Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Moody's downgrades Seacor sr notes, upgrades Seabulk's -- Moody's Investors Service downgraded the ratings on Seacor Holdings Inc.'s (CKH) senior unsecured notes to Ba1 from Baa3 and upgraded the ratings on Seabulk International Inc.'s (SBLK) senior unsecured notes to Ba3 from B2. The moves follow the closing of Seacor's acquisition of Seabulk on July 1, the agency said. The outlook is stable. Moody's said the Seacor downgrade reflects the impact of the deal and continuing concerns about the company's business profile and its financial performance. The Seabulk ratings upgrade reflects the effects of being acquired by an entity with a higher rating, Moody's said.
DG Systems sees 2Q rev $14.8M-$15M -- DG Systems Inc. (DGIT) sees second-quarter consolidated revenue of about $14.8 million to $15 million, compared with $14.9 million in the year-ago period. The company, which provides digital media distribution services to the advertising and broadcast industries, also expects to record one-time restructuring expenses of about $400,000 related to acquisitions it completed in the last 12 months and its abandonment of real estate leases in New York.
Independence Air reports June, quarterly traffic-- FLYi Inc. (FLYI) said that traffic for Independence Air came in at 332.2 million revenue passenger miles in June. Load factor for the month was 76.2%. For the second quarter, traffic was 898.6 million miles and load factor was 72.6%, FLYi said.
Republic Airways posts 43.9% rise in June traffic -- Republic Airways Holdings Inc. (RJET) reported a 43.9% rise in June traffic, to 391.4 million revenue passenger miles. Load factor, or the percentage of a plane filled with passengers, edged up 0.7 points to 72.9% compared with 72.2% in June of 2004, the parent company of Chautauqua Airlines and Shuttle America said.
GoAmerica, Hands On agree to merge -- GoAmerica Inc. (GOAM) said it and video relay and interpreter services provider Hands On have agreed to merge. Hands On shareholders will receive an amount of GoAmerica shares approximately equal to the number of GoAmerica shares outstanding immediately before the transaction closes. GoAmerica currently has about 2.1 million shares outstanding. The deal is expected to close during the fourth quarter.
UBS boosts Intel's second-quarter financial targets -- UBS raised its second-quarter estimates on Intel Corp. (INTC) , citing strong sales of laptop chips. UBS boosted its forecast to 33 cents a share on sales of $9.3 billion, up from its prior estimate of 32 cents a share on sales of $9.2 billion. Intel, the world's largest chipmaker, reports earnings July 19.
BioMarin Pharma gain on revised revenue view, job cuts -- Shares of BioMarin Pharmaceuticals Inc. (BMRN) buoyed by a higher 2005 sales forecast for one of its key products and planned job cuts that will reduce operating costs. The Novato, Calif. company said it now expects sales of Aldurazyme, its treatment for mucopolysaccharidosis, in the range of $70 million to $75 million, up from a prior estimate of sales between $60 million and $66 million. BioMarin also offered an initial sales outlook for its recently-approved drug, Naglazyme. It says it expects the enzyme replacement therapy to show sales in the range of $4 million to $6 million in 2005. Biomarin also announced it would be cutting 58 jobs due largely to falling sales of its Orapred range of asthma products on increased generic competition. The move, said the company, would lower operating expenses by around $3 million in 2005, and by around $9 million on an annualized basis. Biomarin said it now expects Orapred sales of $8 million to $10 million, down from a prior forecast of $15 million to $20 million.
The services side of the U.S. economy continued to grow robustly in June, the Institute for Supply Management reported. The ISM's nonmanufacturing index rose to 62.2% in June from 58.5% in May. Economists expected the index to slip to 58.4%. The new orders index slipped to 59.5% in June from 59.7% in May. The employment index rose to 57.4% from 53.4% in May. The prices paid index rose to 59.9% in June from 57.9% in May. The export index plunged to 50% from 62%. Readings over 50% indicate expansion.
