Intuit Earnings Beat Estimates; Company Updates Full-Year Guidance
by Insider Scoop - May 22nd, 2013 12:00 am
Courtesy of Benzinga.
Intuit (NASDAQ: INTU) released its fiscal third-quarter earnings after the closing bell on Tuesday.
The company reported revenues which were in-line with expectations and a profit which beat analysts’ estimates. In late trade, shares were up a little less than one percent to $58.31.
The company reported net income of $822 million or $2.71 per share, compared to $734 million or $2.42 per share, in the year ago period.
On an adjusted basis, net income rose to $901 million or $2.97 per share, versus $763 million or $2.52 per share, in last year’s third-quarter. This came in ahead of Wall Street consensus EPS estimates of $2.93.
Sales in the quarter were up 13 percent to $2.18 billion from $1.93 billion last year. This mirrored analysts’ consensus revenue expectations.
Looking ahead to Q4, Intuit guided for EPS of $0.07 to $0.11 and adjusted EPS of $0.03 to $0.07 on revenue in a range between $702 million to $727 million.
Currently, Wall Street is modeling Q4 earnings per share of $0.11 on revenue of $726.72 million.
For the fiscal year, Intuit cut its earnings guidance from a range of $2.77 to $2.81 per share versus its previous outlook calling for EPS of $2.90 to $2.94. The company maintained its previous adjusted EPS guidance of $3.31 to $3.35.
Intuit also reaffirmed its prior full-year revenue guidance of $4.50 billion to $4.52 billion. Currently, Wall Street anticipates the company will report EPS of $3.33 on revenue of $4.51 billion.
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Global X to Reverse Split 3 Gold Miners ETFs, 3 Others
by Insider Scoop - May 22nd, 2013 12:00 am
Courtesy of Benzinga.
Global X, the New York-based ETF sponsor known for its unique lineup of commodities and emerging markets funds, announced six of its ETFs will be reverse split, including three gold mining-related funds.
The $29.4 million Global X Gold Explorers ETF (NYSE: GLDX) will undergo a 1-for-4 reverse split while the $2.78 million Global X Junior Miners ETF (NYSE: JUNR) will see a 1-for-3 reverse split. The Global X Pure Gold Miners ETF (NYSE: GGGG) will experience a 1-for-2 reverse split. All of those ETFs are down more than 30 percent this year with GLDX the worst performer with a loss of 47 percent.
The reverse splits will go into effect after the close of U.S. markets on May 16, according to a statement from Global X.
Also undergoing a 1-for-3 reverse split will be the Global X Uranium ETF (NYSE: URA). The Global X FTSE Argentina 20 ETF (NYSE: ARGT) and the Global X China Materials ETF (NYSE: CHIM) will also undergo reverse splits. Those funds will also be split on May 16.
The Global X mining ETFs are not the gold mining funds to employ reverse splits this year. In early April, the Direxion Daily Gold Miners Bull 3X Shares (NYSE: NUGT) was revers split one a 5-for-1 basis. NUGT has lost more than 50 percent of its value since the that reverse split.
For more on ETFs, click here.
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Sparton Announces $3.0M Stock Buyback Plan
by Insider Scoop - May 22nd, 2013 12:00 am
Courtesy of Benzinga.
Sparton Corporation (NYSE: SPA) announced that its Board of Directors unanimously approved on May 1, 2013 the repurchase of up to $3 million of its common stock.
The authorized repurchases will be made from time to time in either the open market, block transactions, or through privately negotiated transactions. The timing, volume and nature of share repurchases will be at the sole discretion of management, dependent on market conditions, applicable securities laws, and other factors, and may be suspended or discontinued at any time. No assurance can be given that any particular amount of common stock will be repurchased. This repurchase program may be modified, extended or terminated by the Board of Directors at any time.
“The stock buyback plan reaffirms our confidence in the long-term growth of the Company,” stated Cary B. Wood, president and chief executive officer. “It is facilitated by our strong capital structure and liquidity and represents a good investment for our Company and its shareholders.”
As of March 31, 2013, Sparton had $6.1 million in cash as well as $51.0 million in available and unused borrowing capacity. Sparton intends to use available cash to fund the repurchase.
About Sparton Corporation
Sparton Corporation (NYSE: SPA), now in its 113th year, is a provider of complex and sophisticated electromechanical devices with capabilities that include concept development, industrial design, design and manufacturing engineering, production, distribution, field service, and refurbishment. The primary markets served are Medical, Military & Aerospace, and Industrial & Instrumentation. Headquartered in Schaumburg, IL, Sparton currently has five manufacturing locations worldwide. Sparton’s Web site may be accessed at http://www.sparton.com.
