Greenbrier Companies (NYSE:GBX) reported Q1 earnings of $0.12 per share, in-line with estimates. Revenues came in at $246.6 million versus the consensus of $228.4 million. They foresee the FY07 EPS to be $2.15 to $2.40 versus the consensus of $2.92.

New York & Company, Inc. (NYSE:NWY) currently expects fourth quarter diluted earnings per share at the low end of the earnings guidance range provided on November 16, 2006 of $0.37 to $0.46. The current consensus is $0.40.

The Talbots, Inc. (NYSE:TLB) announced that earnings per share on a reported basis for the fourth quarter ending February 3, 2007 is expected to breakeven with an adjusted EPS of $0.04. This reflects a $0.07 decline in the Talbots brand performance versus the same quarter last year, a higher than anticipated loss at the J. Jill brand. The current consensus stands at $0.30.  The company sees Q1 of 2007 GAAP EPS between $0.36 to 0.43; the current consensus is $0.56.

Helen of Troy Limited (NDAQ:HELE) reported Q3 EPS of $0.72, versus the consensus of $0.85. Revenues came in at $213.4 million versus the consensus of $203.97 million, with a Q4 EPS of $0.25-$0.30 versus the consensus of $0.36 and an EPS of $1.53-$1.58 versus previous guidance of $1.70 to $1.80 and the consensus of $1.77. There are estimated FY07 revenues of $626-$631 million versus the consensus of $621.05 million. For the fiscal year beginning March, the company is providing guidance of annual sales in excess of $660 million and annual earnings in excess of $2.00 per diluted share. The consensus stands at $652.7 million and $2.01, respectively.

Volt Information Sciences, Inc. (NYSE:VOL) reported Q4 EPS of $0.86, twenty-four cents better than estimates. Revenues were $610.2 million versus $615.96 million consensus. VOL reported the FY06 EPS of $1.97 and revenues of $2.3 billion, with the current FY EPS consensus of $1.73 and the revenue consensus of $2.34 billion.

Audiovox Corp. (NDAQ:VOXX) reported a Q3 EPS of $0.17, two cents better than estimates of $0.15. Meanwhile revenues came in at $151.83 million versus the consensus of $148.77 million.

Oxford Industries Inc. (NYSE:OXM) reported a Q2 EPS of $0.68, versus the consensus of $0.69. Consolidated net sales increased nearly five percent to $291.0 million, versus the consensus of $290.35 million. They foresee the Q3 EPS to be $0.52-$0.60 versus the consensus of $0.86 and the FY07 EPS to be $3.00 to $3.15 versus the consensus of $3.33. The FY07 sales are estimated to be between $1.14 billion and $1.16 billion compared to initial full year guidance of $1.16 billion to $1.18 billion and the consensus of $1.17 billion.

Ramtron International Corporation (NDAQ:RMTR) expects to report product revenue of approximately $9.1 to $9.2 million. This result compares to the outlook management provided in its Q3 earnings which estimated product revenue between $10.2 million and $11.2 million.

Alcoa (NYSE:AA) reported Q4 EPS of $0.74, nine cents better than estimates while revenues were $7.8 billion versus $7.63 billion.

Apple Computers, Inc. (NYSE:AAPL) shares set new highs today after moving up $7.10, or 8.31%, to close at $92.57. The move was driven by the company's introduction of its much-anticipated iPhone device, which will be able to play music and take pictures, among other things. Investors are hoping that this new device will be able to disrupt the cell phone market in the same way that the iPod has dominated the MP3 player market shortly after its introduction. Moreover, the device's ties to several other key Apple services - most notably its iTunes music service - could help boost earnings in other areas. Jobs, not adverse to a little hyperbole, boldly stated, "We are all born with the ultimate pointing device - our fingers - and iPhone uses them to create the most revolutionary user interface since the mouse" calling the new device "revolutionary and magical". While the device won't be available in the states until June, the company did reveal their pricing at $499 for the 4gb model and $599 for the 8gb model.

The company also announced that it would be changing its name from "Apple Computers, Inc" to a much simpler "Apple, Inc", marking its move from strictly computers to consumer electronics.

