Early Stocks in Motion

Brown Shoe buys a Boston-based footwear company for $205 million.
By TSC Staff ,

Brown Shoe

(BWS)

signed a definitive agreement Monday to acquire Bennett Footwear Group, a privately held woman's footwear designer and wholesaler based in Boston, for $205 million in cash. Bennett Footwear owns and licenses brands including Via Spiga, Etienne Aigner and Nickels Soft and had revenue of about $200 million in 2004. The acquisition, which is subject to customary closing conditions and regulatory approval, is expected to close by May 2005.

Troubled retailer

99 Cents Only Stores

(NDN)

named an interim CFO Monday night and hired a consulting firm to help it firm up financial reporting. Jeff Kniffin will replace Jim Ritter, who resigned as chief financial officer last week. Kniffin works for Stanton Associates, the consultancy, and has a history of helping companies implement and strengthen internal controls. His first job will be helping the company complete its 2004 audit and filing its 10-K as soon as possible. 99 Cents has a "strong cash position and balance sheet, and is anticipated to be profitable in the fourth quarter and continuing in 2005," it said.

Comstock Homebuilding

(CHCI) - Get Report

reaffirmed 2005 and 2006 guidance Monday night, saying it continues to see strong real estate demand around Washington, D.C. The homebuilder said it expects to post 2005 earnings of $2.15 to $2.20 a share on revenue of $250 million to $260 million, and 2006 revenue 50% to 60% above that. Those figures are in line with the Wall Street analyst estimates furnished by Thomson First Call. The comments came after the stock plunged $2.77 in regular action Monday to $21.91.

AstraZeneca

(AZN) - Get Report

said Monday afternoon that the Food and Drug Administration rejected a petition from a consumer group that sought the ban of the cholesterol fighting drug Crestor. The agency turned down the request from Public Citizen, which charged that Crestor causes more dangerous side effects -- including kidney damage and a rare muscle-wasting disease -- than similar drugs. The FDA reiterated comments it made earlier this month when it toughened restrictions on Crestor's label.

SpectraSite's

(SSI) - Get Report

fourth-quarter loss narrowed to $1.6 million, or 3 cents a share, compared with $21.6 million, or 45 cents a share, last year. Revenue was $91.5 million in the most recent quarter, up from $81.5 million a year ago. Analysts had been forecasting earnings of 23 cents a share in the quarter on sales of $91.5 million in the fourth quarter of 2004. The analyst number excluded charges that were incorporated into SpectraSite's bottom-line figure.

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