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05/13/2008 10:00:00 *MARCH BUSINESS INVENTORIES: 0.1% V 0.4%E - prior revised from 0.6% to 0.5%05/13/2008 11:49:00 US Senate defeats Republican plan to open new domestic areas to oil drilling in 42-56 vote - It is unclear whether or not this defeat has any bearing on Anwar legislation and arctic drilling- Reminder 5/1 Senator Craig was to introduce bill that would halt filling of SPR, and expand Gulf of Mexico drilling 05/13/2008 11:59:00 US Senate votes to suspend deliveries to SPR until oil drops below $75/bbl, passes by veto-proof margin - US House is supposed to vote on similiar measure later today.- Reminder: There were reports from senators that this bill had veto support in April. 05/13/2008 14:02:00 Yahoo! Inc [YHOO]CNBC reports Icahn built a significant stake last week and is mulling proxy fight - CNBC's Faber speculates that if Icahn won a proxy fight, he could force a merger with MSFT, if MSFT is still willing to buy Yahoo.05/12/2008 15:02:00 Electronic Data Systems Corporation [EDS]HPQ in advanced talks to acquire EDS, deal could come in matter of days, premium could be in range of 30% - WSJ -Deal chatter puts value of deal in $12B-$13B range; Market cap of EDS about $10B pre-annoucement05/12/2008 16:01:00 Sirius Satellite Radio Inc [SIRI]Reports Q1 -$0.07 v -$0.07e, R $270M v $271.5Me - Q1 net subscriber adds of 14K y/y- Q1 All-in churn 2.7% v 2.3% y/y - FY subscribers 1.0M v 988.5K y/y - Q1 SAC Costs $91, -10% y/y 05/12/2008 16:02:00 Warnaco Group Inc [WRNC]Reports Q1 $0.99 v $0.79e, R $568.2M v $509.1Me - Guides FY08 EPS $2.65-2.75 v $2.59e, Revenues to grow 10-12% 05/12/2008 16:04:00 Bally Technologies, Inc. [BYI]Reports Q3 $0.52 v $0.48e, R $233M v $231Me - Guides FY08 EPS $1.78-1.90 v $1.79e.- Guides FY09 EPS $2.10-2.50 v $2.24e. 05/12/2008 16:05:00 LDK Solar Co LTD ADR [LDK]Reports Q1 $0.45 v $0.39e, R $233.4M v $218.4Me, gross margins 27.7% - Guides Q2 Rev $278-288M v $218.4Me.- Guides Q2 wafer shipments 136 MW and 146 MW. - Guides FY08 gross margins 23-28%. - Guides FY08 wafer shipments in the range of 1.1 GW by end of 2008 and 2.0 GW by end of 2009. - Guides FY08 Rev $1.08-1.18B v $1.08Be. 05/12/2008 16:16:00 Fuel Systems Solutions [FSYS]Reports Q1 $0.40 v $0.18e; R $94.6M v $74.8Me - Guides FY08 Revs to $380M v $304.8Me.05/12/2008 16:20:00 McDermott International Inc [MDR]Reports Q1 $0.54 v $0.53e, R $1.45B v $1.46Be 05/12/2008 17:00:00 VeraSun [VSE]Reports Q1 $0.08 v $0.16e, R $516.5M v $499.7Me - For the three months ended March 31, 2008, the company sold 191.7 million gallons of ethanol, which includes 49.5 million gallons of ethanol that were purchased from others and resold to our customers. - Ethanol production increased by 82.4 million gallons, or 138.6%, compared with the three months ended March 31, 2007, as a result of the added capacity from the Charles City, Iowa facility in April 2007, the Linden, Indiana facility in August 2007, and the Albion, Nebraska facility in October 2007. - The average price of ethanol sold was $2.33 per gallon for the three months ended March 31, 2008, compared to $2.13 per gallon for the three months ended March 31, 2007. - Corn costs increased $154.0 million to $238.6 million for the three months ended March 31, 2008 compared with $84.6 million for the three months ended March 31, 2007. 