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The London Stock Exchange reported excellent results, just a day after the Nasdaq (NDAQ:NDAQ) stepped up its attempt to win over LSE shareholders. The LSE reported a 9.9% rise in third quarter fiscal profits, while operating profits excluding one-time expenses increased 50% with revenues increasing 11.1%. The LSE attributed the growth to a 57% growth daily trading volume to 342,000, which came in significantly above the company's prior estimates. "The exchange is confident of an excellent outcome for the current financial year and continuing strong business fundamentals should ensure a strong performance for the financial year ending March 31, 2008," the exchange said in a statement. "This excellent performance supports the board's rejection of Nasdaq's offer, which significantly undervalues the business and the exchange's unique strategic position." The LSE also said the number of IPOs on its main market rose 39% to 50% during the quarter, along with a 68% increase in the average size of each new issue.

Clearly, this development puts increased pressure on Nasdaq, who argued that the exchange would experience difficulty competing in the future. Specifically, the Nasdaq said that the exchange would have to lower its costs in order to maintain market share; however, this recent development illustrates that this may not be true. Combined, these factors may make LSE shareholders think twice before approving a merger, despite the NDAQ's significant stake in the LSE that it threatened to sell off if the transaction fell through. Regardless, these stocks are two that are certainly worth watching during the next few months.

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The Gap Inc. (NYSE:GPS) shares jumped more than 7% during yesterday's trading session to settle around $20.25. The move comes after several sources noted that the troubled company has hired Goldman Sachs to look at possible strategic alternatives, which may include a sale of the company. It is unclear whether there is substance to this story; however, the company did admit that it had a relationship with Goldman Sachs, but not necessarily in that regard.

The rumor of a Gap buyout has been alive for more than two years, with our most recent coverage taking place on December 7th. Since then, investors have continued to be disappointed with the company's lackluster performance during the holiday season, after the company said the poor sales would "severely" affect earnings. Then came the comment from Pressler that caused the speculation, "Given that we did not gain the traction that we had expected, the management team, with the active involvement of our board of directors, is currently reviewing Gap's and Old Navy's brand strategies." Moreover, investors continue to be upset over the CEO's 100% raise last year, while the company's stock continues to suffer losses.

There are, however, a few barriers to any leveraged buyout. First, the company's founder, Donald Fisher, and his family still own approximately 36% of the company, and they are not exactly keen on selling it. Secondly, many investors note that this acquisition would be a huge one, amounting to around $20 billion, which may put it out of the league for many private equity players. And finally, with the company's disappointing performance, it could take awhile for any suitor to turn around the company and make money on the deal. Rather, many believe that the CEO will be fired before any drastic strategic alternatives are implemented. Regardless, this is definitely a company to keep an eye on during the next few months.

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Advanced Medical Optics, Inc. (NYSE:EYE) and IntraLase Corp. (NDAQ:ILSE) announced that the two companies have entered into a definitive agreement whereby AMO will acquire IntraLase for approximately $808 million in cash. Under terms of the agreement, AMO will pay $25 in cash per share of IntraLase stock and the individually determined cash value per share of outstanding stock options.

KLA-Tencor Corporation (NDAQ:KLAC) has agreed to acquire Therma-Wave (NDAQ:TWAV) via a tender offer for $1.65 per share in cash, in a deal worth $75 million.

Syntax-Brillian Corporation (NDAQ:BRLC) said that consolidated revenue for the quarter will be above $240 million with LCD TV shipments in excess of 350,000 units. The consensus stands at $189.23 million. The company also said gross margins will be in the top half of the range of 15% to 17% that was previously forecasted.

Delta Apparel, Inc. (AMEX:DLA) said that it expects second quarter revenues to be approximately $72 to $73 million versus its prior expectation of $74 to $78 million. Earnings are now expected to be in the range of $0.05 to $0.07 per diluted share versus its prior guidance of $0.14 to $0.18. The full fiscal year will show the company lowered sales expectations of $315 to $330 million from its prior guidance of $325 to $340 million. The company now expects diluted earnings per share to be in the range of $1.33 to $1.46 per diluted share for the 2007 fiscal year versus its prior guidance of $1.81 to $2.00 per diluted share.

The Houston Exploration Company (NYSE:THX) entered into a definitive agreement with Forest Oil Corporation (NYSE:FST), under which Forest will acquire all of the outstanding shares of Houston Exploration for approximately $1.5 billion in cash and Forest common stock. Forest will also assume approximately $100 million of Houston Exploration net debt. Under the terms of the agreement, Houston Exploration shareholders will receive total consideration equal to 0.84 shares of Forest common stock and $26.25 in cash for each outstanding share of Houston Exploration common stock.

