ETRADE FINANCIAL CORP. (ETFC)
Down 0.46 to 4.82
S&P Ratings announced that its B rating on EFTC and its BB- rating on E*TRADE Bank will remain on CreditWatch with negative implications, where they were placed on Nov. 13, 2007. Ratings said EFTC's transaction with Citadel Investment Group does not provide a full resolution for long-term stability to capital, liquidity, and franchise health. Earlier co. said it was to receive a $2.5B cash infusion from affiliates of Citadel; and that Mitchell Caplan stepped down as CEO, replaced by R. Jarrett Lilien as acting CEO. S&P Equity also reiterated hold.
SPRINT NEXTEL CORP. (S)
Up 0.44 to 15.20
Sprint Nextel rejected an offer by South Korea's SK Telecom and private equity firm Providence Equity Partners to invest $5 billion in the company and install former chairman Tim Donahue as CEO: WSJ.
SEARS HOLDINGS CORP. (SHLD)
Down 12.25 to 104.09
Posted one cent vs. $1.27 (incl. 42 cents in gains) third quarter EPS on 4.2% drop in Sears Domestic's same-store sales, 5.0% drop in Kmart's same-store sales, 3.3% total revenue drop. Notes $223M decline in gross margin, reflecting both sales declines, as well as overall decline in its gross margin rate for third quarter. S&P downgrades to sell from hold. Goldman cuts estimates, target; keeps neutral.
WELLCARE HEALTH PLANS, INC. (WCG)
Up 3.53 to 40.10
In 8-K filing, co. says it will provide Medicare Advantage preferred provider services in Georgia commencing Jan. 1, 2008 for a one-year period. Notes it also renewed its contract to provide stand-alone prescription drug plans under Medicare Part D on a nationwide basis. The renewal is for a period of one year ending on Dec. 31, 2008. S&P maintains hold.
ATWOOD OCEANICS, INC. (ATW)
Up 9.11 to 84.01
Posted $1.69 vs. 74 cents Q4 EPS on 49% revenue rise. S&P raises fiscal 08 EPS estimate, target price.
DEL MONTE FOODS CO. (DLM)
Down 0.72 to 9.00
Posted 13 cents vs. 12 cents second quarter EPS from cont. ops on 5.0% revenue rise. Sees 22 cents-$0.26 third quarter EPS from cont. ops. Cuts fiscal 08 EPS from cont. ops guidance to 64 cents-$0.68 from 70 cents-$0.74. Cites input costs (particularly fish, fats and oils, transportation, and resin-based packaging costs) which have continued to escalate to greater-than-anticipated levels.
VALUECLICK, INC. (VCLK)
Up 1.80 to 23.99
S&P believes stock up on an FTC announcement yesterday saying that the agency settled claims involving an online advertising firm that engaged in misleading lead-generation practices. Notes VCLK's lead-generation business has been adversely affected by a similar investigation. The company reiterates hold. Piper Jaffray reiterates buy.
CONN'S, INC. (CONN)
Down 1.79 to 17.74
Posted 17 cents vs. 30 cents third quarter EPS as non-cash decrease in the fair value of co.'s interests in securitized assets offset 6.8% same-store sales rise, 9% total revenue rise. Cuts fiscal 08 EPS guidance to $1.64-$1.74. Morgan Keegan maintains market perform.
PIPER JAFFRAY COMPANIES (PJC)
Down 4.42 to 45.31
Wachovia downgrades to market perform from outperform. the company unavailable.
DOLLAR TREE STORES, INC. (DLTR)
Up 1.59 to 28.47
Raymond James upgrades to strong buy from outperform, Friedman Billings upgrades outperform from market perform. Yesterday co. posted 38 cents vs. on 1.9% higher same-stores sales, 9.6% higher total sales.
ZOLTEK COMPANIES, INC. (ZOLT)
Up 7.19 to 44.89
Posted 6 cents third quarter loss vs. 89 cents loss on 83% sales rise.