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|  | AUGUST 3, 2005 03:57 PM
 MARKET MOVERS Reebok Soars on Buyout NewsTime Warner posts a loss; Cigna reports higher profit; plus more of Wednesday's stocks in the newsReebok International (RBK ) shares soared Wednesday after the company agreed to be acquired by adidas-Salomon AG for $59 per share in cash, or a total value of about $3.8 billion. Time Warner (TWX ) posted a 7-cent second quarter loss per share, vs. 19 cents earnings per share one year earlier, on a slight revenue decline. Results for the current quarter include $3 billion in legal reserves to resolve securities litigation matters. The media company reaffirmed its 2005 business outlook. It also set a $5 billion stock buyback. Cigna (CI ) posted second quarter earnings per share (adjusted) of $1.98, vs. $1.68, despite 11% lower consolidated revenue. The company sees earnings per share (adjusted) of $1.40 to $1.60 for the third quarter and $7.00 to $7.40 for all of 2005. E-Loan (EELN ) agreed to be acquired by Popular Inc. for $4.25 per share cash or approximately $300 million. Protein Design (CI ) and Biogen Idec (BIIB ) announced a joint development to make and commercialize three Phase II antibody products. Protein Design will get a $40 million upfront payment and Biogen will to buy $100 million in PDLI stock. S&P reiterates buy. Tech Data (TECD ) cut its 40 cents to 45 cents second quarter earnings per share estimate (excluding items) to 21 cents to 28 cents on revenue of $4.8 billion to $4.82 billion. The company cites lower-than-expected gross margin. S&P keeps hold. Banc of America downgrades to neutral. Analog Devices (ADI ) sees $580 million to $585 million in third quarter revenue, down about 3%-4% from the second quarter level. The company cites an estimated $23 million sequential sales decline from GSM/GPRSS base band chipsets to Asia. It expects 31 cents GAAP earnings per share for the third quarter. S&P reiterates hold. Cephalon (CEPH ) posted second quarter earnings per share (adjusted) of 69 cents, vs. 45 cents, on a 19% revenue rise. The company sees third quarter earnings per share of 65 cents to 70 cents; it cut its 2005 earnings per share guidance by 10 cents to $2.70 to $2.85. BMC Software (BMC ) posted first quarter earnings per share (non-GAAP) of 20 cents, vs. 14 cents, on a 14% revenue rise. It sees second quarter revenue of $355 million to $370 million, and non-GAAP earnings per share of 20 cents to 25 cents. RealNetworks (RNWK ) posted 3 cents second quarter earnings per share, vs. a 3-cent loss per share (GAAP), on a 26% revenue rise. The company sees slightly lower third quarter revenue than the second quarter, and earnings per share of 4 cents to 5 cents. It also set a $75 million stock buyback. S&P reiterates hold. UTStarcom (UTSI ) posted a 65-cent second quarter loss per share, vs. 33 cents earnings per share (GAAP), as lower gross profit and charges offset a 5% revenue rise. The company named Fran Barton executive vice president and CFO.  All of the views expressed in this research report accurately reflect the research analyst's personal views regarding any and all of the subject securities or issuers. No part of analyst compensation was, is or will be, directly or indirectly related to the specific recommendations or views expressed in this research report. Standard & Poor's Regulatory Disclosure Any advice, analysis, or recommendations contained in articles labeled "Insight from Standard & Poor's" reflect the views of Standard & Poor's, which operates separately from and independently of BusinessWeek Online. It is possible that BWOL may from time to time publish information that is not consistent with advice, analysis, or recommendations that are published by Standard & Poor's. Standard & Poor's and BusinessWeek Online are each units of The McGraw-Hill Companies, Inc.
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