Earning Plays

[3xBuBu]

Monday, June 2
Thornburg Mortgage delays reporting quarterly results(4:24 pm ET)
SAN FRANCISCO (MarketWatch) -- Thornburg Mortgage (TMA: news, chart, profile) said late Monday that it needs more time before reporting quarterly results and filing its quarterly report with regulators. The mortgage finance company said last month that it planned to report by June 2, but the firm is now planning to do so by June 12. The delay will impact other pending transactions the company is involved in, Thornburg explained. The company is also planning a reverse stock split to comply with New York Stock Exchange listing requirements. Thornburg shares fell 12% to 75 cents during after-hours trading on Monday.
Intrepid Potash net quintuples on 75% higher sales(6:18 am ET)
TEL AVIV (MarketWatch) -- Intrepid Potash Inc. (IPI: news, chart, profile) of Denver reported that first-quarter net income quintupled, with pricing and demand pushing the quarter's earnings higher than profit for all of 2007. "The potash industry is in the midst of an unprecedented demand driven-market, fueled by numerous drivers, including an ever-increasing demand for a more nutritious diet, especially for more protein, resulting from rising populations and growing GDP in developing countries," Chief Executive Officer Bob Jornayvaz said in a statement on Monday. Earnings reached $33.1 million from $6.4 million in the year-earlier period. Pro-forma per-share earnings were 27 cents against 5 cents. Sales rose 75% to $84.4 million from $48.2 million, the company, which is the successor entity to Intrepid Mining LLC, said. Intrepid Potash went public in April at $32 a share. The stock closed on Friday at $49.16.
Sunstone to buy up to 11% of stock, sells a hotel(2:01 am ET)
TEL AVIV (MarketWatch) -- Sunstone Hotel Investors Inc., (SHO: news, chart, profile) the San Clemente, Calif., hotel operator, said on Monday that it would buy back as much as 11% of its stock and sold a hotel at a 19% return on investment. Sunstone plans a modified Dutch auction tender offer for as many as 6.2 million of its shares at $18.65 to $21.15 apiece. The shares closed Friday at $19.25. The offer starts Monday and ends at midnight Eastern Time June 27. The company said it sold the 726-room Hyatt Regency Century Plaza to the Los Angeles real estate investor Next Century Associates LLC for $366.5 million. And Sunstone estimates adjusted funds from operations available to common-stock holders of 84 cents to 88 cents a share for the second quarter and $2.90 to $3.13 a share for the year.