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Pediatrix Medical (PDX
) announced that Kris Bratberg, the president and CEO, resigned. Roger J. Medel, M.D., chairman, will resume CEO duties. Separately, Pediatrix says it is on track to meet the previously issued first quarter guidance.
Lehman upgraded Gilead Sciences (GILD
) to overweight from equal-weight.
Broadcom (BRCM
) named Duane Dickhut to lead its ServerWorks unit, replacing Raju Vegesna. Morgan Stanley downgraded to equal-weight from overweight. Gerard Klauer downgraded to sell.
Computer Sciences (CSC
) announced an outsourcing pact with Motorola valued at $1.6 billion over 10 years. S&P reiterates accumulate.
According to the Wall Street Journal, Jones Apparel (JNY
) has held preliminary talks to buy Tommy Hilfiger (TOM
).
A jury acquitted Tyson Foods (TSN
) of all charges in a federal immigration trial held in Tennessee. The poultry processer was accused of trying to staff its plant with illegal workers.
Central Garden (CENT
) sees 65 cents to 68 cents second quarter earnings per share, and reaffirmed the guidance for $1.70-$1.80 fiscal 2003 earnings per share. The company notes high grain costs for wild and pet bird feed products continued to affect business in in second quarter, but it successfully negotiated improved pricing.
Watts (WTS
) revised the previously reported 28 cents fourth quarter 2002 earnings per share to 26 cents, and revised the $1.22 2002 earnings per share to to $1.21 after learning of unauthorized payments pertaining to its joint venture in Tianjin, China.
Stewart & Steven (SVC
) announced its unit has received written notice from the U.S. Army Tank-Automotive and Armaments Command that the FMTV A1 Competitive Rebuy contract award has been delayed by about 30 days.
Usana Health (USNA
) raised the 28 cents to 30 cents first quarter earnings per share guidance to 32 cents to 33 cents on sales of over $40 million. Usana continues to see sales increase in each of its markets.
Stride Rite (SRR
) posted 22 cents vs. 18 first quarter earnings per share on an 8% sales rise.
Robert Mondavi (MOND
) cut its guidance for the remainder of fiscal 2003, citing weaker than expected wine sales and write-offs. The winery now sees a 5-cent to 10-cent third quarter loss (GAAP), and 91 cents to 96 cents fiscal 2003 earnings per share. S&P reiterates hold. Banc of America and Deutsche Bank cut their estimates.
RSA Security (RSAS
) says its stock halted late Wednesday due to unusual trading activity believed to be caused by an incorrect news headline. Wachovia reiterates overweight. S&P reiterates avoid.
R.H. Donnelley (RHD
) will consolidate a majority of its publishing operations into an existing Raleigh, N.C. facility, resulting in the closure of its Blountville, Tenn., facility.
W D-40 (WDFC
) posted 49 cents vs. 41 cents second quarter earnings per share on a 15% sales rise. Due to a write-off of a non-compete agreement, and market uncertainty, it revised its fiscal 2003 earnings per share guidance to $1.60-$1.65.
Steel Technologies (STTX
) cut its second quarter earnings per share guidance to 18 cents on $130 million sales, and notes volume was shipped about 3% below year-earlier levels, and margins contracted due to high-priced inventory.
Frontier Airline (FRNT
) says as a result of revenue loss and costs associated with a winter blizzard and higher fuel costs, it now expects the fourth quarter loss to fall within the 34 cents to 38 cents range.
Schering-Plough (SGP
) says it is in separate licensing agreements with Geneva Pharmaceuticals and Teva that will settle all patent litigation between Schering and the two companies on Scherings's U.S. patents relating to ribavirin, and its use in treating hepatitis C.
Yum Brands (YUM
) posted an estimated 10% rise in international system sales for the four weeks ended Mar. 22, excluding a currency conversion, and a 17% rise in sales including the conversion. Yum also posted a 9% rise in first quarter sales excluding a currency conversion, and 14% after the conversion.
Whitman Education (WIX
) agreed to be acquired by Career Education (CECO
) for a combination of cash and Career Ed stock. Terms: Whitman holders will get $6.00 cash, and $8.25 in Career Ed stock, subject to adjustment.
A New Jersey district court granted Teva Pharmaceutical 's (TEVA
) motion for summary judgment of non-infringement of a patent on the formulation of Moexipril Tablets. Teva was awarded litigation costs.
ConAgra Foods (CAG
) posted 30 cents vs. 31 cents third quarter earnings per share on a 29% revenue drop, and sees 40 cents to 43 cents fourth quarter earnings per share.
O'Charley's (CHUX
) sees 40 cents to 42 cents first quarter earnings per share due to inclement weather conditions that continue to impact sales trends in February and March, as well as consumer concerns over the war.
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