Headlines this morning include earnings from Lowe's and Hertz, Elan and parts of Barnes and Noble could be sold and a cell-phone plan for your car.
Home-improvement retailer Lowe's (LOW) reported earnings of 26 cents per share for the most-recent quarter, compared to a mean estimate for 23 cents per share. For the fiscal year ending on Feb. 1, the company expects to earn $2.05 per share. Analysts expect the company to earn $1.72 per share for the year. Revenue in the quarter was $11.05 billion, which topped estimates for $10.84 billion. Same-store sales rose by 1.9% in the U.S. and globally.
AT&T (T) and General Motors (GM) announced Monday that they are working on a plan to add wireless service to most General Motors vehicles sold in the U.S. and Canada in 2014. Pricing for the service has not been announced, and it is unclear whether or not a car could be added as a new device to existing plans. The service will open the door to a stream of new apps including live traffic data and streaming video.
Privately held Royalty Pharma said Monday that it has been in talks with Elan (ELN) about acquiring the company for $11 per share. Elan closed at $10.60 per share on Friday. Royalty said it has not received a formal response to the proposal and it has been unsuccessful in efforts to engage the company's board since making the offer.
Barnes & Noble
The chairman of bookseller Barnes & Noble (BKS), Leonard Riggo, told the company he wants to buy its retail business. In a regulatory filing, Riggo said he would like to buy the company's stores and website, but not the businesses behind the Nook or company's college bookstores. The filing did not mention a price for those businesses.
Hertz Global Holdings (HTZ) reported an adjusted profit of 33 cents per share on revenue of $2.3 billion for the most recent quarter. Analysts had forecast earnings of 31 cents on revenue of $2.27 billion. On a GAAP basis, the company reported a loss of 9 cents per share, largely due to costs related to the acquisition of Dollar Thrifty. For 2013, the company forecast adjusted earnings of $1.82 to $1.92 on revenue of $10.85 billion to $10.95 billion.