Anheuser-Busch Companies (BUD) board unanimously rejected InBev NV's (INBVF) $46.35 billion ($65 per share) takeover bid, calling it "financially inadequate." Announces productivity plan. S&P believes InBev may be willing to go hostile, may not raise offer above $65 per share; keeps hold on BUD.
Palm (PALM) posts $0.22 fourth quarter non-GAAP loss, vs. $0.17 EPS a year ago, on 26% revenue decline. Fourth quarter adjusted EBITDA totaled negative $26.4 million. The company reportedly noted weaker sales of Treos with Microsoft's (MSFT) Windows Mobile operating systems. Reportedly says on its conference call that it expects revenue growth in the first quarter, but does not expect to be profitable.
Micron Technology (MU) posts $0.30 third quarter non-GAAP loss, vs. $0.29 loss a year ago, as narrowed gross margin offset 15% sales rise. S&P maintains buy.
KB Home (KBH) falls after the home builder posts $3.33 second quarter loss, vs. $2.26 loss from continuing operations, on 55% revenue drop. Notes housing gross margin fell to a negative 17.5% in the second quarter from negative 3.9% a year ago.
L.M. Ericsson Telephone's (ERIC) Sony Ericsson joint venture with Sony (SNE) says second quarter net sales and net income before taxes continue to be negatively affected by moderating demand of mid-to-high end mobile phones and delay of new products shipped. It sees second quarter net income before taxes at about break-even. S&P maintains hold.
CNBC Charles Gasparino says sources tell him there will likely be a new round of write-downs at Merrill Lynch (MER). Separately, Lehman reportedly widens loss estimates for MER.
Andersons (ANDE) sees better-than-expected 2008 EPS of $4.40-$4.80, up from the previous estimate of $3.65-$4.00 Says increased guidance primarily due to improved performance of the Plant Nutrient Group.
Celebrate Express (BDAY) agrees to be acquired by Liberty Medica for $31 million in cash, or $3.90 per Celebrate share.
AZZ Inc. (AZZ) posts $0.82, vs. $0.34 a year ago, first quarter EPS on 33% revenue rise. Sees 2009 revenues of $410-$425 million and EPS of $2.95-$3.05. Separately, inks asset purchase agreement with privately-held electrical equipment supplier Blenkhorn and Sawle Limited, headquartered in St. Catharines, Ontario, Canada, to acquire substantially all of its assets for about $14 millin in cash, plus assumption of certain current liabilities.
Finish Line (FINL) posts $0.02 first quarter EPS from continuing operations, vs. $0.05 loss, on 1.2% higher same-store sales, slightly higher total sales. Says consolidated merchandise inventories decreased 8% on a comparable per square foot basis.
Bidz.com (BIDZ) reaffirms previous guidance for second quarter and full-year 2008 results. Continues to sees $0.09-$0.11 second quarter EPS on revenue of $48-$50 million, $0.52-$0.55 2008 EPS on revenue of $225-$230 million. It says it is seeing very encouraging results from its newly launched Spanish-language version of its online auction site, Bidz.com.