsley Corp. said it's splitting into two companies with financial help from private-equity firm Warburg Pincus.
Alliant Techsystems Inc. (ATK) late Tuesday said it has agreed to acquire satellite components and subsystems provider Swales Aerospace. Financial terms weren't disclosed. The Minneapolis-based advanced weapon and space systems company said the transaction is subject to antitrust and shareholder approvals. Alliant said it expects to realize more than $100 million in additional revenue in 2008 on the deal.
Bob Evans Farms Inc. (BOBE) said that March same-store sales at Bob Evans Restaurants rose 1.2 percent from the comparable period last year. Mimi's Cafe same-store sales for fell 0.2 percent in March, the company said. Bob Evans Farms is based in Columbus, Ohio.
CKE Restaurants Inc. (CKR) agreed to repurchase 4.07 million shares of its common stock, or about 6.1 percent of its total outstanding shares, from Pirate Capital LLC for $18.97 a share. CKE, which owns and operates Carl's Jr., Hardee's and La Salsa Fresh Mexican Grill restaurant brands, said the purchase price is based on Monday's closing price. The deal is expected to close Thursday.
CryoCor Inc. (CRYO) said its annual report on Form 10-K included an audit opinion with a "going concern" qualification. A going-concern qualification is a statement from the company's independent registered public accounting firm expressing substantial doubt, based upon current financial resources, whether the company can continue to meet obligations over the next year. The San Diego-based medical device company said in the report that it has sufficient working capital to fund its operations until December 2007 and to pay off its existing debt, and that additional capital would be needed to fund operations into 2008.
Exfo Electro-Optical Engineering Inc. (EXFO) (EXF) reported fiscal second-quarter net earnings of $2.68 million, or 4 cents a share, up 97 percent from $1.37 million, or 2 cents a share, in the year-ago period. Revenue at the Quebec City-based maker of test and measurement products for the telecommunications industry rose 17.1 percent to $35.2 million from $30.1 million. Exfo forecast earnings of 3 cents to 6 cents a share on revenue of $36 million to $39 million.
GlaxoSmithKline Plc's (GSK) Trexima migraine headache treatment proved superior to alternate treatments in two studies of more than 2,900 patients. Glaxo, which is developing Trexima with Pozen Inc. (POZN) , said results of the studies are part of a New Drug Application under review by the Food and Drug Administration.
GOL Linhas Aereas Inteligentes (GOL) said passenger traffic in March rose 42.9 percent from last year, as capacity rose 59.2 percent. Load factor, or the percentage of a plane filled with passengers, fell 7 percentage points from last year to 61.8 percent, the Brazil-based airline said.
Icagen Inc. (ICGN) said it has ended its Phase III Assert trial of senicapoc, a treatment for sickle cell disease in adults, based on a recommendation of the independent Data Monitoring Committee. The DMC said data from the trial indicated there was "low probability of achieving a reduction in crisis rate, the primary endpoint," the Research Triangle Park, N.C.-based biopharmaceutical company said. There were no statistically significant differences in safety measurements between the senicapoc and placebo treatment groups, according to the data, the company noted. Icagen said it has informed the Food and Drug Administration of its plan to end the study. The company also said it will consider future options for the development of senicapoc.
Leggett & Platt Inc. (LEG) will sell its Prime Foam operations to Comfort Co., a unit of privately held Catterton Partners, for an undisclosed amount. The Carthage, Mo., company said its prime foam operations had 2006 annual revenue of about $200 million. Leggett & Platt said the sale is consistent with its previously stated intention to actively manage its business. Leggett & Platt, which had 2006 revenue of $5.51 billion, said the sale, which is the largest in the company's history, will generate a pretax gain of about 6 cents a share. However, the sale will cut full-year operating earnings by about 4 cents a share.
