Updated from 11:43 a.m. EDT

Earnings Reports & Outlooks

  • Auto dealership owner Asbury Automotive Group ( ABG) expects first-quarter earnings to exceed analysts' consensus estimate by about 10%. The company is also comfortable with earnings estimates for the rest of 2002. Analysts expect Asbury, which completed its IPO in March, to earn 29 cents in the first quarter and $1.52 for the year. The company's shares were gaining 9.7% to $16.90.

  • Rubio's Restaurants ( RUBO) now expects first-quarter earnings of 4 cents to 5 cents a share. The company, which said same-store sales increased 1.8% for the 13 weeks ended March 31, previously expected a profit of a penny to 2 cents. Analysts are looking for a profit of a penny. The stock was up 10.2% to $6.51.

  • Tier Technologies ( TIER) has decided to sell its Australian operations and plans to close the sale in the next six to 12 months. Excluding the Australian operations, Tier expects to meet its guidance for second-quarter earnings, excluding items. The company, a consulting firm, expects the loss from the Australian discontinued operation to total $16.1 million, or 83 cents a share, in the second quarter. Tier is looking for revenue of about $22 million for the quarter and income from continuing operations, excluding charges, of $2.8 million, or 15 cents a share. Analysts are calling for a profit of 15 cents and revenue of $30 million. Including acquisition costs, Tier expects to earn 10 cents to 11 cents a share. Tier was down 16.3% to $13.87.

  • Van der Moolen ( VDM), a Dutch securities trading firm, expects first-quarter net income of around 17.5 million euros, down from 30.8 million euros in the same period a year ago. The company's American depositary shares were falling 14% to $24.05.

    Offerings & Stock Splits

  • Duane Reade ( DRD) hopes to raise about $110 million through an offering of 20-year convertible senior notes. The notes will be convertible into common shares under certain conditions. The company plans to use the net proceeds of the offering to pay down its senior credit facility and for general corporate purposes. Shares of the drugstore chain were down 5% to $32.02.

  • Panera Bread's ( PNRA) board authorized a 2-for-1 stock split. If the company's shareholders approve the split, the additional shares will be payable June 24 to holders of record June 10. Panera was up 5.3% to $65.43.

  • TJX ( TJX), the owner of T.J. Maxx and Marshalls, declared a 2-for-1 stock split, payable May 8 to shareholders of record April 25. The company also increased its quarterly dividend. On a post-split basis, TJX will now pay 3 cents a share, up from 2.25 cents. The dividend will be paid May 30 to shareholders of record May 20. TJX was up 2% to $41.52.

  • Tommy Hilfiger ( TOM) repurchased $25 million of its 6.50% notes due June 1, 2003. In addition, the company's board authorized the repurchase of up to an additional $100 million of the notes that remain outstanding. Wachovia upgraded the stock and increased its price target. Tommy was gaining almost 10% to $15.91.

    Miscellaneous News

  • Intergraph ( INGR) said the court-ordered mediation that began April 3 with Intel ( INTC) has resulted in an agreement by both companies to continue direct discussions in search of settlement opportunities. The companies have been involved in patent litigation since Intergraph first sued Intel in 1997. Intergraph was up 13.4% to $15.80.