10:52 ET LINTA Announces Split-Off
Liberty Media (LINTA 12.97 +0.63) announced that its board of directors has authorized its management to proceed with a plan to separate its Liberty Capital and Liberty Starz tracking stock groups from its Liberty Interactive tracking stock group.
The split-off will be effected by the redemption of all the outstanding shares of Liberty Capital tracking stock and Liberty Starz tracking stock in exchange for shares in a newly formed company.
The company stated "An asset-backed Liberty Interactive will provide better transparency on Liberty's operating businesses, enable more efficient capital raising, and permit us to better pursue our strategic objectives, including acquisitions using stock. We also believe the split-off will be positive for the long-term credit outlook at Liberty Interactive."
The split-off will be effected by the redemption of all the outstanding shares of Liberty Capital tracking stock and Liberty Starz tracking stock in exchange for shares in a newly formed company.
The company stated "An asset-backed Liberty Interactive will provide better transparency on Liberty's operating businesses, enable more efficient capital raising, and permit us to better pursue our strategic objectives, including acquisitions using stock. We also believe the split-off will be positive for the long-term credit outlook at Liberty Interactive."
DLTR Announces $500 Mln Stock Repurchase
Dollar Tree (DLTR 63.27 +0.25) announced that its Board of Directors has authorized the repurchase of an additional $500 million of its common stock.
The company stated that this authorization is in addition to the October 2007 repurchase authorization, of which the company has approximately $42 million remaining.
The company has invested $1.4 billion for share repurchase since 2003, including $218 million in the first quarter 2010.
The company stated that this authorization is in addition to the October 2007 repurchase authorization, of which the company has approximately $42 million remaining.
The company has invested $1.4 billion for share repurchase since 2003, including $218 million in the first quarter 2010.
HES to Acquire Further Interests in Two Fields
Hess (HES 56.96 +0.78) announced it has exercised its right to pre-empt Total's sale to BP of its interests in a pair of Norwegian North Sea offshore fields, Valhall and Hod. Hess will gain additional interests of 7.85% in Valhall and 12.5% in Hod for $496 million in cash.
Together with the completion of a previously announced strategic trade between Hess and Shell, the move will bring Hess' interests in Valhall and Hod to 64.05 percent and 62.5 percent, respectively.
The company announced that it expects these transactions to close near the end of the third quarter.
Together with the completion of a previously announced strategic trade between Hess and Shell, the move will bring Hess' interests in Valhall and Hod to 64.05 percent and 62.5 percent, respectively.
The company announced that it expects these transactions to close near the end of the third quarter.
CAL Issues Q2 Guidance
Continental (CAL 25.07 +0.28) announced that it expects second quarter consolidated and mainline load factors to be up about 1.5 points year-over-year.
The company anticipates ending the second quarter of 2010 with an unrestricted cash, cash equivalents and short-term investments balance of approximately $3.5 billion.
The company's cargo, mail, and other revenue for the second quarter of 2010 is expected to be between $385 and $395 million.
The company anticipates ending the second quarter of 2010 with an unrestricted cash, cash equivalents and short-term investments balance of approximately $3.5 billion.
The company's cargo, mail, and other revenue for the second quarter of 2010 is expected to be between $385 and $395 million.
CPKI Issues Downside Guidance for Q2
California Pizza (CPKI 18.89) issued downside guidance for the second quarter, seeing earnings per share of $0.10-0.15 below the $0.26 per share consensus, with comparable store sales to be in the range of -6 to -7%.
The company previously guided for earnings per share of $0.24-0.26, with comparable store sales to be in the range of -0.5 to -2.5%. The company reported April and May comparable store sales were -2.7% and -7.9%. The company stated "We attribute this softer top-line primarily to timing as we lap our successful 2009 Thank You Card Program. Weaker than forecasted May and June-to-date comparable restaurant sales will have a deleveraging effect on our P&L and a decline in earnings from previous guidance."
The company also announced it will introduce 2 to 3 new licensed products outside the frozen category.
The company previously guided for earnings per share of $0.24-0.26, with comparable store sales to be in the range of -0.5 to -2.5%. The company reported April and May comparable store sales were -2.7% and -7.9%. The company stated "We attribute this softer top-line primarily to timing as we lap our successful 2009 Thank You Card Program. Weaker than forecasted May and June-to-date comparable restaurant sales will have a deleveraging effect on our P&L and a decline in earnings from previous guidance."
The company also announced it will introduce 2 to 3 new licensed products outside the frozen category.
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