05/12/2008 17:15:00 Beazer Homes USA Inc [BZH]Reports Q4 -$4.03 (incl charges) v -$3.46e; R $1.10B v $1.15Be; Restates 2007 loss, delays 10Q - Q4 Home closings: 3,949 homes, compared to 6,268 in the fourth quarter of the prior year- Q4 New orders: 982 homes, compared to 1,921 in the fourth quarter of the prior year - Q4 Net cash provided by operating activities: $387.3 million, compared to $237.7 million in the fourth quarter of the prior year - Received from SEC formal order of private investigation, attempts to negotiate settlement - There were increases in pre-tax inventory impairment charges of $20.4 million and $25.4 million for the quarters ended December 31, 2006 and March 31, 2007, respectively - Withdrawal from the mortgage business in February 2008 - Q4 results include charges: Reported net loss of $(155.2) million, or $(4.03) per share, including pre-tax charges related to inventory impairments and abandonment of land option contracts of $212.0 million, goodwill impairments of $23.0 million, and impairments in joint ventures of $25.5 million. For the fourth quarter of the prior fiscal year, net income totaled $83.7 million, or $1.99 per diluted share. 05/12/2008 17:24:00 DISH Network Corp [DISH]Reports Q1 $0.57 v $0.52e, R $2.84B v $2.83Be - Ended Q1 with 13.815M subscribers.- Added 35K net new dish network subscribers. - Average monthly churn rate 1.68% v 1.46%. - ARPU $67.93 v $64.17. 05/12/2008 17:25:00 DRS Technologies Inc [DRS]Finmeccancia agrees to acquire DRS Tech for $81/shr in a 3.4B deal - WSJ citing sources 05/12/2008 17:33:00 International Rectifier Corp [IRF]Guides Q3 Rev $240-260M v $350Me (not clear if comparable) - Guides Q3 pre tax loss from operations $35-45M.05/12/2008 19:01:00 *(UK) APRIL RICS HOUSE PRICE BALANCE: -95.1% V -80.0%E (-78.5% PRIOR); House price balance at record low in April - RICS says that the BoE should cut rates at next meeting.05/12/2008 19:32:00 American International Group, Inc [AIG]Priced 171.1M common shares at $38/shr (last: $38.37), offering raised $6.5B - source (reminder from earlier today) AIG: Today's weakness partially attributed to rumor of impending secondary offering.05/12/2008 21:10:00 DRS Technologies Inc [DRS]Finmeccanica acquiring DRS for $5.2B in cash ($81/shr) - formal release - Finmeccanica will acquire 100% of DRS stock for $81/shr in cash. - DRS will operate as a wholly-owned subsidiary, maintaining its current management and headquarters. - The transaction is expected to close by Q408. 05/12/2008 23:41:00 PetroChina Co Ltd [PTR]PetroChina has halted its main oil pipeline for damage checks following earthquake - sources - The pipeline transports most of the oil to the quake-hit region and if there is damage to the pipeline it could force production cuts at the 200K bpd Lanzhou refinery (largest refinery in western China).05/12/2008 23:48:00 Coca-Cola Co [KO]President says that the conditions for commodities price spike are "here to stay;" No plan to change long-term growth targets - No reason to diversify outside of non-alcoholic drinks.- Targeted, not large, acquisitions to continue. 05/13/2008 00:05:00 Corporate Express [CXP.NV]Staples increases its offer 10% to 8/shr from 7.25/shr - Staples has extended multiple invitations, including as recently as last Friday, to Corporate Express' Boards to engage in constructive dialogue regarding Staples' offer. The Boards have refused to negotiate the merits of Staples' proposals. Staples continues to believe that its offer is the most valuable option available to Corporate Express' shareholders given the uncertainty surrounding a turnaround plan. Staples' offer will also deliver significant benefits to Corporate Express' customers and employees.- Staples expects to launch a formal offer following receipt of approval of the offer memorandum from the AFM. - Staples expects that its offer for all the outstanding shares would include a minimum acceptance condition of 75 percent of the ordinary share capital. In addition, Staples confirms that it expects to make an offer for both the Corporate Express depositary receipt of preference shares A and the two percent subordinated convertible bonds due 2010 issued by Corporate Express. 