Stocks In The News (GNW, DEPO, TXT, CAM , FCFS)
Genworth Financial Inc(NYSE:GNW) shares slipped about 11% to $6.83 in the pre-market session as the company decided to postponed the initial public offering of its Australian unit backing home loans to early 2013 after “elevated” losses in the nation this year. The company had been targeting a 40 percent stake in the unit for the second quarter of this year.
DepoMed, Inc. (NASDAQ:DEPO) shares climbed 5.25% to $6.62 as the company is planning to file a new drug application with the FDA in H2 2012 for its Serada treatment for menopausal hot flashes. Results of three Phase 3 clinical trials were positive and statistically significant for three of the four pre-specified primary endpoints
Textron Inc. (NYSE:TXT) shares rose over 1% as the company posted better-than-estimated first quarter earnings on a renewed demand for business aircraft and helicopters. The company earned $118 million, or 40 cents a share, up from a year ago profit of $29 million, or 9 cents a share, topping analysts’’ estimates by 5 cents. Revenue during the quarter grew 15.20% to $2.86 billion as Bell helicopter sales were up 32.7%, and Cessna aircraft sales rose 20.3%, from $2.48 billion, topping analysts’ estimates of $2.7 billion
The company maintained its full-year profit outlook of $1.80 to $2.00 a share from continuing operations. The company said it expected revenue for the year to rise 11% to about $12.5 billion, driven by strong growth at Cessna and Bell.
Cameron International Corporation (NYSE:CAM) agreed to buy the drilling equipment business of TTS Energy Division in an all-cash deal worth $270M. CAM, which makes pressure control equipment for the energy sector, will acquire the business from Norway’s TTS Group ASA in a deal expected to close in mid-2012.
First Cash Financial Services, Inc. (NASDAQ:FCFS) said that its first-quarter net income fell to $17.51 million or $0.58 a share from $22.56 million or $0.70 a share a year ago. Net income from continuing operations during last year amounted to $15.9 million or $0.50 a share, missing analysts’ estimates by 5 cents. Revenue during the quarter grew to $135.12 million compared with $120.84 million in the previous year, and up 16% on a constant currency basis. Six analysts estimated revenues of $136.67 million for the quarter.
