By CBS MarketWatch
The flood of third-quarter results begins in earnest this week.
Monday, Charles Schwab is on tap. Tuesday results include Intel /zigman2/quotes/203649727/composite INTC -0.17% , Johnson & Johnson /zigman2/quotes/201724570/composite JNJ +0.26% , Merrill Lynch and Yahoo . Wednesday features Apple Computer /zigman2/quotes/202934861/composite AAPL +0.28% and the New York Times Co. /zigman2/quotes/202090840/composite NYT +1.59% . Thursday's biggest names are General Motors /zigman2/quotes/205226835/composite GM +4.76% , Citigroup /zigman2/quotes/207741460/composite C +2.89% and Bank of America /zigman2/quotes/200894270/composite BAC +1.64% . See Earnings Outlooks.
ACR Group , a wholesaler of air-conditioning and heating products, said late Friday that it will restate financial results for its fiscal year ended Feb. 28, 2002, and all reporting periods since then. ACR said it had inaccurately accounted for derivative financial instruments. The company said its changes will be noncash charges or credits to net income, with no changes to operating income. The charges will result in the following adjustments to net income: Fiscal 2002 down 4 cents a share, fiscal 2003 down 1 cent per share, fiscal 2004 up 2 cents a share and the quarter ended May 31, 2004, up 1 cent a share.
Alico /zigman2/quotes/205633881/composite ALCO +4.62% , a large-scale farming operation in Florida, said late Friday that it has suspended its dividend while a special panel of its board consults with attorneys and adviser UBS Securities after a takeover bid was received from National Land Partners. Alico's largest shareholder is Atlantic Blue Trust.
Allergan , the drugmaker with Botox among its products, said late Friday that a Los Angeles jury ruled in its favor in a suit alleging
Banco Latinoamericano de Exportaciones /zigman2/quotes/201365291/composite BLX +2.66% , a Panama-based bank, said late Friday that it received $56 million in payments from Argentina, which will reverse a loan-loss provision, allow it to book a $43 million profit and reduce its Argentina debt portfolio from $360 million to $253 million.
Bowne & Co. , the No. 1 printer of financial documents required by the SEC, according to Hoover's, had its debt rating placed on review for possible upgrade late Friday by Moody's. The rating agency said the move follows Bowne's accord to sell a division for $180 million in cash.
Business Objects , a French-American software company, said late Friday that it filed a registration statement on behalf of its largest shareholder, New SAC, for the sale of 14.4 million shares, or about 15 percent of the company's outstanding shares. It said the sale "reflects the continued orderly disposition of New SAC's holdings of Business Objects shares." Business Objects will not sell any shares as part of the disposal, and no shares will be sold to the public in France, the company said.
Deutsche Telekom /zigman2/quotes/213490072/composite DT +2.55% , the large German telecommunications company that formerly was state-owned, said Saturday that its board approved the $3.6 billion buyback of the T-Online company that it spun off in 2000. The board approved paying 8.99 euros, or $11.15, the same price shares closed at Friday on the XETRA exchange. The reintegration is expected to close in the second half of 2005, DT said, subject to shareholder approval. Deutsche Telekom also said it plans to buy back some of its own shares. See full story.
DDi Corp. , which sells engineering services, said late Friday that it is cutting 175 jobs at its Milpitas, Calif., operations and transferring work to Toronto and Virginia, with annual savings of about $6 million to $7 million. The reduction is about 7 percent of its work force, DDi said. A $1 million restructuring charge will be booked in the fourth quarter.
Dominion Homes , a homebuilder in Ohio and Kentucky, said late Friday that third-quarter sales fell 17 percent from a year earlier to 598 homes. Dominion said it closed sales on 820 homes, a decrease of 3 percent from the same period last year. The company said its backlog was down from the prior year's period at 845 homes worth $166 million vs. 1,326 homes worth $251 million in the 2003 quarter.
Global Crossing , which has a large data-transmission network, said late Friday it planned to eliminate 600 jobs, or about 15 percent of its work force, by March 2005 as part of a restructuring. See full story.
GOL Linhas Aereas Inteligentes /zigman2/quotes/206391664/composite GOL +5.77% , a Brazilian low-cost airline, said late Friday that its September capacity increased 20.7 percent over the year-earlier month and that its load factor, the percentage of aircraft seats actually used, increased 2.9 percentage points to 67.6 percent.
Home Depot /zigman2/quotes/208081807/composite HD -0.86% , the big hardware chain that's a member of the Dow Jones Industrial Average, is rewarding investors four years after Bob Nardelli took the CEO spot, Barron's says. Store expansions and changes in product mix have helped nearly double the stock price since January 2003. Home Depot's key challenge is to counter the expansion of Lowe's /zigman2/quotes/205563664/composite LOW +0.19% , with the latest quarter's 4.8 percent same-store sales gain for Home Depot nearly matching the 5.1 percent at Lowe's. Nardelli's strategy includes pushing into big metro markets in the U.S., such as Manhattan, and adding international sales via Mexico stores.
Infosys Technologies /zigman2/quotes/208929210/composite INFY +12.70% , which provides software and technology consulting services, is expected Monday to report earnings of 33 cents a share for its fiscal second quarter.
Imergent , an Internet sales promoter, is mentioned in Barron's Sizing Up Small Stocks column as a going concern that sets up smaller companies with Web sales sites. Neal Goldman of Goldman Capital Management, with a 4.9 percent stake in Imergent, says the company is generating cash that pays down previous debt. Sales rose to $81 million in fiscal 2004 vs. $46 million the previous year.