Johnson & Johnson (JNJ) posts $1.26, vs. $0.88 a year ago, first quarter EPS on 7.7% sales rise. Says sales growth reflects strong performance of Remicade, Velcade, Risperdal Consta, and Concerta, while being negatively impacted by lower sales of Procrit and generic competition in certain markets for Risperdal, Duragesic and Aciphex/Pariet. Raises 2008 EPS guidance to $4.40-$4.45, excluding impact of any in-process R&D, development charges or other special items.
Northwest Airlines (NWA) agrees to merge with Delta Air Lines (DAL) in an all-stock transaction with a combined enterprise value of $17.7 billion. Terms: NWA holders to get 1.25 DAL shares for each NWA share held. The merger is subject to approval of DAL and NWA shareholders and regulatory approvals. It is expected that the regulatory approval review period will be completed later this year. S&P reiterates hold.
Crocs (CROX) cuts first quarter guidance to breakeven to $0.05 loss on revenue of about $195-$200 million, from $0.46 EPS on $225 million revenue. Cites "challenging" retail environment in the U.S. Now sees $1.54-$1.64 2008 EPS (including charge of about $0.16) on 15%-20% revenue rise. Sets additional 5 million share buyback. To close its Canadian manufacturing facility.
Novatel Wireless (NVTL) cuts $110 million first quarter revenue guidance to $91 million. Expects $0.13-$0.15 GAAP EPS, $0.16-$0.18 non-GAAP. Appoints chairman Peter V. Leparulo as CEO, effective immediately.
Affymetrix (AFFX) cuts $505-$525 million 2008 revenue guidance to $490-$510 million. It cites expected lower research spending by pharmaceutical and industrial customers. Sees first quarter revenue of about $170 million, including an intellectual property payment of $90 million received by AFFX in connection with a previously announced settlement of patent litigation. Bear Stearns downgrades to underperform from outperform.
Adtran (ADTN) posts $0.26, vs. $0.24, first quarter EPS on 9% higher sales. Says its board has authorized the repurchase of an additional 5 million shares.
Avnet (AVT) expects third quarter EPS, excluding restructuring, integration and other charges, to be $0.74-$0.76, well below management expectations. Sales are expected to be about $4.42 billion, towards low end of projections. Expects fourth quarter sales to be in $4.55-$4.75 billion range, EPS of between $0.79-$0.83, excluding items.
Equity Lifestyle Properties (ELS) posts $0.52, vs. $0.66, first quarter EPS despite a 5.8% rise in revenue. Notes its results reflected in part a net loss from home sales of about $300,000 in first quarter 2008, vs. net income from home sales of about $800,000 in first quarter 2007. Also posts $1.07 vs. $1.04 first quarter funds from operations (FFO) per share. Still sees $3.15-$3.30 '08 FFO.
Pinnacle Financial Partners (PNFP) posts $0.26, vs. $0.34 a year ago, first quarter EPS as more shares outstanding offset 62% revenue rise. Also reports a record $117 million in organic loan growth in first quarter 2008, which contributed to a higher provision for loan loss expense for first quarter 2008 vs. first quarter 2007.
Northern Trust (NTRS) posts $1.03, vs. $0.84, first quarter operating EPS on 39% higher consolidated revenue, driven by growth in trust, investment and other servicing fees, foreign exchange trading income, and net interest income.
Compuware (CPWR) sees $0.