BANK OF AMERICA CORP. BAC
The bank announces that about 7,500 jobs will be eliminated as part of the combination of BAC and COUNTRYWIDE FINANCIAL, which is expected to close on July 1.
MBIA (MBI), AMBAC FINANCIAL GROUP (ABK)
Fitch Ratings said it will withdraw its ratings on MBIA Inc., Ambac Financial Group Inc. and their bond-insurer units after the companies decided to block the rating agency access to nonpublic portfolio information.
RESEARCH IN MOTION LIMITED
RIMM
Posts $0.84 vs. $0.39 Q1 EPS on sharp revenue rise. Street was looking for $0.86. Sees Q2 revenue of $2.55B-$2.65B, EPS of $0.84-$0.89. Expects net subscriber account adds in Q2 to be about 2.6M. S&P, Needham maintain hold. JMP Securities downgrades to market perform from outperform.
CITIGROUP INC.
C
Goldman reportedly adds C to Conviction Sell List.
MERRILL LYNCH & CO., INC.
MER
Goldman reportedly cuts U.S. Brokerage group to neutral from attractive. Also, reportedly cuts estimates on MER and lowers target prices for MER, JPM.
GENERAL MOTORS CORP.
GM
Goldman reportedly adds GM to Conviction Sell List.
NIKE, INC.
NKE
Posts $0.98 vs. $0.86 Q4 EPS on 16% revenue rise. Notes changes in forex rates increased revenue growth by 7 percentage points for Q4. Reports worldwide futures orders for athletic footwear and apparel, scheduled for delivery from June 2008 through November 2008, totaling $8.8B, 11% higher than year ago period. US futures orders were flat. S&P maintains buy. Credit Suisse notes Q4 SG&A costs ballooned, but thinks fundamentals strong; sees weakness as buying opportunity.
RED HAT, INC.
RHT
Posts $0.18 vs. $0.16 Q1 non-GAAP EPS on 32% revenue rise. Thomas Weisel reportedly downgrades to market weight from overweight.
MATRIX SERVICE CO.
MTRX
Expects FY 09 revs of $800M-$850M, with strong operating results expected in both Construction Services and Repair and Maintenance Services segments, sees EPS of $1.35-$1.60.
GOOGLE INC.
GOOG
Announces that Patrick Pichette will be named Senior Vice President and CFO. Most recently, Mr. Pichette served as President of Operations at Bell Canada. S&P maintains hold on GOOG.
CONAGRA FOODS, INC.
CAG
Posts $0.41 vs. $0.39 Q4 EPS on 15% revenue rise. Sees Q1 FY 09 EPS from cont. ops of $0.26-$0.28, FY 09 EPS from cont. ops of $1.56-$1.59 (both excl. items impacting comparability).
LENNAR CORP.
LEN
Posts $0.76 Q2 loss vs. $1.55 loss as lower costs, expenses offset 61% revenue drop. Notes Q2 ‘08 results incl. $0.60 per share charge related to valuation adjustments, write-offs of option deposits, pre-acquisition costs.
POST PROPERTIES, INC.
PPS
Announces that after 5 months of actively pursuing a formal process to sell the Company, it has received no definitive acquisition proposals. All potential bidders have withdrawn from the sale process; as a result, PPS Board has brought the process to an end. Board reaffirms its commitment to “actively" pursue other strategies to enhance shareholder value.
BED BATH & BEYOND INC.
BBBY
Posts $0.30 vs. $0.38 Q1 EPS as higher SG&A offset slightly higher same-store sales rise, 6.1% higher total sales. Q1 EPS beat Street’s $0.27 estimate.
CANO PETROLEUM, INC.