Safe Harbor and Fair Disclosure Statement
Safe Harbor statement under the Private Securities Litigation Reform Act of 1995: To the extent any statements made in this release contain information that is not historical, these statements are essentially forward-looking and are subject to risks and uncertainties, including the difficulty of predicting future results, the regulatory environment, fluctuations in operating results and other risks detailed from time to time in Sparton’s filings with the Securities and Exchange Commission (SEC). The matters discussed in this press release may also involve risks and uncertainties concerning Sparton’s services described in Sparton’s filings with the SEC. In particular, see the risk factors described in Sparton’s most recent Form 10K and Form 10Q. Sparton assumes no obligation to update the forward-looking information contained in this press release.
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Stocks To Watch For May 8, 2013
by Insider Scoop - May 22nd, 2013 12:00 am
Courtesy of Benzinga.
Some of the stocks that may grab investor focus today are:
Wall Street expects AOL (NYSE: AOL) to report its Q1 earnings at $0.35 per share on revenue of $537.15 million. AOL shares gained 1.05% to close at $41.42 yesterday.
Whole Foods Market (NASDAQ: WFM) reported upbeat second-quarter results and announced a 2-for-1 stock split. Whole Foods shares jumped 8.19% to $100.40 in the after-hours trading session.
Analysts are expecting Wendy’s Company (NYSE: WEN) to have earned $0.03 per share on revenue of $613.65 million in the first quarter. Wendy’s shares rose 1.31% to $6.20 in after-hours trading.
McKesson (NYSE: MCK) reported a 50% drop in its quarterly profit. McKesson shares gained 1.54% to $110.30 in the after-hours trading session.
Analysts expect Liberty Interactive (NASDAQ: LINTA) to report its Q1 earnings at $0.19 per share on revenue of $2.38 billion. Liberty Interactive shares fell 0.37% to $21.69 in after-hours trading.
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Six Flags Announces Two-For-One Stock Split and Quarterly Cash Dividend
by Insider Scoop - May 22nd, 2013 12:00 am
Courtesy of Benzinga.
Six Flags Entertainment Corporation (NYSE: SIX) announced today that its board of directors approved a two-for-one split of the company’s common stock to be issued in the form of a stock dividend. On June 26, 2013, shareholders of record as of June 12, 2013 will receive one share of stock for each share outstanding.
In addition, the board declared a quarterly cash dividend of ninety cents per share of common stock payable to shareholders of record as of May 30, 2013. The dividend will be payable June 10, 2013.
About Six Flags Entertainment Corporation
Six Flags Entertainment Corporation is the world’s largest regional theme park company with $1.1 billion in revenue and 18 parks across the United States, Mexico and Canada. For more than 50 years, Six Flags has entertained millions of families with world-class coasters, themed rides, thrilling water parks and unique attractions including up-close animal encounters, Fright Fest® and Holiday in the Park®. For more information, visit www.sixflags.com.
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Pacific Ethanol, Inc. Announces Effectiveness of One-for-Fifteen Reverse Stock Split
by Insider Scoop - May 22nd, 2013 12:00 am
Courtesy of Benzinga.
Pacific Ethanol (Nasdaq: PEIX), the leading marketer and producer of low-carbon renewable fuels in the Western United States, announced today that it has filed an amendment to its Certificate of Incorporation to effect a one-for-fifteen reverse stock split of its issued and outstanding shares of common stock. The reverse stock split will be effective as to stockholders of record at 12:01 a.m. Eastern Time on Tuesday, May 14, 2013. Trading of the Company’s common stock on a split-adjusted basis is expected to begin at the open of trading on May 14, 2013.
As a result of the reverse stock split, every fifteen shares of pre-split common stock will automatically be reclassified as and converted into one share of post-split common stock. The reverse stock split, which was approved by the Company’s stockholders on May 10, 2013, will reduce the number of shares of the Company’s outstanding common stock from approximately 162.9 million shares to approximately 10.9 million shares. Any fractional shares resulting from the reverse stock split will be rounded up to the nearest whole share.
The Company’s common stock will continue to trade on The NASDAQ Capital Market under the symbol “PEIX,” with the fifth character “D” added to the end of the trading symbol, beginning on Tuesday, May 14, 2013, for a period of 20 trading days to indicate that the reverse split has occurred. The Company’s common stock will revert to trading under its original symbol “PEIX” after the 20 trading day period.