U.S. layoffs surge to 17-month high, Challenger says - The U.S. auto and retail sectors slashed tens of thousands of jobs in June, bringing the number of planned job cuts to 110,996, the highest in 17 months, according to outplacement firm Challenger Gray & Christmas Inc. Corporate announcements of job reductions increased 35% from May's 82,282, and were up 73% from June 2004's 64,343, Challenger said Wednesday. Cuts are up 92% since April. So far in 2005, planned job reductions are up 14% year-to-date to 538,274. The automotive sector announced 45,378 job cuts in June, while the retail sector axed 24,065.
America's Car-Mart quarterly income falls 7% -- America's Car-Mart Inc. said fourth-quarter profit fell 7% to $4.3 million, or 36 cents a share, compared with last year's profit of $4.6 million, or 39 cents a share. Total revenues rose 16% to $55.2 million compared with $47.7 million a year ago. The company said earnings declined on $700,000 in costs related to regulatory compliance. The car retailer said that it expects sales and earnings to grow in a range of 10% to 14% to $1.63 to $1.70 a share in the 2006 fiscal year.
Regis upgraded on improved retail outlook -- Regis Corp. (RGS) was upgraded to aggressive buy from buy at KeyBanc Capital Markets on the belief that Wal-Mart's raised same-store sales outlook for June is evidence that the overall retail environment is improving. Analyst Jeffrey Stein also said he was more positive about the hair salon operator's long-term growth prospects after a meeting with management. Stein raised his stock price target to $50 from $46. He feels accelerated growth at of Regis' newer higher margin businesses will raise shareholder returns.
Fidelity National Title Group, Inc. to list on NYSE-- Fidelity National Title Group (FNT) on Wednseday filed to list its stock on the New York Stock Exchange. A ticker symbol for the unit of Fidelity National Financial (FNF) has yet to be determined. Fidelity National said in May that it would offer a stake in its title insurance firm to its shareholders. On Wednesday, the company said its shareholders will receive 0.175 shares of FNT Class A Common Stock for each share of Fidelity National Financial later in 2005. A specific date has yet to be determined. The proposed maximum offering amount in the deal is $475 million, according to a filing with regulators.
Report: Halliburton wins nearly $5B in Iraq work orders-- Halliburton Co. (HAL) has been awarded work orders totaling $4.97 billion to provide logistics support for U.S. Army forces in Iraq, the Washington Post reported. The new award amounts to $1 billion more than what the Army paid for similar services the previous year, the newspaper said. With this latest deal, Halliburton will continue to supply May 2006 food, sanitation, laundry and other logistical services for the troops as they battle the Iraq insurgency more than two years after Saddam Hussein was toppled from power. Under the Army's previous order for logistics support, Halliburton was paid $6.3 billion for work during the first two years of the occupation, according to the Post. Last week, the Pentagon confirmed that defense auditors have questioned more than $1 billion of the bills that Halliburton has submitted for work in Iraq.
Ukbetting 1H sales gain, on track for fiscal year-- Online gaming company Ukbetting PLC said sales for the first half rose 30%, with gaming division sales up 37% and the the gross win margin improving to 11% from 9.9%. Poker and casino revenues in particular increased by 106%. Ukbetting said it had an average customer growth rate of 7,200 customer registrations a month. It said that 59% of Ukbetting's gaming customers came from within the group's network of sites, and the frequency that Ukbetting customers bet increased by 15% over the period. Ukbetting said it was on track to reach 2005 market expectations, assuming normalized sports betting margins in the second half.
Peugeot sees '05 moderate sales growth, 1H sales up -- French carmaker Peugeot SA said it continues to expect moderate sales growth in 2005 after posting a first-half sales increase of 0.6% to 1.75 million units. Demand rose 5.6% in France, with new car registrations up by 3.9% to 431,000. Peugeot said registrations in Western Europe declined 2.3% to 1.29 million units in a stable market. The carmaker said demand in Central and Eastern Europe declined, as expected, from the high levels seen in first half of 2004, when it said residents in Central European countries bought vehicles in anticipation of price rises upon joining the European Union.
