Movers: Alcoa, Men's Wearhouse, MBIA, Countrywide, Apollo Group

Alcoa (AA) reported fourth-quarter EPS jumped to 75 cents, from 41 cents a year ago, including a favorable restructuring adjustment and tax benefit totaling $323 million, or 38 cents per share, mostly stemming from the company's recent agreement to sell the packaging and consumer businesses. Revenue in the quarter fell to $7.39 billion from $7.84 billion last year, due to lower metal prices and the exclusion of results from a soft alloy extrusion business that is now part of a joint venture. Analysts estimates were EPS of 33 cents on $6.92 billion in revenue.

Men's Wearhouse (MW) warned that fourth quarter GAAP diluted EPS estimate to be in the range of $0.16 to $ 0.18, and fiscal year 2007 GAAP diluted EPS to be in a range of $2.60 to $2.62, vs. prior guidance of $0.43 to $0.48 for the fourth quarter and $2.87 to $2.92 for the fiscal year. It blamed "substantially lower traffic levels at all of the company's retail stores", and anticipates continued weak traffic trends for January. The shares skidded nearly 14% in after-hours trading.

MBIA (MBI) plans to issue $1 billion of surplus notes, due 2033. Fitch Ratings expects to assign an 'AA' rating to the $1 billion offering of surplus notes that MBI plans to issue over next several days. MBI cuts quarterly dividend to $0.13 from $0.34.

Countrywide Financial (CFC) reports that total loan fundings for the month of December 2007 were $24 billion, up 1% from November 2007.

E*Trade Financial (ETFC) says subsequent to Nov. 29 sale of its $3 billion asset-backed securities portfolio, it successfully completed orderly sale of additional available-for-sale securities totaling about $3 billion, including a combination of mortgage-backed securities and municipal bonds. It also reduced wholesale borrowing levels at the Bank by eliminating about $3.5 billion in Federal Home Loan Bank advances and repurchase agreements quarter-to-quarter.

DuPont (DD) sees 2007 EPS at upper end of its previously announced range of $3.15-$3.20, which excludes $0.09 of charges for significant items recorded in first nine months of 2007, $0.02 net benefit it expects to record for fourth quarter 2007. Raises $3.31-$3.52 2008 EPS forecast to $3.35-$3.55.

Apollo Group (APOL) posts $0.83, vs. $0.65 a year ago, first quarter GAAP EPS on 17% revenue rise. Stifel Nicolaus says results were better than expected.

Garmin Ltd. (GRMN) falls after Deutsche Bank downgrades to hold from buy.

CB Richard Ellis Group (CBG) was lower as the company and numerous other companies were feeling the effects of overall recession worries. Specifically, S&P downgrades CBG shares to sell from hold as continued pressures and the significant jump in financing rates may have an adverse short-term effect on its business.

Merchantile Bank (MBWM) posts $0.01, vs. $0.54 a year ago, fourth quarter EPS on 9.8% decline in net interest income. It says earnings reflect an elevated level of nonperforming assets and a lower net interest margin relative to 2006 and year ago fourth quarter.

Alliant Techsystems (ATK) says it has negotiated definitive agreements with Canadian-based MacDonald, Dettwiler and Associates to acquire its Information Systems and Geospatial Information Services businesses for C$1.325 billion. Beginning Apr. 1, 2008, ATK will establish a fourth business group, ATK Space Systems. S&P keeps buy. Friedman downgrades to market perform from outperform.

Mosaic Company posts $0.89, vs. $0.15 a year ago, second quarter EPS on 44% rise in sales.

Robbins & Myers (RBN) reported a first-quarter profit of 80 cents per share vs. 62 cents a year ago on a 12% increase in sales. The industrial equipment maker said that based on first-quarter strength, it was raising its fiscal 2008 earnings outlook from $3.30-$3.50 to $3.55-$3.75 per share and announced a 2-for-1 stock split.

QLogic (QLGC) sees third quarter revenues of $155-$157 million, vs. its earlier forecast of $147-$151 million. It sees third quarter GAAP EPS of $0.20-$0.21, $0.27-$0.28 non-GAAP EPS vs. previous forecast of $0.23-$0.25.

Oxford Industries (OXM) posts $0.71, vs. $0.68 a year ago, second quarter EPS from continuing operations on 1.2% sales rise. Moderates its expectations for the 2-month period from Dec. 1, 2007, through Feb. 2, 2008, due to seasonality, weak holiday performance by most of its wholesale customers. Now sees net sales for 2-month period to be slightly below year ago, EPS to range from breakeven to a modest profit.

Technitrol (TNL) agrees to acquire capital stock of Denmark-based Sonion A/S, a producer of innovative microacoustic transducers and micromechanical components for manufacturers of hearing instruments, advanced acoustic devices, medical devices and mobile communication devices, for about $385 million in cash, based on current exchange rates. Expects deal to be accretive to earnings in year-two by about $0.25 per share.

VF Corp. (VFC) sees 2008 revenue growth of 9%, EPS growth of 10%, excluding the impact of any new acquisitions. It raises its 6%-8% long-term revenue growth target to 8%-10% annually, sets goal of $11 billion in revenues by 2012. Ups 14% operating margin target to 15%, sets target for EPS growth of 10%-11%.

CKE Restaurants (CKR) posts 1.2% rise in December blended same-store sales. Separately, its board authorizes further expansion of its stock buyback program, raising its authorization by an additional $50 nillion, for a new limit of $400 million.

Viropharma (VPHM) sees $210-$235 million 2008 net product sales. Reconfirms it expects sales in 2007 to be within its guidance range of $202-$208 million.

Helen of Troy (HELE) posts $0.81, vs. $0.70 a year ago, third quarter EPS from operations as absence of certain charges offset 1.4% lower sales.

Oneok (OKE) raises 2007 EPS guidance to $2.75-$2.79 from $2.62-$2.72, reflecting better-than-anticipated performance in its Oneok Partners segment. It sees 2008 EPS of $2.75-$3.15, also driven by its Oneok Partners segment.

McGraw-Hill Companies (MHP), the parent company of BusinessWeek and Standard & Poor's, announces that it restructured a limited number of business operations in the fourth quarter, and that in the quarter it incurred a restructuring charge of $43.7 million pre-tax, consisting mostly of employee severance costs related to a workforce reduction of approximately 600 positions (about 3% of global workforce) across the corporation.

Shaw Group (SGR) posts $0.49, vs. $0.11 a year ago, first quarter EPS (excluding Westinghouse segment) on 34% revenue rise. SGR also reportedly restates first quarter results to a loss of $0.15 from originally reported loss of $0.26, to correct an accounting error.

Shore Financial (SHBK) agrees to be acquired by Hampton Roads Bankshares (HMPR). Terms: Either $22 per share in cash or 1.8 HMPR shares for each SHBK share.

Cleveland-Cliffs (CLF) says its board approved a 40% increase in the its regular quarterly cash dividend to $0.175 per share from $0.125. The new rate will be payable March 3 to shareholders of record Feb. 15.