JPMorgan Chase (JPM) says it has acquired all deposits, assets and certain liabilities of Washington Mutual's (WM) banking operaiions from Federal Deposit Insurance Corp. (FDIC) for about $1.9 billion. Excluded from the transaction are senior unsecured debt, subordinated debt and preferred stock of WM's banks. In conjunction with this acquisition, JPM will mark down acquired loan portfolio by about $31 billion. JPM says deal is expected to be immediately accretive to earnings and to add more than $0.50 per share in 2009.
Research in Motion Limited (RIMM) posts $0.86, vs. $0.50 a year ago, second quarter EPS on 88% revenue rise. It sees third quarter revenue of $2.95-$3.1 billion, with net subscriber account additions of about 2 million. Sees $0.89-$0.97 third quarter EPS, 47% gross margin. According to reports, third quarter consensus EPS view was $0.98.
Accenture (ACN) posts $0.67, vs. $0.50, fourth quarter EPS on 17% revenue rise. Boosts annual dividend to $0.50 per share from $0.42. Expects first quarter net revenue to be in the range of $6.15-$6.35 billion, which assumes a foreign-exchange impact of negative 1% to positive 1% compared with first quarter fiscal year 2008. For fiscal year 2009, sees $2.85-$2.93 EPS.
Finish Line (FINL) posts $0.24 second quarter EPS, vs. $0.04 loss, on 4.7% higher same-store sales, 3.9% higher total sales.
Alpharma (ALO) says its board unanimously rejected King Pharmaceuticals' (KG) unsolicited tender offer to acquire all outstanding shares of ALO for $37.00 per share as financially inadequate and not in the best interests of shareholders.
Jabil Circuit (JBL) posts $0.30, vs. $0.29, fourth quarter non-GAAP EPS on 4% revenue rise. Posts $0.28 GAAP EPS. Street was looking for $0.31. Sees $0.30-$0.38 first quarter non-GAAP EPS on $3.4-$3.6 billion revenue.
SynnexCorp. (SNX) posts $0.66, vs. $0.44, third quarter EPS on 16% revenue rise. Results were better than expected. Sees $2.10-$2.2 billion fourth quarter revenue, $0.70-$0.73 EPS.
American Reprographics (ARP) sees lower-than-expected 2008 EPS of $1.36-$1.40 on revenue of $700-$710 million. Previously had seen EPS of $1.52-$1.60 EPS on revenue of $720-$760 million. Says current upheaval in financial markets will further aggravate lending restrictions and force more construction project delays and cancellations.
Noah Education Holdings Ltd. (NED) sees first quarter revenue of RMB202M-RMB203M, net income of RMB21M-RMB24M. Had previously forecast net revenue of RMB250Mand net income of RMB48M-RMB50M. Cites company's continuous efforts to revamp and expand its product offerings, further weakening in e-dictionary product sales, a greater-than-anticipated impact from Beijing Olympic Games.
Tibco Software (TIBX) posts $0.11, vs. $0.06, third quarter non-GAAP EPS on 20% revenue rise.
Christopher & Banks (CBK) posts $0.02, vs. $0.09, second quarter EPS on 13% lower same-store sales, 6.7% lower total sales. Sees $0.10-$0.13 third quarter EPS, prior to the operating results and closing costs associated with Acorn division, on same-store sales decline similar to second quarter level.