05/13/2008 00:15:00 British Energy Group [BGY.UK]EDF is the sole bidder for British Energy; EDF's bid is worth about £11.4B; British Energy may seek other bids - Les Echos - (reminder from 5/11) BGY.UK: Mail on Sunday reports that Iberdrola will launch a rival £10B+ bid for British Energy this week - (reminder from 5/5) the Telegraph reported that EDF's bid would be between £9.6B and £10.2B. 05/13/2008 00:33:00 (US) Brokerages: Oppenheimer's Whitney slashes Q2 EPS ests for US brokers by 41%; 2008 EPS est cut by 48%; Whitney says that the outlook is more bleak than reflected - Goldman's Q2 EPS est cut to $3.48 from $4.09, FY08 EPS est cut to $14.65 from $17.35.- Lehman's Q2 EPS est cut to $0.72 from $1.10, FY08 EPS est cut to $3.45 from $4.43 - Merrill's Q2 EPS est cut to $0.20 from $1.00, Cuts FY08 est to -$0.45 from +$1.15 05/13/2008 01:00:00 Hitachi Ltd [HIT]Reports FY operating profit ₯345.52B (+89.3% y/y), Net loss ₯58.13B v a loss of ₯32.80B y/y - Guides next FY net profit at ₯40B v a loss of ₯58.13B y/y05/13/2008 01:56:00 Statoil ASA [STO]Reports Q1 Net NOK16B v NOK16.7Be, Rev NOK157.7B v NOK141.7Be - Operating Income NOK51.4B v NOK34.58B y/y- Notes Solid Production, Good Results - Adds that production costs per barrel has increased significantly 05/13/2008 02:00:00 Nissan Motor Co., Ltd [NSANY]Reports Q4 Net ₯137.6B V ₯115Be; Rev ₯2.99T v ₯2.65B y/y; Op. Profit ₯211.7B v ₯185.7B y/y - Guides FY08 Rev ₯10.35B v ₯10.4Te- Guides FY08 Net ₯340B v ₯457Be - Guides FY08 Op. Profit ₯550B 05/13/2008 02:01:00 Nippon Telegraph & Telephone Corp [NTT]Reports FY Net ₯635.2B v ₯551.6Be; Rev ₯10.68T v ₯11.05Be - FY Operating Profit ₯1.305T v ₯1.107T- Target 2010 op profit of ₯1.2T 05/13/2008 03:04:00 Credit Agricole S.A. [ACA.FR]Reports Q1 Net 892M v 1.17Be; Considering capital increase of 5.9B - Also expects writedowns of 1.2B tied to subprime losses05/13/2008 04:00:00 IEA lowers 2008 world oil demand growth for 5th month in a row by 390K to 1.03M bpd, citing slower use in US and Europe, says further cuts possible - Says that consumer countries right to call on OPEC for more oil to ease prices - Adds that may cut 2008 demand forecast further should European demand remain weak - Sees 2008 world oil demand at 86.84M BPD - Sees OPEC March output fell by 255K BPD to 31.9M BPD - Says China, Mid east demand unlikely to change soon - says Nigerian attacks cut supply by 150K BPD - Sees OPEC's silence on output contributing to price surge - Revises 2008 oil demand growth to 1.2% v 1.5% from March forecast (Note: was 2.3% back in january) - Cuts non-OPEC supply by 100K bpd to 53.36M bpd 05/13/2008 04:30:00 *(UK) APR RPI: M/M 0.9% V 0.6%E; Y/Y 4.2% V 3.9%E; Y/Y EX-MORTGAGE 4.0% V 3.6%E - No revisions- M/M is the highest since April of 2000 - Ex-Mortgage is the highest since September of 1992 05/13/2008 04:41:00 Iran Oil Minister: Review of oil output may lead to "increase or decrease" of crude production 05/13/2008 05:01:00 Toll Brothers Inc [TOL]Reports Preliminary Q2 R $817.9M v $752.6Me; Gross contracts -49% y/y; Net new contracts -58% y/y - Q2 Backlog $2.08B v $4.15B y/y (-50% y/y)- Q2 Gross contracts $730.5M v $1.44B y/y (-49% y/y) - Q2 Homes contracted 1237 v 2031 y/y (-39% y/y) - Q2 Net new contracts 929 v 1,647 y/y (-58% y/y) - Q2 Average price per unit $590K v $711K y/y (-17% y/y) - Q2 Cancelations 308 v 384 y/y - Joel H. Rassman, chief financial officer, stated: "With conditions still weak in most markets, we expect to continue to face challenging times ahead. We are still in the midst of finalizing our second-quarter impairment analysis; however, we currently estimate that pre-tax write-downs in FY 2008's second quarter will be between $225 million and $375 million." 