Longs Drugs shares dive

Oakland Tribune, Mar 7, 2008

Shares of Walnut Creek-based Longs Drug Stores Corp. fell as much as 16 percent in New York on Thursday during trading after the company forecast full-year profit that trailed analysts' average estimate. Longs dropped $6.81, or 14 percent, to $41.

The company forecast income from continuing operations of $3.02 to $3.12 a share for the year ending Jan. 29, 2009, in a statement sent Thursday. Seven analysts, on average, estimated $3.14 in a Bloomberg survey as of March 4.

Ross sales up

Pleasanton-based Ross Stores Inc. reported that sales increased 12 percent to $444 million for the four weeks ended March 1, up from $395 million for the four weeks ended March 3, 2007. Sales at stores open longer than a year, a benchmark used to measure a retailer's performance, increased 4 percent over the prior year.

Quick hits

Mountain View-based Mint Software Inc. announced it raised $12 million in Series B financing. Investors included Benchmark Capital, Shasta Ventures and First Round Capital. Mint provides Web- based money management software. - Software company Kapow Technologies of Palo Alto said it has signed definitive documents to complete a Series-C financing round of $11.6 million. New investors include Steamboat Ventures and Morgan Stanley's Strategic Investments Group. The new funds will allow the company to expand its global sales operations in the media, financial services, manufacturing, transportation and government sectors. - Electronic Arts Inc. of Redwood City announced that former University of Arkansas running back Darren McFadden will appear on the front cover of NCAA Football'09 for the Xbox 360 video game entertainment system, scheduled for release on July 15. - Juniper Networks Inc. of Sunnyvale said its board of directors approved a new stock repurchase program which enables the company to purchase up to $1 billion of the company's common stock. This new program is in addition to the $2 billion stock repurchase program approved in 2006 and 2007. - Shares of Redwood City-based Oracle Corp. increased 43 cents to $19.23 after it was raised to "buy" from "neutral" at Merrill Lynch & Co., which said the company is having a "strong" third quarter.

Compiled from wire and staff reports. Got Bay Area business news? Reach Drew Voros at 925-943-8099 or at dvoros@bayareanewsgroup.com.

Business Editor

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