Tellabs (NDAQ:TLAB) said that it sees Q4 revenue of $455 million to $470 million, versus the consensus of $534.2 million. Non-GAAP earnings per share, assuming dilution, are expected to range from ten cents to twelve cents, versus the consensus of fourteen cents.

MarineMax, Inc. (NYSE:HZO) expects its earnings per share for its fiscal year ending September 30, 2007 to range from $1.40 to $1.50 on a fully diluted basis from the previous range of $2.05 to $2.15. The company expects a Q1 revenue of approximately $235 million driven by same-store sales growth of approximately 14% and approximately $29 million from stores that were opened or acquired that are not eligible for inclusion in the same-store sales base. Due to additional team member and product incentives, higher marketing and promotional costs which were necessary to drive the company's sales, operating margins were negatively impacted, which is expected to result in a first quarter loss per share ranging from $0.20 to $0.25 per diluted share.

United Surgical Partners International, Inc. (NDAQ:USPI) said that they signed an agreement to merge with UNCN Acquisition Corporation. Under the terms of the merger agreement, the holders of USPI common stock will receive $31.05 per share in cash for their shares, in a transaction valued at approximately $1.8 billion. The company expects Q4 revenues to be in the range of $295 million to $300 million, which is above the high-end of the company's previous guidance of $255 million to $265 million. The company now expects diluted earnings per share for the fourth quarter to be $0.28 to $0.31, exceeding the company's previous guidance for the fourth quarter of $0.22 to $0.27. The consensus is $262.3 million and $0.27, respectively.

SKECHERS USA (SKX) now expects revenue for FY06 to be in the range of $1.196 to $1.201 billion, above its previous guidance of $1.156 to $1.166 billion, and diluted earnings per share for the full year are expected to be between $1.55 and $1.58, exceeding the company's previous guidance of $1.49 to $1.54. The consensus is $1.16 billion and $1.51, respectively.

LSI Industries Inc. (NDAQ:LYTS) said that it expects net sales of approximately $80 million and diluted earnings per share between $0.19 and $0.22 for Q2. Current analyst estimates range between $0.25 and $0.29 per share with a consensus of $0.26. Management now expects diluted earnings per share to be between $0.88 and $0.93 for the fiscal year ending June 30, 2007. This compares to management's previous guidance of $0.94 to $1.03 per share and analyst estimates of $0.95 to $1.12 per share with a  consensus of $1.00.

Venezuela's Chavez is calling for the nationalizing of the electricity and telecom sectors. Consequently, Compania Anonima Nacional Telefonos de Venezuela (NYSE:VNT) was halted for trading.

Integral Systems Inc. (NDAQ:ISIS) found itself under pressure from 12% holder Fursa Alternative Strategies, after the fund announced that it would be nominating two of its own members to the company's board of directors at the next annual shareholders meeting. These nominees include their Chief Investment Officer William F. Harley and director William F. Leimkuhler. The move to replace members of the board comes as a result of the company's inability to execute strategic alternatives to unlock shareholder value, which the fund said it finds "troubling". The company hasn't made any progress since last October when they noted that they were seeking strategic alternatives, which could include a possible sale of the company.

According to the fund's Schedule 13D filing with the SEC:

"As the Company's largest shareholder, we would like to see the Company's corporate governance significantly improved. The Company's Board and Management seem to require regular reminding of the need to significantly increase shareholder value. To better understand and act more in accordance with owner interests, we now believe the Board must include institutional investor representation. To that end, Fursa Alternative Strategies hereby nominates William F. Harley, III to the Company's Board for election as a Director at the Company's next Shareholder meeting. Fursa also nominates for election as Director at the next Shareholder meeting William F. Leimkuhler, who presently serves as a Director of the Company." (Read More)

If Fursa is successful in obtaining two seats on the company's board, it could result in the company adopting strategic alternatives to unlock shareholder value. The stock is currently off its highs of around $33 in September to its current level of $23.29.

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Nasdaq Stock Market, Inc. (NDAQ:NDAQ) stepped up their efforts to acquire the London Stock Exchange (LSE) by foregoing an unresponsive board and taking their case directly to shareholders. The Nasdaq said that their $5.2 billion offer not only represented a fair price, but also argued that such an acquisition was necessary both companies in order to effectively compete with NYSE/EuroNext's transatlantic exchange.

