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P.F.Chang's China Bistro (PFCB)
RNR.com is reporting that the board of directors at P.F. Chang’s China Bistro Inc. has authorized a share repurchase program that will allow the company to buy up to $100 million in its common stock through Dec. 15, 2011.
J.P. Morgan securities analyst John Ivankoe said the performance of P.F. Chang’s namesake brand was running close to expectations for the fourth quarter, which means still negative sales trends but improving costs. At the company’s Pei Wei Asian Bistro brand, same-store sales should run positive, with an increase of 2 percent, according to Ivankoe. The chain also is expected to open seven units this year and five more next year. Development will be focused on one new market, Chicago, as well as on the filling in of other large, underpenetrated markets including South Florida, Philadelphia, and Washington, D.C., Ivankoe said.
Dec 22 · 3:05:00 PM · Source: Restaurant News
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by Rich Pike
Steak N Shake (SNS)
The Steak n Shake Co. became the restaurant industry’s most expensive stock listing on Monday after the company completed a 1-for-20 reverse stock split that left shares closing at $293.00 each.
The company’s reverse split was undertaken to attract “knowledgeable, long-term owners,” said Steak n Shake’s CEO, Sardar Bilgari. Steak n Shake, which posted last week a fourth-quarter jump in sales and profit, is in the process of reorganizing its operations into that of a holding company, and has agreed to acquire another restaurant company, Western Sizzlin’ Co., which also is helmed by Biglari.
Dec 22 · 2:52:00 PM · Source: Restaurant News
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by Rich Pike
ConAgra Foods (CAG)
ConAgra Foods said Monday its net profit increased to $239.7 million, or 54 cents a share, in the fiscal second quarter that ended Nov. 29 from $168.1 million, or 37 cents a share, a year earlier. Total sales fell about 2.4 percent to $3.17 billion.
Earnings and sales topped analyst expectations.
Dec 21 · 1:36:00 PM · Source: Company News
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by Larry Etter
Treehouse Foods, Inc. (THS)
TreeHouse Foods Inc Monday said it had agreed to buy health food products maker Sturm Foods from private equity firm HM Capital Partners for $660 million.
The move will strengthen TreeHouse's private label presence in the hot cereal and powdered soft drink mix categories.
Dec 21 · 1:29:00 PM · Source: Company News Release
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by Larry Etter
Walgreen (WAG)
Walgreens Monday said it posted record earnings and sales for the fiscal first quarter of 2010. First quarter net earnings were $489 million, or 49 cents per share, a 19.6 percent increase from $408 million from 41 cents per diluted share a year ago. First quarter 2010 results include the impact of 3 cents per diluted share in restructuring and related costs associated with the company's Rewiring for Growth initiative. First quarter sales increased 9.5 percent from the prior-year quarter to $16.4 billion. Total sales in comparable stores (those open at least a year) increased 4.9 percent in the quarter, while front-end comparable store sales increased 2.7 percent.
Dec 21 · 1:23:00 PM · Source: Company News
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by Larry Etter
Chattem Inc. (CHTT)
French pharmaceuticals company Sanofi-Aventis Monday said it would acquire Chattem Inc. for $1.9 billion.
The move would step up Sanofi's presence in the consumer drug market, as Chattem, based in Tennessee, makes products like Icy Hot pain-relieving patches and gel and ACT mouthwash and posted revenues of $454.9 million in 2008.
Dec 21 · 1:19:00 PM · Source: Company News
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by Larry Etter
Procter & Gamble (PG)
P&G will buy Sara Lee's Ambi Pur air freshener brand for $470 million. Ambi Pur's air freshener products have a global reach of 80 countries. The company also has several toilet-care products with a strong hold in Western Europe and Asia.
"The acquisition of Ambi Pur strengthens P&G's global leadership in home care, and specifically air care, by extending our reach to serve more consumers in more parts of the world more completely," said David Taylor, P&G group president of global home care. "This acquisition brings the strong Ambi Pur brand equity and complementary geographic presence, particularly in Europe and Asia."
Dec 18 · 2:20:00 PM · Source: The Street
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by Rich Pike
Research in Motion (RIMM)
Research in Motion reported for the 3rd-quarter 2009 earnings of $628.4 million, or $1.10 per share, on sales of $3.92 billion. That compares to the prior year earnings of $396.3 million, or $.69 per share, on sales of $2.78 billion.
Earnings per share for the fourth quarter are expected to be in the range of $1.23-$1.31 per share diluted. "We are pleased to report record shipments of more than 10 million BlackBerry smartphones during the third quarter with higher than expected revenue, earnings and subscriber growth," said Jim Balsillie, Co-CEO at Research In Motion. "RIM is experiencing a great start to the holiday buying season and the strong Q3 results and Q4 outlook clearly reflect the strength of our diversified product portfolio as well as the success of our efforts to expand into broader customer segments and new geographies while maintaining our strong position in North America."
Dec 18 · 2:16:00 PM · Source: Company Press Release
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by Rich Pike
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