Ticker-Tape Parade: Cendant Buys Cheap Tickets, Semis Get an Upgrade
Cendant (CD) agreed to acquire Cheap Tickets (CTIX), a discount air-travel ticket business, for $425 million in cash. Cendant expects to close the transaction in the fall. The deal will add 1 cent to 2 cents a share to earnings in 2002, and 3 cents to the bottom line in 2003.
Earnings Reports & Warnings:
May Department Stores (MAY) said it met Wall Street's earnings estimates for the second quarter, posting income of 35 cents a share. The company's bottom line was 41 cents a share in the same period last year. Same-store sales fell 3.1% for the quarter.
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