Rite Aid ( RAD) said January same-store sales rose 8.3%. Total drugstore sales for the four-week period rose 6.8% to $1.16 billion from $1.08 billion for the same period last year.
Earnings Reports & Outlooks
Myriad Genetics ( MYGN) reported a second-quarter loss of 10 cents a share, beating estimates by 3 cents. Total revenue rose to $13.5 million from $12 million a year ago. Oxford Health Plans ( OHP) reported fourth-quarter earnings of $1 a share, including gains totaling 15 cents. Analysts were expecting a profit of 78 cents. Revenue rose to $1.12 billion from $1.04 billion in the year-ago quarter. United Auto Group ( UAG) reported fourth-quarter earnings of 32 cents a share, topping the consensus estimate by a penny. Revenue increased 30.4% from the same quarter a year earlier to $1.6 billion. The company expects to earn 29 cents in the first quarter and at least $1.73 a share in 2002. Analysts are looking for earnings of 26 cents in the first quarter and $1.67 for the year.
Mergers, Acquisitions & Joint Ventures
GenVec ( GNVC) signed a contract with a division of the National Institutes of Health in which the company will use its adenovector technology to develop and manufacture AIDS vaccine candidates. The contract has a life of up to three years and a potential value of $10.2 million. InVision Technologies ( INVN) received orders totaling around $8.2 million for explosives detection systems from the Transportation Ministry of Canada, Service Technique des Bases Aeriennes of France and El Al Israel Airlines. A unit of OSI Systems ( OSIS) received an order from the Federal Aviation Administration for carry-on baggage X-ray screening systems. The order is valued at about $5 million. The company will begin shipping the systems this quarter. Teva Pharmaceutical Industries ( TEVA) made a firm offer to acquire Bayer's ( BAY) French generic business, including marketing and manufacturing activities. Terms of the offer weren't disclosed.
CIBC World Markets upgraded Charles Schwab ( SCH) to buy from hold and put a price target of $17 on the stock.
J.B. Hunt ( JBHT) priced a 2.2 million share spot offering by the company's senior chairman at $25.10 each, according to Briefing.com.