Market Gawk

SAN FRANCISCO (MarketWatch) — Owens & Minor Inc. late Wednesday reported first-quarter net earnings of $10.8 million, or 27 cents a share, down 35% from $16.5 million, or 41 cents a share, during the year-ago period. The Richmond, Va.-based distributor of medical supplies posted revenue of $1.69 billion vs. $1.26 billion. Analysts polled by Thomson Financial had forecast first-quarter earnings of 29 cents a share on revenue of $1.62 billion. Additionally, Owens & Minor said its 2007 outlook remains unchanged. The company still expects to post per-share earnings for the year of $1.85 to $1.95, including the impact of the acquired McKesson business, on revenue growth of 15% to 20%. Due to the timing of the McKesson deal, revenue growth will be stronger in the first three quarters of 2007, while earnings growth will accelerate in the second half of the year, the company said.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com

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SAN FRANCISCO (MarketWatch) — School Specialty Inc. late Wednesday announced a restructuring plan and cut its 2007 outlook. The restructuring includes plans to sell its video production company, School Specialty Media, and designate it a discontinued segment As a result, the Greenville, Wis.-company said it will record a pretax asset impairment charge of $22 million to $27 million, or 60 cents to 75 cents a share, during the fourth quarter. School Specialty cut its fiscal 2007 earnings outlook to a range of 80 cents to $1 a share from its previous range of $1.85 to $1.90 a share. The company also cut its revenue forecast to a range of $1.065 billion to $1.07 billion from its earlier view of $1.07 billion to $1.09 billion. For fiscal 2008, the company now expects earnings per share from continuing operations of $2 to $2.20 a share on revenue of $1.06 billion to $1.09 billion.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.co

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Platinum futures soared Wednesday, propelled by fund buying, anticipation of an exchange-traded fund, and a soft U.S. dollar.

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US treasuries rallied after Tuesday’s unexpectedly low reading of core consumer price inflation encouraged investors to return to the market, while weaker mortgage data revived concerns over softness in housing.

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The investment bank posted first-quarter earnings that beat Wall Street expectations.

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The drive maker’s stock tumbled as price cuts crimp earnings.

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MDI Inc. executives received notice from the NASDAQ Stock Market indicating that the company has regained compliance with stock listing rules.

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SAN FRANCISCO (MarketWatch) — Valmont Industries Inc. late Wednesday reported first-quarter net earnings of $18.7 million, or 72 cents a share, up 43% from $13.1 million, or 52 cents a share, in the year-ago period. The Omaha, Neb.-based maker of engineered support structures said revenue in the 13 weeks ended March 31 rose 12% to $340.7 million from $303.6 million in the same period last year. Analysts polled by Thomson Financial were expecting, on average, a per-share profit of 63 cents. ”We are expecting solid results in 2007,” said Mogens Bay, chairman and chief executive, in a statement. ”We are off to a strong start with good order flow and backlogs in most of our businesses and positive market trends.”Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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SAN FRANCISCO (MarketWatch) — Silicon Motion Technology Corp. said late Wednesday it has agreed to acquire Future Communications IC Inc. for $90 million, which will include a combination of cash, Silicon Motion shares and options to purchase Silicon Motion’s shares. Seoul, South Korea-based FCI is a designer of radio frequency integrated circuits for mobile television and wireless communications. Taiwan-based Silicon Motion has also agreed to pay former FCI shareholders up to an additional $12 million in cash upon the achievement of certain operating and financial milestones in 2007. Excluding acquisition-related charges, Silicon Motion expects the transaction to be slightly accretive to earnings in 2007 and ”meaningfully accretive” in 2008 and beyond. Silicon Motion expects to finance the cash portion of the deal, representing up to $50 million, from its existing cash reserves.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatc

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SAN FRANCISCO (MarketWatch) — Aspreva Pharmaceuticals Corp. late Wednesday said it expects first-quarter revenue of about $59 million.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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