Nasdaq also increased the pressure on shareholders and the board by noting that they could unload their entire 29% stake in the company without suffering a loss. Such actions would put heavy pressure on LSE shares, likely bringing them down to 1,100 pence or lower. Alternatively, they noted that there is significant overlap between NDAQ customers and LSE customers, which means they could choose to compete directly with the exchange if the offer falls through. Combined, these factors put significant pressure on LSE's board to act in favor of the deal, or face heavy shareholder criticism.

Nasdaq shares moved up $0.65 or 2% to $33.75 in mid-day trading on the news.

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NCR Corporation (NYSE:NCR) announced its plans to spin-off 100% of its Teradata Data Warehouse business in six to nine months. Teradata currently generates $1.5 billion in revenues with operating income amounting to $309 million. The division's award-winning solutions enable organizations worldwide to gain a single, integrated enterprise view of their business to enhance decision-making, customer relationships and profitability. The spin-off should provide NCR with significant amounts of cash that it could use to fund other acquisitions or return to shareholders.

In a press release, Bill Nuti, President and CEO of NCR said, "This separation is a logical strategic step for NCR. We believe it will benefit our customers, business partners, employees and shareholders. Teradata and the new NCR operate in different markets each with solid prospects for the future, but they have markedly different business models. Both new companies should benefit from sharper management focus on their unique business opportunities. Each new entity should be able to more effectively pursue their specific growth and research and development agendas, while designing employee incentive plans that are more directly aligned with their own performance and growth objectives. In addition, NCR investors should benefit from increased transparency and clarity, which will allow them to more appropriately value the merits, performance and future prospects of both companies."

While the company has not yet filed a 10-12b detailing the stock distribution, this move does represent a great opportunity for shareholders. On the average, spin-offs outperform the overall market, a phenomena so popular that there is now an ETF focusing on this exact strategy! This occurs because parent company shareholders tend to sell their shares immediately after receiving their distribution, thereby creating a downside pressure that has no fundamental justification. This makes NCR a stock worth watching closely.

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Motorola, Inc.'s (NYSE:MOT) Q4 sales are now expected to be between $11.6 to $11.8 billion, versus the guidance of $11.8 to $12.1 billion. Meanwhile, Q4 GAAP earnings per share are expected to be between $0.13 to $0.16, or $0.23-$0.26 ex-items. The consensus stands at $11.99 billion or $0.39 per share.
 
Tractor Supply Company (NDAQ:TSCO) said that its Q4 sales were weaker than expected primarily due to unseasonably warm weather in the northern regions of the country, which resulted in decreased demand for winter related merchandise and lower store traffic. The company now anticipates sales for the full fiscal year to be around $2,369 million. The company anticipates net income of $2.20 to $2.22 per diluted share. This compares to the company's previous full year expectations for sales of between $2,370 and $2,390 million and earnings per diluted share in the range of $2.29 to $2.30. The consensus stands at $2.38 billion and $2.27, respectively.
 
AZZ, Inc. (NYSE:AZZ) reported Q3 EPS of $0.88, eighteen cents better than estimates. Revenues were $65.4 million compared to $44.3 million for the same period last year.  Backlog at the end of the third quarter was $101.0 million versus $83.1 million in November 2005, an increase of 22%. Their earnings are estimated to be within the range of $3.15 and $3.25 per diluted share and revenues to be within the range of $250 million to $260 million. The FY07 EPS consensus remains at $2.84.
 
Spansion Inc. (NDAQ:SPSN) anticipates Q4 net sales in the range of $680 million to $690 million compared to the company's prior net sales guidance range of $710 million to $740 million. The consensus stands at $722.8 million. The change in revenue guidance is due in large part to a late December delay in customer demand for certain high-density custom Flash memory devices. As a result of the revenue shortfall, the company does not expect to reach its goal of breakeven on a net income basis in the fourth quarter of 2006.
 
Silicon Image, Inc. (NDAQ:SIMG) intends to provide guidance regarding revenue for fiscal year 2007, which the company expects will range between $340 million and $360 million (reflecting the sci-worx acquisition and the settlement with Genesis Microchip Inc.). The FY07 revenue consensus remains at $335.04 million.