The Company has retained American Stock Transfer & Trust Company (“AST”) to act as exchange agent for the reverse stock split. AST will manage the exchange of old, pre-split shares for new post-split shares. Stockholders of record as of the effective time of the reverse stock split will receive a letter of transmittal providing instructions for the exchange of their shares. Stockholders who hold their shares in book entry form will be contacted by their banks or brokers with any instructions. For further information, stockholders and securities brokers should contact AST at 877-248-6417 on or after May 14, 2013.
The purpose of the reverse stock split is to raise the per share trading price of the Company’s common stock to better enable the Company to maintain the listing of its common stock on The NASDAQ Capital Market. As previously disclosed,…
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UPDATE: Wabtec Shareholders Approve Proposals At Annual Meeting; Company Announces 2-For-1 Stock Split, 60% Dividend Increase $0.04 per Share
by Insider Scoop - May 22nd, 2013 12:00 am
Courtesy of Benzinga.
Shareholders of Wabtec Corporation (NYSE: WAB) today approved the company’s proposals at its annual meeting, and the company’s Board of Directors approved a two-for-one stock split and a 60 percent dividend increase. The stock split will be in the form of a 100 percent stock dividend, to be paid June 11, 2013 to shareholders of record June 3, 2013. Shareholders will receive one additional share of Wabtec common stock for each share they own on the record date. The company expects its common stock to begin trading at the split-adjusted price on June 12, 2013. The board also increased Wabtec’s quarterly, split-adjusted dividend by 60 percent, to 4 cents per share, compared to an equivalent dividend of 2.5 cents per share prior to the split. The new dividend is payable Aug. 30, 2013 to shareholders of record Aug. 16, 2013. This is the third consecutive year the board has increased Wabtec’s dividend. Albert J. Neupaver, Wabtec’s chairman and chief executive officer, said: “We believe our current financial performance and future outlook provides the company with ample financial strength to return a higher portion of our cash flow to shareholders while we continue to invest in growth opportunities around the world. In addition, we think the stock split will improve its liquidity and marketability.” Also today, at the company’s annual meeting in Pittsburgh Wabtec shareholders elected three directors to three-year terms and approved other company proposals. Directors elected were: Robert J. Brooks, William E. Kassling, and Neupaver. Shareholders also voted to amend Wabtec’s Restated Certificate of Incorporation to increase the number of authorized shares of common stock, ratified the appointment of Ernst & Young LLP as the company’s independent registered public accounting firm for the 2012 fiscal year and approved a non-binding proposal relating to executive compensation. Wabtec Corporation is a global provider of value-added, technology-based products and services for rail and industrial markets. Through its subsidiaries, the company manufactures a range of products for locomotives, freight cars and passenger transit vehicles. The company also builds new switcher and commuter locomotives, and provides aftermarket services. The company has facilities located throughout the world.
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Long Setup in Herbalife Still Attractive; Stock Breaks Out as New Auditor Hired
by Insider Scoop - May 22nd, 2013 12:00 am
Courtesy of Benzinga.
Few stocks have attracted more news over the last six months than nutritional supplement maker Herbalife (NYSE: HLF).
Even casual market observers are aware of the circumstances surrounding the the initial bout of extreme volatility in the name back in December 2012. The shares went into free-fall at the end of the year after hedge fund manager Bill Ackman revealed in typical sanctimonious fashion that his firm Pershing Square Capital Management was short around $1 billion worth of the stock.
Amid much pomp and circumstance, Ackman laid out his short thesis at a New York investment conference and immediately made the rounds in the financial media. The noted investor called the multi-level marketing company’s business model a “pyramid scheme” and boldly proclaimed that his price target for the stock was “$0.”
The way that the Pershing Square founder went about attacking Herbalife sure made it seem like he was trying to inflict maximum damage to the company in a very short period of time.
While Ackman’s strategy was initially brutally effective, it quickly backfired on him. Herbalife shares swan-dived from above $42 on December 18, the day before the hedge fund manager’s presentation, to a low of roughly $26 by Christmas Eve.
The news caused the heaviest high-volume selling in Herbalife’s history as a publicly traded company. The stock bounced back nearly as quickly as it plunged, however, as numerous other investors and market observers came out in support of the company. Herbalife itself also aggressively refuted Ackman’s allegations.
When two of the world’s top hedge fund managers, Dan Loeb and Carl Icahn, revealed that their firms had bought large stakes in the Cayman Islands-based company the short-squeeze of Pershing Square was on.
It did not take long before the stock was trading back above levels seen pre-Ackman. While Loeb subsequently flipped the stock for a quick profit, Icahn appears to be in the trade for the long-term and he is applying the screws to his old nemesis Bill Ackman, with whom he had previously been involved in an acrimonious lawsuit.
