[youtube:http://www.youtube.com/watch?v=74ytTiDVjoY&feature=g-all-u&context=G298287dFAAAAAAAACAA 603 500]

NYPOST.com Exclusive 

Eddie Lampert is cleaning out the closet at Sears, and he’s not feeling sentimental about Lands’ End.

The number-crunching hedge-fund tycoon — who, as chairman of Sears Holdings, has lately been scrambling to raise cash amid heavy losses at the Sears and Kmart retail chains — has quietly been shopping the Dodgeville Wis. mail-order catalog to potential buyers, The Post has learned.

Lampert, who inherited Lands’ End when he took control of Sears in 2005 by merging it with Kmart, has approached a handful of private-equity firms as he looks to raise as much as $2 billion in cash, sources said.

AP

Sears boss Eddie Lampert is shopping the retailer’s underperforming khaki-andplaid Lands’ End brand, which he bought for just under $2B a decade ago.

While it’s early in the process, sources said that Lampert is likely to tap Goldman Sachs to run the sale.

Last month, Sears said it had moved to raise upwards of $750 million by selling 11 stores and spinning off some smaller-format stores as it disclosed it lost $3.1 billion last year.

Sears has since cut a deal to sell three prize stores in Canada for $170 million.

“Everybody is talking to Sears about buying back stores,” according to a real-estate source. “It stinks of desperation.”

A Sears spokeswoman yesterday said the retailer doesn’t “comment on rumor or speculation.”

Lampert is looking to find a buyer who will license Lands’ End to Sears while pursuing growth elsewhere, possibly in Europe, according to a source.

“The idea is that Lands’ End would become something like Tommy Hilfiger,” according to the source, noting that the global brand’s clothing is licensed exclusively to Macy’s in the US.

Nevertheless, many insiders question whether the hard-bargaining billionaire could fully recover the $1.86 billion shelled out in 2002 by former Sears CEO Alan Lacy — a price tag that was widely viewed as inflated at the time.

That’s because Lands’ End — which had seen torrid growth in the 1990s as a family destination for khakis, cardigans and sensible swimsuits — hasn’t grown much under the Sears umbrella.

Sears has mostly kept mum about the brand’s financial performance in recent years, but sources said its profitability hasn’t changed much either, generating between $150 million and $200 million annually in earnings before interest, taxes, depreciation and amortization, or Ebitda.

While Sears had paid more than 10 times Ebitda for Lands’ End, today’s rocky retail environment makes a deal more likely in the $1.2 billion to $1.6 billion range, bankers said.

Lands’ End’s upscale image was an awkward fit from the beginning for Sears, whose stores have become increasingly shabby as Lampert has slashed capital spending.

While it’s rare for a brand to rebound, Martha Stewart has been successful at Macy’s despite a previous stint at Kmart, notes Michael Stone of the Beanstalk Group, a branding consultant.

“A lot of people remember Lands’ End before it went to Sears,” Stone said. “It can certainly be brought back to its former glory by the right company.”
Read more: http://www.nypost.com/p/news/business/lands_end_game_5p3ePLWUD0sqSpTPERJGeM#ixzz1qWI6UmuU

MM flying high up 100%

Gapping up

GALE +15%, RHT +8.3%, LORL +5.2%, FOSL +2.6%, ILMN +2.2%, FUL +1.3%,

Gapping down

CHTP -30.5%, SABA -7%, ONTY -4.6%, MOS -1.8%, FTE -1.7%, ZNGA -0.7%,

Source

Fossil Inc. (FOSL) : The watchmaker was picked by Standard & Poor’s to replace Medco Health Solutions Inc. (MHS) , which is being taken over, in the S&P 500 on a date to be announced.BioMed Realty Trust Inc. (BMR) will take Fossil’s place in the S&P MidCap 400 Index, whileInnophos Holdings Inc. (IPHS) will replace BioMed in the S&P SmallCap 600.

Google Inc. (GOOG) : The search-engine operator was rated buy in new coverage at ThinkEquity LLC with a price estimate of $714.

Paychex Inc. (PAYX) : The Rochester, New York-based payroll services company for small businesses reported third- quarter earnings that met analyst projections and reiterated its yearly forecast for net income to increase 5 percent to 7 percent, compared with analyst estimates for 7 percent.