Tvia, Inc. (NDAQ:TVIA) anticipates that revenues for Q3 will be much lower than expected, with numbers in the range of approximately $1.2 to $1.4 million. The consensus stands at $3.25 million.

Network Equipment Technologies, Inc. (NYSE:NWK) anticipates revenues for Q3 to be in the range of $21.6 to $22.1 million. The current revenue consensus is $20.7 million.  As a result of strong sales activity in the third fiscal quarter, the company expects 2007 fiscal year revenues to reflect 17% to 20% year-over-year growth. The company had previously guided for full fiscal year 2007 revenues to be more than 10% higher year over year
 
American Medical Systems Holdings, Inc. (NDAQ:AMMD) reported preliminary sales of $114.8 million for the fourth quarter of 2006, a 57% increase over sales of $73.1 million in the comparable quarter of 2005. The current Q4 revenue consensus is $108.1 million. Preliminary sales for the year 2006 were reported at $357.7 million, a 36% increase over sales of $262.6 million for the year 2005. The current FY consensus is $351 million. The expected revenue for 2007 has been adjusted from $490 to $515 million from its previously guided revenue range of $505 to $530 million. The company reaffirms previous guidance on 2007 reported earnings per share at $0.76 to $0.81. The current FY07 revenue consensus is $500.35 million with an EPS consensus is $0.75.

Northwest Airlines Corporation (OTC:NWACQ) shareholders suffered yet another setback today after the United States Trustee rejected Owl Creek's requests for an equity committee to represent common stock shareholders in bankruptcy court. This comes after Northwest shares have risen from around $0.55 in mid-2006 to a high of $4.88 on speculation of a possible buyout or deal that would result in common stock retaining their value.

The hedge fund first petitioned the U.S. Trustee back in November of 2006, arguing that such a committee could be justified because:

• the Debtors' cases are large and complex;
• the Northwest stock is widely held and actively traded;
• the interests of Northwest's shareholders are not otherwise adequately represented;
• the Debtors do not, under reasonable (non-strategic) valuations, appear to be "hopelessly" insolvent;
• Owl Creek's request is appropriately timed based on the status of the Debtors' cases; and
• the necessary costs do not significantly outweigh the concerns for adequate representation.

The U.S. Trustee responded to the requests in a letter today, saying:

"In considering your request, as noted above, the United States Trustee sought, and received, input from counsel to the Debtors and counsel to the Committee regarding the solvency of the Debtors and the propriety of the appointment of an equity committee in these cases. Courts in this district have held that the appointment of an equity committee should be the rare exception, and should not be appointed unless equity holders establish that (i) strict application of the absolute priority rule, and (ii) they are unable to represent their interest in the bankruptcy case without an official committee. Accordingly, after careful consideration and ana1ys of your request, the United States Trustee declines to appoint an equity committee at this time." (Read More)

Owl Creek acknowledged this in their Schedule 13D/A filing today, which noted:

"The Reporting Persons sent a letter on November 21, 2006 to the Acting United States Trustee ("UST") requesting the appointment of an official committee of
equity security holders to represent shareholder interests in the Issuer's bankruptcy case ("Northwest Equity Committee"). A copy of that letter was attached to the Reporting Persons original 13D. On December 8, 2006 the Reporting Persons sent a second letter to the UST further requesting appointment of the Northwest Equity Committee. A copy of that letter was attached to the Reporting Persons' Amended 13D. By letter dated December 21, 2006, the UST advised the Reporting Persons that she declined to appoint the Northwest Equity Committee. A copy of that letter is attached as Exhibit 4. The Reporting Persons have become a member of an unofficial Northwest Equity Committee with other entities that own shares of Common Stock for the purpose of requesting that the court overseeing the Issuer's bankruptcy case appoint a Northwest Equity Committee as an official committee in such case. The unofficial Northwest Equity Committee has retained legal and financial advisors to assist in such request and the Reporting Person expects that this request will be made in the near future. The Investment Manager intends to work to protect shareholders' economic interests and is interested in serving on an official Northwest Equity Committee, if recognized by the bankruptcy court." (Read More)

While this is certainly a setback for shareholders, the unofficial committee will likely continue to work to gain representation in court. If they are successful, it could mean significant gains for shareholders if they are able to orchestrate a way to debt-holders to be paid off with cash left over (per Owl Creek's plan). This makes Northwest Airlines a stock worth watching closely over the next few months.

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