CompuCredit (CCRT) is down 0.84 to 7.95 after Federal regulators are expected to seek more than $100 million in fines and restitutions against CCRT and affiliate banks related to credit-card-marketing and debt-collection practices, people familiar with the matter said: WSJ.
Lehman Brothers Holdings (LEH) is down 1.88 to 27.60 after Credit Suisse downgrades to neutral from outperform. Yesterday company forecast second quarter net loss of about $2.8 billion, or a loss of $5.14 per share vs. $2.21 in year ago in the second quarter.
Pinnacle Airlines (PNCL) says its Pinnacle Airlines Inc. unit has been notified by Delta Air Lines (DAL) of its intent to terminate Pinnacle's contract as a Delta Connection carrier, effective July 31.
Texas Instruments (TXN) sees second quarter EPS of $0.43-$0.47 on total revenue of $3.33-$3.46 billion, compared with prior ranges of $0.42-$0.48 EPS on total revenue of $3.24-$3.50 billion. It sees semiconductor revenue of $3.17-$3.28 billion, compared with prior range of $3.08-$3.32 billion. The chip maker reportedly says wireless handset sales were "unseasonably weak." S&P maintains hold.
Tracinda Corp. announces that preliminary results of its cash tender offer for up to 20 million Ford Motor (F) shares, which expired at 5:00 p.m. ET, on June 9, yielded, subject to final verification, about 1.02 billion shares, including about 240.5 million shares tendered by notices of guaranteed delivery. Tracinda will purchase 20 million shares in the tender offer at $8.50 per share, for a total purchase price of $170 million. Because number of shares Tendered exceeded number of shares Tracinda offered to purchase, resulting estimated proration factor is about 1.97% of the shares tendered.
AT&T (T): S&P Equity Research's Todd Rosenbluth says that after AT&T's call to discuss the impact of the new iPhone, S&P now believes that subsidized handset costs and commissions will limit operating margin expansion. S&P trims estimates, target price.
ArvinMeritor (ARM) is up 1.08 to 15.90 after Goldman reportedly upgrades to buy from neutral, adds to Conviction Buy List.
Cedar Fair, L.P. (FUN) says that attendance and revenues at its parks through June 1, 2008 were relatively unchanged to the same period a year ago. Notes, historically, results through May represent approximately 15% of the company's full-year revenues. Says with about 85%of annual attendance and revenues at seasonal parks still to come, it is still too early to draw any conclusions about full-year results. Says it remains confident that its 2008 attendance and revenue goal of its properties are well within reach.
United Rentals (URI) board approves a "modified Dutch auction" tender offer in which co. plans to offer to buy up to 27.16 million shares of its common stock at a price not less than $22.00 nor greater than $25.00 per share.
Pep Boys-Manny, Moe & Jack (PBY) posts $0.10, vs. $0.06, first quarter EPS from continuing operations despite 5.6% lower same-store sales.
Constellation Brands (STZ) says it has sold certain U.S. wine assets to Eight Estates Fine Wines for $209 million in cash, and could get up to additionall $25 million in payments if certain objectives are achieved by buyer. As a result of deal, co. to take pretax loss of about $0.08 per share, is expected to be neutral to fiscal year 2009 EPS on ongoing reported basis.
Incyte (