ABN Amro buys celebrity rehab clinic Priory Group -- Dutch bank ABN Amro Holding NV (ABN) said it has agreed to buy mental healthcare company Priory Group from private equity firm Doughty Hanson & Co. for 1.29 billion euros. The Priory rehab clinic is well-known for treating celebrities for drug and alcohol addiction, but the group also owns pyschiatric hospitals and schools. "Priory Group has a very stable business model as well as strong growth prospects and we look forward to partnering with the company to support its ambitions," ABN said. Doughty Hanson bought the company for nearly 300 million pounds in 2002.
Renault first-half sales rise 3.6%, sees stronger 2H -- Renault SA said first half sales rose 3.6% to 1.35 million vehicles, as sales in Eastern Europe, Russia, Latin America and Africa and the Middle East offset a decline of 0.8% in Western Europe. The French automaker said it had a 10.8% market share for passenger cars and light commercial vehicles in Western Europe. Renault sees second-half sales accelerating, due to the launch of Clio III in September and expanded market presence for the Logan in Western Europe, Russia and Africa. Renault said the first half met its objectives of maximizing operating margin on the European market through a selective commercial policy; maintaining Western European market share at a level comparable to that of 2004; and increasing sales volumes on markets outside Europe.
BP sees flat Q2 production, better margins -- Oil giant BP PLC (BP) said second-quarter production is expected to be broadly flat vs. the first quarter, at 3.135 million barrels of oil equivalent a day outside of Russia and at 975,000 barrels of oil equivalent a day for its share of the TNK-BP joint venture. It said liquids and gas realizations increased in line with marker prices, and said its global indicator margin rose to $8.42 a barrel from $8.28 a barrel. Actual margins won't be quite as high as the indicator margin suggests due to the narrowing of heavy/sour crude discounts, BP added. BP will take a quarterly charge for its "other businesses and corporate" of between $175 million and $275 million, in line with guidance, will take a $500 million charge on marking to market embedded derivatives and will take a charge from the explosion and fire at the BP Texas City refinery in March.
Workers strike Placer Dome's Zaldivar mine in Chile -- Placer Dome Inc. (PDG) said unionized workers at its Zaldivar copper mine in Chile have commenced strike action. Mine management and the union representing mine employees have been negotiating a renewal to the existing labor contract, without success. The effect of the strike on total production cannot be determined at this time, the company said. The Zaldivar mine was forecast to produce about 330 million pounds of copper cathode from its heap leach SX-EW operations this year.
Telefonica downgraded to equalweight by Lehman -- Telefonica (TEF) was downgraded to equalweight by Lehman Bros due to valuation, which it says doesn't sufficiently reflect risks from Xfera and Latin America. Telefonica shares slid 0.2% in Madrid. Deutsche Telekom (DT) is now Lehman's top European telecom pick, as its expects its improving financial momentum to close the valuation gap relative to the sector.
New Siemens CEO warns managers, workers: -- Klaus Kleinfeld, the new chief executive of Siemens AG (SI) has warned that managers of divisions performing poorly and warned its German workforce that they may lose their jobs if they can't demonstrate high productivity. "Wages [in Germany] will be a reflection of 'value-added' capabilities: if you want to earn a lot, you have to add a lot of value," Kleinfeld said. About 40% of the conglomerate's workforce is in Germany. He's looking to push operating margins to 9% from the over 5% it's at now, the report said.
Ryan's Restaurant Group 2Q, June same-store sales fall -- Ryan's Restaurant Group (RYAN) said second-quarter same-store sales ending June 29 fell 4%. June same-store sales fell 4.3%. Sales in the second quarter totaled $215.5 million and June sales totaled $66.7 million.
ExpressJet June traffic rises 18.5% -- ExpressJet Holdings Inc. (XJT) said after Friday's closing bell that its June traffic rose 18.5% to 806.3 million revenue passenger miles. Load factor, or the percentage of a plane filled with passengers, edged down 0.3% to 76.7% over the same month last year.