Red Hat Inc. (RHT) : The software maker that specializes in the Linux operating system and other open-source programs’ fourth-quarter adjusted earnings and revenue that exceeded analyst forecasts, according to the average estimates in a Bloomberg survey. The company also said it approved a program to repurchase as much as $300 million of its stock.

Verint Systems Inc. (VRNT) : The maker of software that helps businesses analyze performance forecast first-quarter revenue of at least $860 million, beating the $858.5 million average estimate of two analysts surveyed by Bloomberg.

In Play

On the Wires 

WASHINGTON (AP) — A former MF Global executive has refused to answer lawmakers’ questions about $200 million that was transferred out of a customer account days before the firm collapsed, invoking her Fifth Amendment right against self-incrimination.

Edith O’Brien, a former assistant treasurer at MF Global, was subpoenaed to testify before the House Financial Services oversight subcommittee hearing about an email she sent, which appears to contradict testimony from Jon Corzine, the firm’s then-CEO.

The email says Corzine ordered the transfer on Oct. 28 to cover an overdraft in the firm’s bank account in London. The committee cited the email in a memo released last week.

“On the advice of counsel, I respectfully decline to answer based on my constitutional right,” O’Brien responded to a question about the transfer.

Corzine testified in December that he never directed anyone to use customer funds to fix the overdraft and he wasn’t told that customer money was used.

SAN FRANCISCO (Reuters) – Social networking site Facebook is halting the sale of its shares on secondary markets effective next week, aiming to reduce churn in its valuation which could complicate matters as it sets an IPO price, a person familiar with the situation said on Wednesday.

The company, which is preparing for what could be Silicon Valley’s largest initial public offering, has asked firms that arrange trading of its privately held shares to stop, the person said.

Earlier this week, one of the firms that arranges trading in Facebook shares, SharesPost Financial, told investors it was moving up the closing date for its Facebook auction to March 30 from April 2.

Facebook filed its paperwork to go public in early February. Its IPO, expected to value the company at around $100 billion, is expected in coming months.

A Facebook spokesman declined to comment. Representatives at SharesPost and SecondMarket, another firm that arranges trading in private shares, didn’t immediately respond to requests for comment.

[youtube://http://www.youtube.com/watch?v=tb_VX5bIQlQ 450 300]

The halt will help the company transition from secondary to primary markets….

Full article

Up a blistering 72+%

Company/Ticker               Buyback Amount           Other Details 

Tuesday 3/27 
none reported 

Monday 3/26 
American Express (AXP)       150 mln shares           replaces prior plan 
Autonation (AN)              $250 mln                 prior plan complete 

Last Week's Announcements 

Friday 3/23 
Nike (NKE)                   2.5 mln shares           in Fiscal Q3 

Thursday 3/22 
none reported 

Wednesday 3/21 
none reported 

Tuesday 3/13 
Discover Financial (DFS)     $2 bln over 2 years 
Health Net (HNT)             $400 mln               expands prior plan 
JPMorgan Chase (JPM)         $15 bln 
PMC-Sierra (PMCS)            $275 mln               replaces prior plan 
US Bancorp (USB)             30 mln shares 

Monday 3/12 
None reported 

Last Week's Announcements 
Friday 3/9 
None reported 

Thursday 3/8 
Plantronics (PLT)            1 mln shares             prior plan complete 
Transact Tech. (TACT)        1 mln shares 

Wednesday 3/7 
Autozone (AZO)               $750 mln adds            to prior plan 
Priceline.com (PCLN)         $200 mln 

Tuesday 3/6 
Qualcomm (QCOM)              $4 bln                   replaces prior plan 

Monday 3/5 
Applied Materials (AMAT)     $3 bln                   over 3 years 
Covanta (CVA)                $100 mln                 adds to prior plan 

Last Week's Announcements 
Friday 3/2 
none reported 

Thursday, 3/1 
CNO Financial (CNO)          $100 mln                 adds to prior plan 
Nordson (NDSN)               $100 mln                 adds to prior plan 

Wednesday 2/29 
Dillard's (DDS)              $250 mln                 adds to prior plan 
Lattice Semi (LSCC)          $20 mln 
Principal Fin'l Group (PFG)  $100 mln 
Teletech (TTEC)              $25 mln                  adds to prior plan 
VMware (VMW)                 $600 mln                 adds to prior plan 

