Friday, May 22, 2009

Daily Highlights: 5.22.09

  • Jobless claims fell 12,000 last week, more than expected.
  • Aeropostale's Q1 net rises 81% to $31.7M led by a 21.3% rise in revs at $408M.
  • Autodesk swung to a Q1 loss of $32.1M as revs fell 29% to $425.8M.
  • Barnes & Noble posts Q1 loss but boosts Y09 EPS from $1.10 to $1.40.
  • Brocade Comm swung to a Q2 loss of $63.1M on write-downs, acquisition and stock-compensation related costs.
  • Campbell Soup raised Y09 f'cast, reported Q3 profit that exceeded cons. est.
  • Fluor awarded $268M cryogenic plant project by Pemex Gas.
  • Foot Locker beats by $0.07, posts Q1 EPS of $0.20 ($31M). Revs fell 7.1% to $1.22B.
  • GM reaches cost-cutting pact with UAW on labor and retiree health care benefits.
  • GMAC gets $7.5B from Treasury to fund Chrysler loans, boost capital.
  • Gap Inc.'s Q1 net dropped 14% to $215M as revs slipped 7.4% to $3.13B.
  • GlaxoSmithKline embroiled in a $1.9B battle with the IRS over tax deductions.
  • Hormel's profit rose 3.6% to $80.4M on a gain from a dissolved JV.
  • Investors Bancorp acquires $250M in deposits, 6 Banco Popular branches in New Jersey.
  • J&J to buy Cougar Biotechnology for ~$1B ($43/sh) in a cash tender offer.
  • McClatchy plans to exchange $1.15B in notes at a significant discount.
  • ReneSola sees FY09 revs at $500-550M vs. cons. est. $585.70M.
  • Sears Hldgs Corp. reported an unexpected Q1 profit despite 9% dip in revs to $10.1B, on cost, inventory cutting measures. Secures new $2.4B line of credit.
  • Tech Data's Q1 net jumped a surprising 49% to $31.8M; revs down 18% to $4.99B.
Earnings Calendar: CPB, HRAY, MBT, MDTH, MPR, YGE.

Companies to watch: Aeropostale, Autodesk, Barnes & Noble, Campbell Soup, Foot Locker, GM, Gap Inc., GlaxoSmithKline, J&J, Tech Data.

Recent Egan-Jones Rating Actions

TORO CO (TTC)
BROCADE COMMUNICATIONS (BRCD)
COMPUTER SCIENCES CORP (CSC)
LTD BRANDS INC (LTD)
ADVANCE AUTO PARTS INC (AAP)
TARGET CORP (TGT)
MEDTRONIC INC (MDT)
GMAC LLC (GM1)
DEERE & CO (DE)
MEDTRONIC INC (MDT)
CUMMINS INC (CMI)
MCDONALD'S CORP (MCD)
GENWORTH FINANCIAL INC (GNW)

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