For Immediate Release
Chicago, IL – August 16, 2010 – Zacks.com Analyst Blog features: Biovail Corporation (BVF), Valeant Pharma (VRX), DeVry Inc. (DV), Advance Auto Parts Inc. (AAP) and Halliburton Company (HAL ).
Here are highlights from Friday’s Analyst Blog:
Biovail Beats in Q2
Biovail Corporation (BVF) reported earnings of 34 cents per share (excluding special items) for its second quarter 2010 earnings, comfortably surpassed the Zacks Consensus Estimate of 26 cents per share. The company also earned 34 cents in the year-ago quarter.
On a reported basis (including special items) Biovail earned 21 cents per share in the reported quarter, against 15 cents a year ago. The increase in earnings was attributed to higher revenues driven by the impressive showing of its antidepressant drug Wellbutrin and its portfolio of generic products.
Adjusted cash earnings (cash flow from operating activities excluding changes in operating assets and liabilities) climbed 17% year over year to 60 cents per share in the quarter.
Impending Merger with Valeant
In June 2010, Biovail Corp. and Valeant Pharma (VRX) agreed upon a merger, in which the latter will merge with a wholly-owned subsidiary of Biovail, with the combined company being called Valeant Pharmaceuticals International Inc. The merger, which is expected to be completed by the end of the year, is subject to shareholder and regulatory approvals. In July, the Federal Trade Commission issued an early termination of the waiting period under the Hart-Scott-Rodino Act. Both the participants in the merger have scheduled their respective special meetings of shareholders on September 27, 2010.
The transaction, which will create a giant specialty pharmaceuticals company, is valued at approximately $3.3 billion. The deal entitles the shareholders of Valeant to a one-time special cash dividend of $16.77 per share immediately prior to the closing of the merger, in addition to 1.7809 shares of Biovail upon closing of the merger in exchange for each share of Valeant. The Biovail and Valeant stockholders would own approximately 50.5% and 49.5% of the shares of the merged entity, respectively.
DeVry Tops Consensus
DeVry Inc. (DV) registered fourth-quarter 2010 earnings of 99 cents per share, exceeding the Zacks Consensus Estimate of 82 cents by 20.7% and the year-ago earnings of 51 cents by 94.1%.
The upbeat results came in the wake of successful implementations of growth and diversification strategies, improvement in academic quality and successful student enrollments.
Advance Auto Parts Outpaces Estimates
Advance Auto Parts Inc. (AAP) showed an increase in profit to $100.9 million or $1.16 per share in the second quarter of 2010, ended July 17, 2010. That compares with $80.3 million or 83 cents in the year-ago quarter. The automotive retailer outpaced the Zacks Consensus Estimate of $1.02 per share.
The improvement was attributed to the company's aggressive store expansion strategy, enabling better availability of parts to its customers and fueling a higher comparable store sales gain.
Halliburton's Endeavour in Poland
One of the largest oilfield service providers Halliburton Company (HAL ) executed the first ever shale hydraulic fracturing operation in Poland. The company performed this operation for PGNiG, the state-owned Polish oil and gas company.
Halliburton was contracted by PGNiG to fracture the Markowola-1 exploratory well, located near Kozienice, Lublin province. This was done to verify whether the site holds commercial gas deposits reserves or not.
Want more from Zacks Equity Research? Subscribe to the free Profit from the Pros newsletter: http://at.zacks.com/?id=5515.
About Zacks Equity Research
Zacks Equity Research provides the best of quantitative and qualitative analysis to help investors know what stocks to buy and which to sell for the long-term.
Continuous coverage is provided for a universe of 1,150 publicly traded stocks. Our analysts are organized by industry which gives them keen insights to developments that affect company profits and stock performance. Recommendations and target prices are six-month time horizons.
Zacks "Profit from the Pros" e-mail newsletter provides highlights of the latest analysis from Zacks Equity Research. Subscribe to this free newsletter today: http://at.zacks.com/?id=5517.
About Zacks
Zacks.com is a property of Zacks Investment Research, Inc., which was formed in 1978 by Leonard Zacks. As a PhD in mathematics Len knew he could find patterns in stock market data that would lead to superior investment results. Amongst his many accomplishments was the formation of his proprietary stock picking system; the Zacks Rank, which continues to outperform the market by nearly a 3 to 1 margin. The best way to unlock the profitable stock recommendations and market insights of Zacks Investment Research is through our free daily email newsletter; Profit from the Pros. In short, it's your steady flow of Profitable ideas GUARANTEED to be worth your time! Register for your free subscription to Profit from the Pros at http://at.zacks.com/?id=5518.
Visit http://www.zacks.com/performance for information about the performance numbers displayed in this press release.
Follow us on Twitter: http://twitter.com/zacksresearch
Join us on Facebook: http://www.facebook.com/home.php#/pages/Zacks-Investment-Research/57553657748?ref=ts.
Disclaimer: Past performance does not guarantee future results. Investors should always research companies and securities before making any investments. Nothing herein should be construed as an offer or solicitation to buy or sell any security.
Contact:
Mark Vickery
Web Content Editor
312-265-9380
Visit: www.zacks.com
ADVANCE AUTO PT (AAP): Free Stock Analysis Report
BIOVAIL CORP (BVF): Free Stock Analysis Report
DEVRY INC (DV): Free Stock Analysis Report
HALLIBURTON CO (HAL): Free Stock Analysis Report
VALEANT PHARMA (VRX): Free Stock Analysis Report
Zacks Investment Research
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