Tuesday 2/28 
AutoNavi (AMAP) $50 mln over 1 year 
Mentor Graphics (MENT) $200 mln expands prior plan 

Monday 2/27 
ANSYS (ANSS)                 3 mln shares adds       to prior plan 
XL Group (XL)                $750 mln                replaces prior plan 

Last Week's Announcements 

Friday 2/24 
Aetna (AET)                  $750 mln adds           to prior plan 
Interpublic (IPG)            $300 mln adds           to prior plan 
United Stationers (USTR)     $100 mln adds           to prior plan 

Thursday 2/23 
Fiserv (FISV)                10 mln shares           adds to prior plan 
Gap (GPS)                    $1 bln                  adds to prior plan 
Omnicare (OCR)               $200 mln                adds to prior plan 
Tim Horton's (THI)           $200 mln                over 1 year 
WebMD (WBMD)                 $150 mln                dutch auction 

Wednesday 2/22 
Rogers Comm. (RCI)           $1 bln over             1 year 
Texas Roadhouse (TXRH)       $100 mln                replaces prior plan 
TJX Cos. (TJX)               $2 bln adds             to prior plan 
Towers Watson (TW)           $150 mln 

Tuesday, 2/21 
None reported

Funny coincidence indeud….

Full article

Source

“Shares of French energy giant Total tanked 7% thanks to a gas leak from the company’s Elgin Franklin field in the North Sea.

Obviously investors are concerned about some kind of Macondo-like fallout.

JPMorgan analyst Nitin Sharma points out that Total has suffered an absolute loss of market value of $7.8 billion. 

But Sharma thinks there are some major differences between BP’s Macondo spill and this gas leak.

While Total has said that they have noticed a sheen on the ocean’s surface, Sharma says natural gas will bubble to the surface and then disperse. The most crucial thing at this point would be to avoid an ignition point. “Most condensate (very light oil) will also evaporate into the air, helped by higher prevailing ambient temperatures. Macondo leaked light oil, which accumulated as slicks at the surface and then spread.”

Second, he says this has happened post-Macondo at a time when the industry is much better prepared to deal with a spill and capable of preparing a relief well.

Finally, Sharma says the Elgin Franklin field is much shallower water but the real problem will likely be when Total has to drill a relief well since their reservoir is deeper below the seabed than BP’s Macondo reservoir:

“The Elgin Franklin field is located in a water depth of 93m (305 feet). The Macondo well was drilled in a water depth of around 1,522m (4,993 feet). The main Elgin Franklin reservoir is high pressure, high temperature and located at a depth of around 17,400 feet (c.5,300m). The Macondo reservoir was 13,000 feet below the seabed – so Elgin Franklin’s reservoir is actually deeper (this may have implications for the time required to drill a relief well).”

The cause of the leak has not yet been found but Sharma maintains that the market is over-reacting to the news.”

Gapping up

ZZ +16.5%, RBN +10%, NLST +5.7%, FRO +4.8%, NOK +3.7%, QDEL +2.8%, FDO +1.3%,

AUQ +1.1%, CNC +1%, CLR +0.9%, PRGS +0.8%, TEA +0.8%,

Gapping down

SNX -9.5%, EXFO -4.5%, JOSB -3.6%, DG -1.2%,

Source

PVH Corp. (PVH) : The owner of the Tommy Hilfiger and Calvin Klein brands said its adjusted earnings in the fiscal year ending in January will be $6.10 to $6.20 a share, compared with the average analyst estimate of $6.10 a share.

Robbins & Myers Inc. (RBN) : The Dayton, Ohio-based fluids-management company said second-quarter sales were $255.9 million, exceeding the average analyst projection of $238.8 million, data compiled by Bloomberg show.

Sealy Corp. (ZZ) : The mattress maker that is 45 percent owned by private-equity firm KKR & Co. reported first-quarter net sales of $312.3 million, beating the average analyst projection of $301.7 million, data compiled by Bloomberg show.

Synnex Corp. (SNX) : The distributor of computer products said second-quarter adjusted earnings won’t exceed 91 cents a share. Analysts estimate earnings will be 95 cents per share in the period, according to the average in a Bloomberg survey.

In Play

On the Wires 

Rig rates have jumped 28%…