(Source: Business Week)
The Wall Street Journal reports that MetLife (MET) recently approached life and property insurer Hartford Financial Services Group (HIG) about a merger transaction, citing people familiar with the talks. The talks did not lead anywhere, these people told the newspaper.
IBM (IBM) posts $2.05, vs. $1.68 a year ago, third quarter EPS from continuing operations on 5% revenue rise. Street was looking for $2.01. It continues to expect full-year 2008 EPS of at least $8.75, year-to-year growth of 22%.
The Wall Street Journal reports that National City (NCC) is in talks with a number of banks about a possible sale, citing people familiar with the situation. PNC Financial (PNC) and Bank of Nova Scotia (BNS) are among the potential bidders, the paper added.
TJX Companies (TJX) sees lower-than-expected $0.55-$0.58 third quarter EPS from continuing operations, primarily reflecting lower-than-expected sales. Says this range is based upon estimated consolidated comp-store sales growth for the quarter of about flat to up 1%. Due to lower guidance, now expects fiscal year 2009 EPS from continuing operations to be in the range of $2.26-$2.31, with comp-store sales growth of about 2%. Posts 1% lower September same-store sales, 3% higher total sales.
Abercrombie & Fitch (ANF) says absent notable improvement in macroeconomic environment and a return of consumer confidence, it expects current trend to persist through the fourth quarter. In that event, ANF says third quarter EPS would be in the range of $0.74-$0.76. Second half results would fall appreciably below its more recent guidance. Additionally, ANF posts 14% lower September same-store sales, 7% lower total sales.
Gap (GPS) posts 11% lower September same-store sales, 6% lower total sales.
M/I Homes (MHO) reports new contracts for third quarter were down 19%, homes delivered were down 29%, its cancellation rate was 32%. Notes sales value of backlog of homes at Sept. 30, 2008 was $212 million, with backlog units of 781 and an average sales price of $272,000.
Men's Wearhouse (MW) cuts $0.36-$0.40 third quarter adjusted EPS view to $0.24-$0.28. It says retail operations in the U.S. have experienced reduced traffic levels from previous expectations, largely a direct reflection of the recent turmoil in the credit markets which appears to be impacting consumer buying patterns and levels. Wedbush Morgan cuts estimates, target; maintains hold.
Quest Software (QSFT) says it authorized modified "Dutch auction" tender offer to repurchase $135-$400 million of its common stock at an expected price of $13.25-$15.50 a share. Based on midpoint of the price range, the planned buyback is 9%-26% of QSFT outstanding shares.
