Here are a few news items that affected Watch List names and that we didn’t give a separate post:
Valassis (VCI) decreased its second quarter earnings per share guidance to a range of 38 cents to 42 cents, versus earlier guidance of 49 cents to 55 cents. Full-year expectations were trimmed to a range of $1.60 to $1.80 from a previously range of $1.95 to $2.15.
Analysts polled by Thomson Financial were expecting earnings of 51 cents for the quarter and $1.99 for the full year.
The company cited a slowdown in sales and pricing pressure in both its free-standing insert business and neighborhood-specific advertising. The company also said a suspension of its stock buyback program would affect earnings per share.
Accredited Home Lenders Holding Co. (LEND), a mortgage company specializing in non-prime residential mortgage loans, announced today that it would absorb the wholesale operations of Aames Investment Corporation (AIC) under an agreement dated June 23, 2006. This move is designed to reduce employee attrition and maximize the expected synergies from the combination of the Accredited and Aames wholesale operations that would otherwise occur as part of the merger of Accredited and Aames contemplated to occur in the third quarter of 2006.
Birinyi thinks it may be time to look at the homebuilders again. (NVR, OHB, TOL)
Brazil’s Gerdau (GGB) bought Peru’s Siderperu.
Gold bugs think the Fed is too soft on inflation. (GG, GLG)
Stifel Nicolaus likes the beer stocks.