Mitsubishi June U.S. retail sales rise 2%-- Mitsubishi Motors North America posted June U.S. sales of 10,621 with retail sales adding 2%, marking the first time in almost three years that sales have risen year-over-year. The Mitsubish Galant sedan sold the most units at 2,476 while the Eclipse coupe turned in sales gains of 35% from last month.
Koor to restate FY02, FY03; sees losses increasing -- Koor Industries Ltd. (KOR) said it will restate its results for fiscal years 2002 and 2003 because certain items were incorrectly recorded at its Makhteshim-Agan Industries Ltd. subsidiary under U.S. Generally Accepted Accounting Principles. The investment holding company expects its fiscal 2002 and fiscal 2003 losses to increase by $200,000 and $2.4 million, respectively. It also sees a decrease in shareholders' equity for 2002 and 2003 of $17.1 million and $19.5 million, respectively. Koor said certain items that were recorded as capitalized costs should have been recorded as expenses, and some items related to deferred taxes were incorrectly computed. A restatement won't be made for Israeli GAAP purposes.
Airgas regional cos, op units to ups prices 10%-20% -- Airgas Inc. (ARG) said its regional companies and operating units will increase prices on packaged and bulk argon products by 10% to 20%, effective today. Airgas cited higher product costs from gas suppliers, a tightening argon supply across the country and continued high demand for argon among the company's customer base as reasons for the price hike
Walt Disney Co. (DIS)said it and dissident shareholders Roy Disney and Stanley Gold have agreed to "put aside the differences that have characterized their relationship over the past several years." Roy Disney -- nephew of founder Walt -- and Gold have agreed not to run a rival slate of directors or submit any shareholder resolutions for the next five years.
Able Labs gets FDA observations list, mulls bankruptcy (ABRX) -- Able Laboratories Inc. (ABRX) said it has received a list of "inspectional observations" from the Food and Drug Administration related to the recent recall of its products and suspension of its manufacturing operations. The company said it will keep working with the agency to try and resolve the regulatory issues but can offer no timetable as to if or when it will do so, nor if or when it will be able to resume operations. Able Labs said it is evaluating all potential strategic options, including filing for bankruptcy.
Able Labs gets inspectional observations list from FDA
Able Labs: FDA list related to recalls, ops supsension
Able Labs to keep working w/ FDA to resolve reg issues
Able Labs is considering bankruptcy
Subaru June U.S. sales jump 11% to 17,946 vehicles -- Subaru of America said June U.S. sales jumped 11% to 17,946 cars and trucks. The all-new B9 Tribeca SUV sold 1,540 units in its first full month on the market. The sporty Impreza line posted a surge of 13% from a year ago to 2,971 cars.
BofA strategist sees outperformance in large-cap growth -- Banc of America equity strategist Tom McManus in a note sent to clients Tuesday said it appears that U.S. large, high-quality growth stocks currently offer better long-term value than smaller value companies. Small-cap value stocks have outperformed since the bursting of the technology bubble in 2000 and have attracted large amounts of investor cash, McManus said.
Warnaco Group Inc. reports in-line (WRNC) 23.23 :Reports Q1 (Mar) earnings of $0.63 per share, in line with the Reuters Estimates consensus of $0.63; revenues rose 11.8% year/year to $439.5 mln vs the $430.7 mln consensus.
Medarex reports $0.10 better than consensus, ex-items (MEDX):Reports Q1 (Mar) loss of $0.25 per share, excluding a $0.19 non-cash impairment charge, $0.10 better than the Reuters Estimates consensus of ($0.35); revenues rose 340.9% year/year to $8.5 mln vs the $5.3 mln consensus.