05/13/2008 06:09:00 Wal-Mart Stores Inc [WMT]Reports Q1 $0.76 v $0.75e, R $95.30B v $93.22Be -Guides Q2 EPS $0.78-0.81 v $0.81e-CEO states "Were off to a solid start, with record first quarter sales and earnings. We continue to deliver against the business model that Sam Walton started selling branded merchandise for less. Our business is even more relevant to our customers today, given the current economic pressures." -Q1 SSS +2.7% (no fuel impact) 05/13/2008 07:01:00 Canadian Solar Inc. [CSIQ]Reports Q1 $0.65 v $0.31e, R $171.2M v $151.9Me - Guides Q2 Rev $185-190M v $167.6Me, Sees 45MW of shipments in the quarter- Reaffirms FY08 GM target of 13-15% - CEO Dr. Qu: "We also believe that we are on track to achieve our prior guidance of shipping 200-220MW of regular solar modules in 2008, not including shipments of e-Modules, and to continue our record of quarter over quarter revenue growth. - Looking ahead to 2009, Dr. Qu said "If all of our long-term supply contracts are fully implemented, we will have access to 200MW of regular polysilicon and wafers. Based on our strong position as a worldwide photovoltaic solar module supplier and the expansion plans of our strategic partners, we believe that we should be able to secure an additional 200MW of regular polysilicon and wafers, thereby enabling us to produce approximately 400MW of regular photovoltaic solar modules. In addition, we expect to produce 100-150MW of UMG silicon products in 2009." 05/13/2008 07:10:00 Liz Claiborne Inc. [LIZ]Reports Q1 $0.28 v $0.10e (adj), R $1.12B v $995.2Me - Guides FY08 EPS $1.40-1.60 v $1.52e (Previously guided $1.50-1.70)05/13/2008 07:30:00 Electronic Data Systems Corporation [EDS]Officially confirms HP acquisition offer of $25/shr for a total value of $13.9B, as rumored yesterday - HP anticipates that the transaction will be accretive to fiscal 2009 non-GAAP earnings and accretive to 2010 GAAP earnings. Significant synergies are expected as a result of the combination. - Expected closing 2H 2008, deal indicated (but not specifically stated) to be an all cash deal. - HP intends to establish a new business group, to be branded EDS - an HP company, which will be headquartered at EDS's existing executive offices in Plano, Texas. HP plans that EDS will continue to be led after the deal closes by EDS Chairman, President and Chief Executive Officer Ronald A. Rittenmeyer, who will join HP's executive council and report to Mark Hurd, HP's chairman and chief executive officer. 05/13/2008 07:34:00 Hewlett-Packard Co [HPQ]Reports Preliminary Q2 $0.87 v $0.84e, R $28.3B v $27.9Be - Guides Q3 EPS $0.82-0.83 v $0.82e, R $27.3-27.4B v $27.4Be- Guides FY08 EPS $3.54-3.58 v $3.52e (previously guided $3.50-3.54) - Guides FY08 Revenues $114.2-114.4B v 114.0Be 05/13/2008 08:16:00 Fed's Bernanke: Markets are far from normal; Will take some time to address fundamental strains - Treasury repo market conditions have improved substantially.- Financial strains have shaken critical economic foundations. - Term libor premiums are abnormally high. - Strong TAF participation shows funding pressures. - Ready to expand TAF auction size if warranted. 05/13/2008 08:30:00 *APR ADVANCE RETAIL SALES: -0.2% V -0.2%E; LESS AUTO: 0.5% V 0.2%E - Prior less autos revised from 0.1% to 0.4%05/13/2008 08:39:00 TJX Companies Inc [TJX]Reports Q1 $0.41(adj) v $0.41e, R $4.40B v $4.38Be, SSS+3% - This year's first quarter results include a benefit of $12M, which rounds to $.02 per share, due to certain tax-related adjustments unanticipated at the beginning of the quarter. ($0.43 unadjusted)- Guides Q2 $0.40-0.42 v $0.43e - Gudies FY08 EPS $2.20-2.25 v $2.22e |
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