Icahn was able to get two of his representatives elected to Herbalife’s board and…
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Benzinga’s M&A Chatter for Friday May 10, 2013
by Insider Scoop - May 22nd, 2013 12:00 am
Courtesy of Benzinga.
The following are the M&A deals, rumors and chatter circulating on Wall Street for Friday May 10, 2013:
Illumina Shares Soar on Rumor of Roche $88/Share Bid
The Rumor:
Shares of Illumina (NASDAQ: ILMN) surged higher Friday, after Swiss publication L’Agefi reported Swiss pharma giant Roche (OTC: RHHBY) had offered $88 per share to acquire the San Diego, CA-based genetic technology company. Illumina shares rose as high as $77.11 during the session.
After initially declining comment on the rumor, Roche said a deal for Illumina was “off the table”. Roche had previously made offers of $44.50 and $51 per share for Illumina, both of which were rejected by Illumina’s board. A rumored $60 offer never materialized.
Illumina closed at $69.98 Friday, a gain of 4% on 5.5 times average volume.
Actavis Confirms Merger Talks with Warner Chilcott
The Talks:
Shares of generic drug maker Actavis (NYSE: ACT) and Irish specialty pharmaceutical company Warner Chilcott (NASDAQ: WCRX) moved sharply higher Friday on a Bloomberg report that Actavis was in talks to acquire Warner Chilcott. Acatvis had reportedly been in merger talks with Valeant Pharmaceuticals (NYSE: VRX).
Both companies later confirmed that they were in early stage discussions regarding a potential merger, though no agreement had been reached.
Actavis shares gained 12% Friday, closing at $119.86 Friday. Warner Chilcott gained 20%, closing at $18.01.
True Religion to be Acquired by TowerBrook Capital Partners for $32/Share in Cash
The Deal:
After months of speculation, True Religion Apparel (NASDAQ: TRLG) announced Friday that it had entered into an agreement to be acquired by TowerBrook Capital Partners for $32.00 per share in cash, for a total of $835 million. The transaction is expected to close in Q3 2013.
True Religion Apparel closed at $31.82 Friday, a gain of 8% on 27 times average volume.
Hearing Unconfirmed Chatter of Icahn $25/Share Bid for Nuance
The Rumor:
There was vague market chatter Friday that investor Carl Icahn might bid as much as $25 per share for Nuance Communications. The chatter resulted most likely from a report that Icahn would be appearing mid-day on CNBC. Icahn currently has approximately…
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Starbucks, Huntington Bancshares and Other Stocks Insiders Are Buying
by Insider Scoop - May 22nd, 2013 12:00 am
Courtesy of Benzinga.
Insiders may sell shares for any number of reasons, but conventional wisdom is that insiders really only buy shares of a company for one reason — they believe the stock price will move higher and they want to profit from it.
Pullbacks and sell-offs provide a perfect opportunity for investors who have faith in a company to snap up shares. Here are some stocks that have seen insider buying recently.
Huntington Bancshares
The CEO and two directors bought more than 112,000 shares in the past two weeks. Altogether, that was worth more than $797,000. This commercial and consumer banking services provider recently boosted its dividend and last week named a new head of its treasury management division.
This Columbus, Ohio-based regional bank has a market capitalization of about $6.1 billion and a dividend yield near 2.8 percent. The price-to-earnings (P/E) ratio is lower than the industry average and the return on equity is less than 12 percent.
Shares of Huntington Bancshares (NASDAQ: HBAN) pulled back about eight percent in mid-April but have begun to recover. But over the past six months, the stock has underperformed competitors Fifth Third Bancorp (NASDAQ: FITB) and Keycorp (NYSE: KEY).
Key Energy Services
The CEO, COO, controller and two directors last week bought a combined 112,500 shares, which was worth more than $613,000, of this Houston-based onshore rig-based well servicing contractor. First-quarter EPS fell more than expected due to a falling inland rig count.
Key Energy Services (NYSE: KEG) has a market cap near $948 million. While the long-term EPS growth forecast is about nine percent, the return on equity is less than nine percent. The share price is down more than 12 percent year-to-date and hit a multiyear low last week. Over the past six months, the stock has underperformed the Dow Jones Industrial Average.
NuStar Energy
Three directors recently purchased 61,000 shares altogether of this San Antonio-based master limited partnership (MLP). That was worth more than $3.1 million. The company saw an analyst downgrade after posting first-quarter earnings that fell short of expectations.
NuStar Energy (NYSE: NS) has a market cap of…
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Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...
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