Countrywide Financial (CFC) shares are seen higher on reports that Bank of America's (BAC) 132 million share registration statement has been declared effective, and on report that CFC's credit spreads have tightened, both of which could lead to growing confidence acquisition of CFC by BAC will be consummated. In addition, yesterday BAC said CFC President David Sambol will retire after the BAC/CFC merger.
Google (GOOG) shares are seen higher on comScore press release, which reportedly showed that GOOG's monthly U.S. "paid clicks" rose 19.6% in April from a year ago.
Kosan Biosciences (KOSN) agrees to be acquired by Bristol-Myers Squibb for $5.50 per share in cash.
Elizabeth Arden (RDEN) says it and Liz Claiborne (LIZ) entered into exclusive long-term global licensing agreement for the manufacture, distribution and marketing of the Liz Claiborne fragrance brands. Expects this transaction to contribute to both net sales, EPS growth in fiscal year 2009, and to be accretive to EPS in the first half of fiscal year 2009. S&P maintains hold.
MasterCard (MA) says in an 8-k filing, forecasts long-term average annual net revenue growth between 12%-15% and average annual net income growth in the range of 20%-30%. The company also forecast operating margin improvement of 3%-5%. S&P raises price target, keeps buy
Expedia (EXPE) is up 1.56 to 24.31 after Stifel Nicolaus upgrades to buy from hold. Yesterday chairman Barry Diller reportedly dismissed earlier reports that he was considering taking the company private.
Infineon Technologies (IFX) says due to lower volumes in certain wireless platform projects, it is revising its outlook for its Communications Solution segment, now expects revenues in the third quarter to be about flat from the previous quarter. It says revised revenue outlook in combination with customization expenses associated with ramp of new platforms could will lead to a decline in EBIT excluding gains, charges from previous quarter.
Chico's FAS (CHS) falls after Citigroup downgrades to sell from hold. Yesterday the company posted $0.07, vs. $0.27, first quarter EPS on 18% lower same-store sales.
Weyerhaeuser (WY) says as part of its ongoing portfolio restructuring, it is exploring alternatives for its Westwood Shipping Line and four regional short line railroads.
Trump Enterainment Resorts (TRMP) agrees to sell its Trump Marina Hotel Casino in Atlantic City, N.J. to Coastal Marina, LLC, an affiliate of Coastal Development, LLC, for $316 million.
Tivo (TIVO) posts $0.04, vs. $0.01, first quarter EPS on slightly higher total revenue. Sees second quarter service and technology revenues in the range of $53-$55 million, a net loss of $2-$4 million, and adjusted EBITDA of $3-$5 million. S&P maintains hold.
Sears Holdings (SHLD) posts $0.43 first quarter loss per share, vs. $1.45 EPS a year ago, on 9.8% lower Sears Domestic same-store sales, 7.1% lower Kmart same-store sales drop, 8.6% lower total domestic same-store sales, 5.8% total revenue drop. The retailer notes difficult economic environment, intense competition for consumer business. It believes sales, gross margin for balance of fiscal year 2009 will likely continue to be pressured.
Costco Wholesale (COST) posts $0.