US markets should open positive this morning, as futures are following the lead of overseas markets higher.
Will there a a congressional grilling that that Toyota faced? General Motors announced a 1.3million vehicle recall tied to a steering problem. A senate committee is still planing to (further) question Toyota over their recall.
The US Senate is near agreement on some sort of new regulations for Wall Street banks.
Shares of Dendreon (DNDN) are down 7% in premarket trading, as the FDA is looking closer at its prostate cancer drug Provenge. Wall Street had not expected the FDA to hold another advisory meeting, which is the reason for the sell-off.
Delta Apparel (DLA), whose fiscal 2010 year ends July 3rd of this year, raised guidance for earnings and sales just over a month after initially updating that outlook. They now see sales of $397million (up form $380mil), and earning per share of 1.25 (up from 1.00). Says the company:
“Sales trends in each of our business units continue to be strong as we proceed through the second half of the fiscal year,” commented Robert W. Humphreys, Chairman and Chief Executive Officer. “Gross margins are exceeding our original target, driven by manufacturing efficiencies at the company-owned facilities and a favorable shift in product mix. We continue to utilize the strengths of each of our businesses to enhance top-line growth and leverage our operating platform. We are encouraged by our recent performance and believe we are well positioned to capitalize on the many long-term growth opportunities that still lie ahead for Delta Apparel, Inc.”
Shares of office supply giant Staples (SPLS) are down 7% in early trading, after missing earnings guidance by a penny despite better than expected earnings. They also gave Q1 2010 earnings guidance below what what was expected, yet the full year 2010 outlook was above what people were looking for. Investors are giving them no benefit of the doubt however. From their release:
“With a strong finish in the fourth quarter, our team delivered a solid 2009,” said Ron Sargent, Staples’ chairman and chief executive officer. “We made great progress on the integration of Corporate Express, took big steps toward building a global Staples brand, laid a solid foundation for growth in our technology services and copy and print businesses, and strengthened our international leadership team.”
Autozone (AZO) earnings of 2.46 per share came in 11cents ahead of expectations, on a $200million revenue beat.
"We are pleased to report our 14th consecutive quarter of double digit EPS growth. I would like to thank all AutoZoners for their commitment to delivering superior customer service, which we believe remains a competitive advantage. We continued our focus on improving parts coverage, hiring, retaining and training the best automotive parts professionals, and growing our Commercial business. Additionally, we reported a 25.2% trailing four-quarter return on invested capital ratio this past quarter, as we remained committed to our disciplined approach of growing operating earnings while utilizing our capital effectively," said Bill Rhodes, Chairman, President and Chief Executive Officer.
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