Abercrombie & Fitch (ANF)

Abercrombie & Fitch Friday today reported third quarter net income of $38.8 million, or $0.44, compared to net income of $63.9 million, or $0.72 for the comparable period last year. Excluding $6.2 million of after-tax charges associated with the closure of the Ruehl business and an $18.6 million benefit associated with a true up of the year-to-date tax rate, the Company reported non-GAAP net income of $26.3 million, or $0.30, for Q3. Sales decreased 15% to $765.4 million; comparable store sales decreased 22%.
Profits were higher than expected.

Nov 13 · 11:29:00 AM · Source: Company News Release
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by Larry Etter

J.C. Penney (JCP)

J.C. Penney Friday said its third-quarter net income fell 78 percent to $27 million, or 11 cents share, from $124 million, or 56 cents a share, a year earlier. Excluding a 3-cent charge related to real estate impairment, earnings were 14 cents a share. Sales declined 3.2 percent to $4.18 billion.
Earnings matched Street estimates.

Nov 13 · 11:18:00 AM · Source: Company News
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by Larry Etter

Disney (DIS)

Disney reported that for the fiscal fourth quarter ended Oct. 3, it reported a profit of $895 million, or 47 cents a share, up from $760 million, or 40 cents a share, a year earlier.

The latest quarter, which had one more week than a year ago, included gains from the merger of Lifetime Entertainment Services and A&E Television Networks as well as $166 million in restructuring and impairment charges. Excluding items, earnings rose to 46 cents a share from 44 cents. Revenue rose 4.5% to $9.87 billion.
Disney's cable networks, including ESPN and The Disney Channel, have eased much of the pain from the recession and that is reflected in the Q4 results.

Nov 13 · 11:13:00 AM · Source: Company News
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by Larry Etter

Bristol-Myers Squibb (BMY)

Bristol-Myers Squibb and Alder Biopharmaceuticals announced a global agreement for the development and commercialization of ALD518, a novel biologic that has completed Phase IIa development for the treatment of rheumatoid arthritis.
Under the terms of the collaboration agreement, Alder will grant to Bristol-Myers Squibb worldwide exclusive rights to develop and commercialize ALD518 for all potential indications except cancer, for which Alder will retain rights and grant Bristol-Myers Squibb an option to co-develop and commercialize outside the United States. An upfront cash payment of $85 million, potential development-based and regulatory-based milestone payments of up to $764 million across a range of indications, potential sales-based milestones which, under certain circumstances, may exceed $200 million, and royalties on net sales are payable to Alder by Bristol-Myers Squibb.

Nov 12 · 5:02:00 PM · Source: Reuters
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by Michael Oliveto

Bristol-Myers Squibb (BMY)

Bristol-Myers Squibb and ZymoGenetics presented final results from a Phase 1b clinical trial of PEG-Interferon lambda administered with ribavirin in relapsed and treatment-naïve hepatitis C virus (HCV) patients. Antiviral activity was observed at all dose levels tested.
“There is a strong need for additional options for hepatitis C patients,” said Brian Daniels, M.D., senior vice president, Global Development & Medical Affairs, Bristol-Myers Squibb. “We are pursuing this investigational pathway to address the fact that although current interferons have been the backbone of therapy with meaningful efficacy, they are often poorly tolerated, leading to dose reductions, poor compliance and avoidance of treatment.”

Nov 12 · 4:53:00 PM · Source: Business Wire · Related: ZymoGenetics Inc.
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by Michael Oliveto

Bristol-Myers Squibb (BMY)

Bristol-Myers Squibb and Exelixis reported phase 2 clinical data which show that XL184 demonstrated activity in patients with glioblastoma multiforme (GBM), the most common and aggressive form of brain cancer.
The study evaluates the safety, tolerability, and clinical activity of XL184 at continuous daily doses of 175 mg or 125 mg in patients with previously treated GBM, including some patients who had received prior antiangiogenic therapy.

Nov 12 · 4:49:00 PM · Source: Business Wire · Related: Exelixis Inc.
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by Michael Oliveto

Bank of New York Mellon (BK)

Bank of New York Mellon CEO Bob Kelly told the bank's senior managers he is not interested in the top job at Bank of America Corp, defusing speculation that he would leave his current post.
"I want to be clear: I am not interested," Kelly wrote.

Nov 12 · 4:42:00 PM · Source: Reuters
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by Michael Oliveto

Baxter International (BAX)

Baxter announced that it has declared a quarterly dividend of $0.29 per Company common share.
This represents an increase of approximately 12% over the previous quarterly rate of $0.26 per share. The dividend is payable on January 5, 2010, to shareholders of record as of the close of business on December 10, 2009.

Nov 12 · 4:35:00 PM · Source: Reuters
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by Michael Oliveto