Harman International Industries (HAR) now sees non-GAAP 2008 EPS of $3.00-$3.10, before after-tax merger-related costs of $0.13 per share but including impact of the company's ongoing accelerated share repurchase. It says the change in guidance caused by major shift in market for Portable Navigation Devices (PNDs), which experienced significant pricing pressure.
Sovereign Bancorp (SOV) expects to take a combination of charges due to the continued volatility in the financial markets and deterioration in the credit environment; charges are expected to adversely impact its fourth quarter financial results.
Sears Holdings (SHLD) says Sears Domestic's same-store sales declined by 2.8% during the nine-week period ended Jan. 5, while Kmart's same-store sales declined by 4.2%; total domestic same-store sales declined 3.5%. Due to lower sales, gross margin rates, it sees fourth quarter EPS of $2.59-$3.48, vs. $5.33 last year. It sees $5.13-$5.96 fiscal year 2008 EPS. Goldman reportedly downgrades to sell from neutral.
The Financial Times reports that as Merrill Lynch (MER) is seeking about $4 billion in a second capital raising, Kuwait Investment Authority is expected to be a significant investor in this new deal, which could be announced as soon as mid-week, according to people familiar with the matter. Other investors could come from Europe. Separately, WSJ reports the SEC is probing whether several current and former Merrill employees improperly placed trades for the firm's own account ahead of client orders.
Weyerhaeuser (WY) agrees to sell its iLevel European engineered wood products operations to Finnforest of Finland, part of the Metsaliitto Group. Terms of the sale were not disclosed.
Blue Nile (NILE) posts 24% rise in fourth quarter revenue. Anticipates reporting strong profitability for fourth quarter earnings.
Western Alliance Bancorporation (WAL) sees fourth quarter EPS of $0.09. It says decline from third quarter's $0.35 EPS primarily results from increase in loan loss provision expense to $13.9 million.
FTD Group (FTD) sees $0.30 second quarter EPS on $155 million consolidated revenue, vs. year ago's $0.21 EPS on $152 million consolidated revenue.
PeopleSupport (PSPT) receives unsolicited revised proposal from IPVG Corp. and AO Capital Partners Ltd.
Compuware (CPWR) sees lower-than-expected $0.14 third quarter adjusted EPS. It says there was a high ratio of ratable versus up-front recognition for new software licenses in the quarter, and this resulted in lower-than-expected revenue and EPS.
Terex (TEX) agrees to acquire A.S.V. ( ASVI) for about $488 million. Terms: $18 for each ASVI share. Expects transaction to close by end of the first quarter 2008.
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