NYSE/NASDAQ SNAPSHOT: Rite Aid, Philip Morris, RIM, Bed Bath & Beyond and others
Rite Aid Corp. (NYSE:RAD) Thursday posted a first-quarter net loss of $28.1 million or $0.03 per share against a loss of $63.1 million or $0.07 per share. Revenues rose to $6.5 billion from $6.4 billion a year earlier.
The drugstore chain was expected to report a loss of four cents per share on $6.43 billion in revenue, according to Thomson Reuters.
INV Metals Inc. (TSE:INV) Thursday agreed to acquire the Quimsacocha Project in Ecuador from IAMGOLD Corp. (TSE:IMG)(NYSE:IAG) for approximately $30 million in INV stock.
This will make IAMGOLD the largest shareholder in INV with a 20 percent stake.
Both Murphy Oil Corp (NYSE:MUR) and Chesapeake Energy Corp (NYSE:CHK) announced the appointment of new leaders Thursday.
Murphy announced Steve Cosse as president and CEO and Roger Jenkins as COO, and Chesapeake appointed five new independent directors to its board.
Global tobacco company Philip Morris International (NYSE:PM) Thursday lowered its fiscal 2012 earnings forecast for the second time this year due to the strengthening US dollar.
The 10-cent decrease to between $5.10 and $5.20 a share follows a five-cent decrease in April. This compares with earnings of $4.85 in 2011.
Steel manufacturer Nucor Corp. (NYSE:NUE) concluded its $605 million acquisition to purchase Skyline Steel, the company said Thursday.
Federal Signal Corporation (NYSE:FSS) announced Thursday it has signed a definitive agreement to sell its transportation technologies business to 3M (NYSE: MMM) for $110 million in cash, in an effort to reduce debt.
Key Energy Services (NYSE:KEG) has warned its second quarter results will be worse than anticipated on the back of falling demand for liquid shale.
Key, which provides oilfield services such as drilling, fracking and transportation, now expects revenue to increase by 5-7 per cent in the second quarter, having initially hinted at growth of 10-15 per cent.
Used and new car retailer CarMax (NYSE:KMX) said fiscal first-quarter profit slipped amid lower margins and fewer new vehicles sold as it narrowly missed analyst expectations.
Net earnings slipped by four per cent to $120.7 million, or 52 cents per share, compared with the $125 million, or 54 cents per share, a year-earlier. Total sales rose to $2.77 billion from the $2.67 billion.
Industrial filters maker Clarcor’s (NYSE:CLC) profits flat–lined as it hit “headwinds” in its second quarter that have also prompted it to reduce its full year earnings guidance.
Earnings per share in the three months to 28 May rose by 2 per cent to 66 cents, though revenues dipped slightly to US$285 mln.
Global specialty chemicals company Cabot Corp (NYSE:CBT) said Thursday it has struck a deal with Doughty Hanson & Co. and Euroland Investments B.V. to purchase activated carbon product maker Norit, for $1.1 billion, in an effort to focus on higher margin and less cyclical business.
"Norit’s leading market position, unique technology and strong financial performance is an excellent fit with Cabot’s portfolio," said Cabot’s president and CEO, Patrick Prevost.
Business software provider Red Hat (NYSE:RHT) reported late Wednesday that fiscal first-quarter profit grew 15.4 per cent amid higher sales and margins, despite sharply higher operating costs.
The North Carolina-based company offers Linux operating systems and open-source technology.
Research in Motion (NASDAQ:RIMM)(TSE:RIM) stock was kept at "Sell" by Northern Securities Thursday as the smartphone maker said new models would feature touch-screen keyboards rather than the physical keyboards.
In a research note, Northern Securities analyst Sameet Kanade said that chances were diminishing of a takeover bid for the company.
Apogee Enterprises (NASDAQ:APOG) saw its stock rise Thursday, a day after it said it swung to a fiscal first-quarter profit amid margin growth and a slight increase in sales.
The Minneapolis, Minnesota-based company, which designs and engineers glass and metal building facades, posted a profit of $1.60 million, or six cents per share. This compares to a year-prior loss of $2.17 million, or eight cents per share.
Onyx Pharmaceuticals (NASDAQ:ONXX) snagged a positive vote from the Oncologic Drugs Advisory Committee regarding carfilzomib, a drug to treat patients with a type of blood cancer.
The biopharmaceutical company’s shares jumped 40.89 per cent on the Nasdaq. This is Onyx’s biggest increase since November 2007.
Cypress Semiconductor (NASDAQ:CY) Thursday bolstered its bid to buy rival chip maker Ramtron International (NASDAQ:RMTR) after its prior offer was rejected.
San Jose, California-based Cypress upped its cash bid to $2.68 per share from the $2.48 a share offer it made earlier this month.
Sun Healthcare Group, Inc.’s (NASDAQ:SUNH) stock rose just above 36.16 per cent in heavy morning trade after it agreed to be taken over by Genesis HealthCare.
Under the deal’s terms, Genesis will pay $8.50 per share in cash, resulting in a transaction valued at $275 million including debt.
Celgene Corp (NASDAQ:CELG) saw its shares drop more than 11 per cent Thursday after it said it is withdrawing its new indication submission to European regulators for its Revlimid medicine to treat multiple myeloma, a type of blood cancer.
Micron Technology (NASDAQ:MU) late Wednesday dipped into the red in the third quarter as an increase in memory chip prices was not enough to make up for weak profit margins from its flash memory products.
For its fiscal third quarter, Micron posted a loss of $320 million, or 32 cents per share, compared with a year-earlier profit of $75 million, or 7 cents. Sales edged up 1.5 per cent to $2.17 billion.
Bed Bath & Beyond (NASDAQ:BBBY) late Wednesday posted a 15 per cent increase in profits that beat the Street as same-store sales and revenue continued to rise for the home furnishings retailer.
The stock dropped 10 per cent in after-hours trading as the company predicted downbeat second-quarter earnings and saw its margins slide.
Cleveland BioLabs (NASDAQ:CBLI) said Thursday that its experimental medicine administered with chemotherapy showed complete tumour regression in mice.
The results were presented at the Advances in Neuroblastoma Research Association meeting on June 20, in Toronto.
