Updating Jones Apparel Group, Inc., Golden West Financial Corp., Tennant Co., and Federated Department Stores Inc.

Article Excerpt

JONES APPAREL GROUP INC. $34 (New York symbol JNY; Aggressive Growth Portfolio, Consumer sector; WSSF Rating: Average) earned $0.22 a share (total $25.8 million) in the three months ended April 1, 2006, down 69.0% from $0.71 a share ($87.0 million) a year earlier. The company’s sale of its Polo jeans business generated a $45.1 million loss in the latest quarter. Excluding all unusual items, it would have earned $0.66 a share in the latest quarter. Sales fell 9.6%, to $1.22 billion from $1.35 billion. The company is making good progress with its latest restructuring, and should reach its goal of cutting $100 million out of annual costs by the end of 2007. In the meantime, it’s still looking into various ways to enhance stockholder value. These include putting the entire company up for sale. Jones Apparel Group is a hold. GOLDEN WEST FINANCIAL CORP. $72 (New York symbol GDW; Conservative Growth Portfolio, Finance sector, WSSF Rating: Average) has accepted a takeover offer from…

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