American International Group (AIG) posts $1.41 first quarter adjusted net loss per share, vs. $1.68 EPS a year ago, on flat net premiums written. It plans to raise about $12.5 billion in capital. S&P maintains hold.
Citigroup (C) will announce plans to sell roughly $400 billion of non-core assets when it meets investors and analysts today, according to newswire report.
Priceline.com (PCLN) posts $0.37 first quarter GAAP EPS, vs. $0.44 loss (including one-time litigation expense), on 34% revenue rise. It sees second quarter revenue up 35%-40%, GAAP EPS of $0.80-$0.95. Sees $3.50-$3.90 2008 GAAP EPS. Piper Jaffray reiterates PCLN as Top eCommerce Pick, raises target price to $175.
In a response letter from Blockbuster (BBI) regarding the company's concerns about BBI's ability to finance its buyout proposal of Circuit City Stores (CC), BBI attached a letter from Carl Icahn, its largest shareholder, stating that, subject to him being satisfied with his due diligence review of CC, he and/or entities affiliated with him stand ready to buy CC if BBI were unable to receive financing or required shareholder approval. CC retains Goldman Sachs to explore alternatives.
Clear Channel Communications (CCU) posts $0.32, vs. $0.19, first quarter EPS from continuing operations on 3.9% revenue rise.
Activision (ATVI ) posts $0.14 fourth quarter EPS, vs. $0.05 loss a year ago, on 93% revenue rise. For fiscal year 2009, on stand-alone basis, (not including Vivendi Games), it sees net revenues of $2.75 billion and EPS of $0.72.
RealNetworks (RNWK) posts $0.02, vs. $0.22 EPS, first quarter EPS despite 14% revenue rise. Notes first quarter of 2008 includes final payment of $61 million related to antitrust settlement, commercial deals with Microsoft (MSFT). Sees $0.04 second quarter GAAP loss to breakeven, $0.05 GAAP loss to breakeven for 2008. RNWK to separate its global casual games business into independent company, distribute shares of newly created company to shareholders. Sets additional $50 million stock buyback. S&P reiterates hold.
WSJ, citing people "familiar with the matter," reports that Harris Corp. (HRS) is considering its strategic options, which may include a sale of the company. The article noted that the Melbourne, Fla.-based electronics and defense company is still early in the process and may decide against a sale. S&P maintains buy.
Solera Holdings (SLH) posts $0.32, vs. $0.31, third quarter non-GAAP EPS on 13% revenue rise. Raises $515-$520 million 2008 revenue guidance to $530-$532 million and $15-$20 million net income to $21-$25 million.
Leap Wireless International (LEAP) posts $0.27 loss per share, vs. $0.36 loss, on 19% revenue rise. Says total adjusted OIBDA is expected to grow at a compound annual growth rate of 30%-40% from 2007 through 2010.
Quest Software (QSFT) posts better-than expected $0.21, vs. $0.25, first quarter non-GAAP EPS despite 15% revenue rise. Sees 2008 revenue of $705-$720 million and non-GAAP operating margin of 17.5%-18.5%.
Nvidia (NVDA) posts lower-than-expected $0.30, vs. $0.22, first quarter GAAP EPS on 37% revenue rise. Posts $0.36 non-GAAP EPS. The Street was looking for $0.38.
Loews Corp. (LTR) offers its stockholders to exchange, on a tax-free basis, shares of LTR for shares of Lorillard, Inc. held by LTR. The offer will expire at 12:00 midnight, June 9, 2008 unless extended. LTR shareholders will receive 0.70 Lorillard share for each LTR share. Also said on June 10, 2008 it will distribute 62% of Lorillard's shares in redemption of all of outstanding shares of Carolina Group (CG) in accordance with LTR's Restated Certificate of Incorporation. CG Holders will receive one Lorillard share for each share of CG share held.