Campbell Soup Co., (NYSE: CPB) dropped more than 2% in Tuesday's pre-market trading after the company said that for fiscal 2011, adjusted earnings per share would rise 1%, adjusted earnings before interest and taxes would fall 2%, and net sales would be little changed from fiscal 2010. A survey of analysts by FactSet Research produced a consensus estimate of $2.45 a share of profit for fiscal 2011. Campbell earned $2.47 a share in fiscal 2010. In fiscal 2012 -- "a year of transition and investment," according to Denise Morrison, who becomes president and CEO on Aug. 1 -- Campbell sees adjusted profit per share down 4% to 6% as sales range from unchanged to up 2% compared with fiscal 2011. Longer term, Campbell expects adjusted EPS to grow 5% to 7% as sales rise 3% to 4%, the company said.
ReneSola Ltd (NYSE: SOL) slumped more than 11% after the company announced that it has revised its second quarter 2011 guidance primarily due to declines in wafer prices and a challenging solar module market. For the second quarter of 2011, the Company estimates its total solar wafer and module shipments to be in the range of 290 MW to 300 MW, compared to its previously guided range of 330 MW to 350 MW; revenues to be in the range of US$235 million to US$245 million, compared to its previously guided range of US$280 million to US$300 million; and gross profit margin to be in the range 17% to 19%, compared to its previously guided range of 25% to 27%.
Microchip Technology Incorporated (NASDAQ: MCHP) plunged more than 11% after the company announced that it expects its net sales for its first quarter of fiscal 2012 ending June 30, 2011 to be down about 1.5% sequentially. On May 5, 2011, Microchip provided guidance of net sales increasing 1% to 6% sequentially. Microchip also announced today that first quarter fiscal 2012 GAAP earnings per share is expected to be approximately 47 to 49 cents and non-GAAP earnings per share is expected to be approximately 53 to 55 cents. On May 5, 2011, Microchip provided guidance of GAAP EPS of 52 to 55 cents and non-GAAP EPS of 58 to 62 cents for the first quarter of fiscal 2012. "Our net sales activity in the June quarter did not progress as we originally expected," said Steve Sanghi, Microchip's President and CEO. "We are seeing broad-based weakness in our business due to a number of factors. In the June quarter, our automotive business was down significantly from the March 2011 quarter due to lower automotive production activities including supply issues from other manufacturers associated with the earthquake in Japan."
Chevron Corp. (NYSE: CVX) on Monday said that its expects its second-quarter earnings will rise over the previous quarter as higher oil prices continue to lift its upstream business and its refining margins improve.
Radiant Systems, Inc. (NASDAQ: RADS) surged more than 33% after it said that it has agreed to be acquired by NCR Corporation (NYSE: NCR) through a cash tender offer of $28.00 per Radiant Systems share. The equity purchase price of $1.2 billion has been approved by the boards of directors of each company. NCR and Radiant Systems currently anticipate the transaction will close during the third quarter of 2011, subject to regulatory approval.
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