Albertson's Reports Earnings, Philip Morris Pulls Ads After the Close

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M&A Earnings/revenue Offerings/stock actions Miscellany

Albertson's(ABS) posted first-quarter earnings of 53 cents a share, in line with both the 16-analyst estimate and the year-ago report.

The supermarket chain operator said it expects to report a 62-cent profit in the second quarter, which would meet the 14-analyst forecast. For the third-quarter, the company is expecting a 66-cent profit that would beat 14-analyst outlook of 63 cents a share.

Major Indices INDEX CHANGE % VALUE YR TO DATE Dow 20.54 +0.2% 10,815.30 -5.9% S&P 500 9.63 -0.7% 1467.63 -0.1% Nasdaq 8.38 +0.2% 3821.76 -6.1% Russell 2000 0.27 +0.1% 513.30xx +1.7% TSC Internet 15.16 -1.6% 930.26 -19.4%% TSC New Tech 30 34.43 +6.8% 543.82 -12% NOTE CHANGE PRICE YIELD 10-Year Treasury 11/32 102 25/32 6.116%

In other postclose news (earnings estimates from First Call/Thomson Financial; earnings reported on a diluted basis unless otherwise specified):

Earnings/revenue reports and previews

Electronics for Imaging(EFII) warned investors that it would post second-quarter earnings between 38 cents to 40 cents a share, falling below the six-analyst estimate of a 51-cent profit.

The software maker said it also set a $100 million stock buyback program.

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Offerings and stock actions

SPX Corp(SPW) said it filed with the Securities and Exchange Commission for an IPO of its Inrange Technologies division.

Wavecom SA(WVCM) said it would move ahead with its 1,446,667-ADR secondary offering, after postponing earlier plans in April.

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Miscellany

Standard & Poor's said Convergys(CVG) and Starbucks(SBUX) will replace Times Mirror(TMC) and Shared Medical Systems(SMS) in the S&P 500 Index.

Tobacco giant Philip Morris(MO) said they would discontinue advertising in publications where a minimum of 15% of the readers are under 18. The decision will affect 40 to 50 publications -- including Sports Illustrated and Rolling Stone -- the company said.

Teledyne(TDY) said its CFO Stefan Riesenfeld, has stepped down from his role to pursue another venture. The engineering products maker said it tapped its Corporate Controller, Dale Schnittjer to serve as the interim CFO until a successor is found.

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