10:45 ET NOC Awarded U.S. Air Force Contract
Northrop Grumman (NOC 54.37 -1.08) received an indefinite-delivery/indefinite-quantity (ID/IQ) award from the U.S. Air Force to provide mission planning software systems and tools so that warfighters can quickly and effectively plan missions and transfer required data to aircraft avionics.
Northrop Grumman is one of five companies that received an award. The companies will compete for delivery orders with a potential value of $919 million collectively over a five-year base period and five-year optional terms, making the potential period of performance 10 years.
SHAW Guides FY10 In-line With Consensus
Shaw Group (SHAW 34.20 -0.79) reported third quarter earnings of $0.57 per share this morning, excluding Westinghouse, $0.03 better than the Thomson Reuters consensus of $0.54.
On the top line, revenues fell 3.2% year-over-year to $1.79 billion versus the $1.78 billion consensus.
For its fiscal year 2010, the company reaffirmed earnings of $2.10 to $2.20 per share, excluding non-recurring items, in-line with the $2.20 Thomson Reuters consensus. On the top line, the company expects to see revenue of approximately $7 billion versus $7.06 billion Thomson Reuters consensus.
GGP to Receive $500 Mln Equity Investment
Gen Growth Properties (GGP 13.75 0.00) announced this morning they have entered into a definitive agreement whereby Teacher Retirement System of Texas (TRS) will invest $500 million in exchange for equity in reorganized GGP at $10.25 per share.
This agreement is subject to Bankruptcy Court approval. GGP's initial investment agreements with Brookfield Asset Management, Fairholme Funds and Pershing Square Capital Management, which provide sufficient capital for the company to emerge from Chapter 11, include a backstop provision for $1.5 billion of debt and $500 million of equity required for emergence.
CCME Raises FY10 Net Income
China MediaExpress (CCME 10.75 +1.18) raised its fiscal year 20101 net income guidance to $82 million to $85 million from $71 million to $75 million previously (no estimates).
The company said, "Our revised 2010 net income guidance reflects the continued growth of our business from existing revenue sources, and excludes the impact of any possible acquisitions, additional new buses, new revenue streams and any new investments in other media projects in 2010."
TUES Preannounces Better-Than-Expected
Tuesday Morning (TUES 4.48 +0.27) issued upside guidance for its fourth quarter this morning.
The company expects to see earnings in the fourth quarter of $0.02 to $0.04 per share, above the $0.01 single estimate. On the top line, the company sees fourth quarter revenue 6.4% higher from the same quarter last year to $200.8 million compared to the $197.00 million single estimates, with comps +6.0%, traffic +5.7% and ticket +0.3%.
The company said, "For the third consecutive quarter, we posted increases in both comparable store sales and traffic. We are encouraged by these solid gains in what continues to be a weak housing market and difficult
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