Greenfield Online beats by $0.02; issues revenue guidance (SRVY) Reports Q1 (Mar) earnings of $0.11 per share, $0.02 better than the Reuters Estimates consensus of $0.09; revenues rose 77.9% to $15.3 mln vs $15.4 mln consensus. Co issues upside guidance for Q2 (Jun), sees Q2 (Jun) revs of 25.0-26.5 vs. $25.09 mln consensus. Co issues upside guidance for FY05 (Dec), sees FY05 (Dec) revs of 102-108 vs. $102.19 mln consensus. "With only 15 percent of the global market opportunity estimated as having converted to the Internet by the end of 2004, we believe we have a vast growth opportunity ahead of us. We now have the foundation in place capable of offering a one-stop shop for online survey solutions and capable of supporting anticipated customer growth worldwide. In the first quarter of 2005, revenue from our Non-Top 20 customers grew by 188% over the prior year and the number of Non-Top 20 customers grew by 92%. We expect to build on our momentum in the second quarter and beyond."
Nektar Therapeutics misses by $0.02 (NKTR) Reports Q1 (Mar) loss of $0.31 per share, $0.02 worse than the Reuters Estimates consensus of ($0.29); revenues rose 10.3% year/year to $28.5 mln vs the $28.4 mln consensus.
Inamed Corp beats by a penny (IMDC)Reports Q1 (Mar) earnings of $0.52 per share, excluding non-recurring items, $0.01 better than the Reuters Estimates consensus of $0.51; revenues rose 15.9% year/year to $105.2 mln vs the $103.8 mln consensus.
ScanSoft beats by 2 cents, acquires Nuance for $221 mln (SSFT) :Reports Q1 (Mar) earnings of $0.03 per share, $0.02 better than the Reuters Estimates consensus of $0.01; revenues rose 24.1% year/year to $53.1 mln vs the $49.9 mln consensus. Co also announces that it will acquire all of the outstanding common stock of Nuance (NUAN). Under the terms of the agreement, SSFT will issue approx 28 mln shares of its common stock to NUAN shareholders, who will receive 0.77 shares of SSFT common stock for each share of NUAN common stock that they own. Additionally, each NUAN shareholder will receive $2.20 of cash per share of NUAN common stock owned. The transaction is valued at approx $221 mln, or $122 mln net of NUAN's cash and equivalents of $98.7 mln.
Exelixis reports in-line, ex-items (EXEL) 7.58 :Reports Q1 (Mar) loss of $0.36 per share, excluding non-recurring items, in line with the Reuters Estimates consensus of ($0.36); revenues rose 8.2% year/year to $12.9 mln vs the $16.7 mln consensus.
I.D. Systems misses by $0.03 (IDSY) 10.18 -0.10:Reports Q1 (Mar) loss of $0.08 per share, $0.03 worse than the Reuters Estimates consensus of -$0.05; revenues rose 12% year/year to $3.0 mln vs the $3.0 mln consensus.
priceline(dot)com beats by $0.01; guides Q2 and Y05 in-line (PCLN) :Reports Q1 (Mar) earnings of $0.21 per share, $0.01 better than the Reuters Estimates consensus of $0.20; revenues rose 4.1% year/year to $233.4 mln vs the $240.1 mln consensus. Co issues in-line guidance for Q2, sees EPS of $0.34-0.40 vs. $0.38 consensus; co issues in-line guidance for FY05, sees EPS of $1.20 vs. $1.20 consensus.
Integral Systems reports Q2 results (ISYS) 20.59 -0.11:Reports Q2 (Mar) earnings of $0.20 per share vs $0.17 single analyst estimate; reports revenues of $23.3 mln vs the $22.6 mln single analyst estimate. "Originally we had expected full fiscal year 2005 results to be about comparable to those reported for fiscal year 2004 in its entirety...Through the first six months, we are clearly doing better than last year, even without RAIDRS. On the other hand, the RAIDRS funding profile this year will only provide a modest boost to our top line, and our fourth quarter last fiscal year was our best ever. So the overall change is not material enough to revise our guidance for the year. But we do look forward to a nice RAIDRS boost in 2006."