Oxford Industries Inc. (OXM) reported fiscal third-quarter net earnings of $9.74 million, or 54 cents a share, down 33 percent from $14.6 million, or 82 cents a share, in the year-ago period. The Atlanta-based apparel maker said revenue in the quarter ended March 2 fell 3.1 percent $266.6 million from $275.2 million in comparable period last year. Oxford expects fiscal fourth-quarter earnings from continuing operations of $1.07 to $1.14 to a share, or $1.00 to $1.07 excluding a gain on the sale of real property. Oxford had previously forecast earnings from continuing operations of $1.17 to $1.25 a share. The company now expects fourth-quarter revenue of $285 million to $295 million, compared with its previous forecast of $295 million to $305 million. Analysts are expecting per-share earnings of $1.21 a share on revenue of $301 million.
Pacer International Inc. (PACR) said it now expects 2007 per-share earnings of $1.50 to $1.60, based on lower-than-forecasted revenue growth for the first quarter. Analysts polled by Thomson Financial are currently estimating 2007 earnings of $1.98 a share on revenue of $1.99 billion. The Concord, Calif.-based provider of third-party logistics and freight transportation also said that it has authorized the purchase of up to an additional $100 million of its common shares. Pacer said it plans to consolidate some of its operations, reduce the number of employees and invest in information technology systems. These and other initiatives could result in restructuring charges and increased expenses during 2007 and lower per-share earnings for the year, the company said. Pacer said it expects to reduce ongoing costs by about $10 million annually through its consolidation efforts.
Parker Hannifin Corp. (PH) acquired Rayco Technologies, an Asian elastomer and seal technology company serving electronics and medical markets. Financial terms weren't disclosed. Parker Hannifin, Cleveland, said Rayco's 2006 revenue was about $26 million and the deal will boost earnings in the first full year of operations.
Robbins & Myers Inc. (RBN) reported second-quarter net earnings of $7.93 million, or 46 cents a share, up from $1.2 million, or 8 cents a share, during the year-ago period. The Dayton, Ohio-based industrial-equipment maker posted revenue of $162.5 million vs. $150 million. Analysts polled by Thomson Financial had estimated second-quarter earnings of 47 cents a share. Robbins & Myers said it attributed the increase in earnings to strong sales growth and improvements in its cost structure. The company also raised its fiscal 2007 forecast on the strength of its backlog and continued favorable outlook. Robbins & Myers said it now expects fiscal 2007 per-share earnings of $2.20 to $2.40, up from its previous range of $2.10 to $2.30. Third-quarter earnings are expected to be from 52 cents to 62 cents a share, the company said.
RedEnvelope Inc. (REDE) said that President and Chief Executive Ken Constable has resigned to pursue other business opportunities. The San Francisco-based online retailer said that John Pound, previously chairman, has been named executive chairman, and will assume day-to-day leadership duties.
Saks Inc. (SKS) said Michael Archbold, executive vice president, chief financial and administrative officer of Saks Fifth Avenue, will resign effective April 13 to become CFO and chief operating officer of the Vitamin Shoppe. Archbold was slated to become CFO of Saks Inc. on May 4. New York-based Saks said it will not fill Archbold's position.
Starbucks Corp. (SBUX) named Peter Bocian executive vice president and chief financial officer designate, effective May 14. The Seattle coffee retailer said Bocian most recently served as senior vice president and chief financial officer of NCR Corp. (NCR) . Bocian, 52 years old, replaces Michael Casey, who will transition into a senior advisory role, the company said.
UAL Corp.'s United Airlines (UAUA) said traffic in March rose 1.6 percent compared with the year-ago period. Capacity increased 0.5 percent vs. last year, while load factor rose 1 percentage point to 85 percent, the Chicago-based carrier said.
U.S. Trust Chief Executive Peter Scaturro is expected to step down this summer due to a series of disagreements with Bank of America Corp. (BAC) , according to a media report Thursday. Bank of America, which agreed in November to acquire U.S. Trust from Charles Schwab & Co. (SCHW) for $3.3 billion, confirmed Scaturro's exit in a statement, The Wall Street Journal reported. According to the report, sources said Scaturro has clashed with Bank of America executives over how the private-banking operation should be run.
Xerox Corp. (XRX) named Ursula M. Burns president. The Stamford, Conn., company also elected Burns to its board. She will report to Chairman and Chief Executive Anne M. Mulcahy. Burns was previously Xerox's president of business group operations. She joined the company in 1980. A company spokesman said Burns fills a new position.
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