Markets & Finance

GE Posts Higher Third Quarter Profits

Conglomerate General Electric (GE) posts higher third quarter earnings per share of $0.33 versus $0.32 of a year ago on 7% revenue rise.

Idec Pharmaceuticals (IDPH) sees $0.16 third quarter earnings per share and S&P reiterates buy.

AmeriCredit (ACF), a financing company, posted first quarter earnings per share of $0.88 vs. $0.51 on a 64% revenue rise. Robertson Stephens downgrades to buy from strong buy while S&P keeps accumulate rating.

Silicon Storage (SSTI) sees $0.01-$0.02 third quarter earnings per share (pro forma) on revenues of $73 million to $77 million.

Internet media company Yahoo! (YHOO) posts third quarter earnings per share of $0.01 versus $0.13 (pro forma) on a 44% sales decline.

Retailer Ann Taylor (ANN) sees $0.42-$0.46 third quarter earnings per share and posted a 14% September same-store sales decline, 2.5% total sales decline.

Wal-Mart (WMT) posts a 6.3% September same-store sales rise and a 15% total sales rise.

Silicon Storage (SSTI) sees $0.01-$0.02 Q3 EPS (pro forma) on revenues of $73M-$77M. CS First Boston raises estimates.

Merrill upgraded Staples Inc. (SPLS) to near, long term buy from accumulate. The firm also raised its rating on Office Depot (ODP) to near term accumulate from neutral.

IDEC Pharmaceutical (IDPH) says a collaboration between it and Genentech achieved U.S. net sales of Rituxan totaling $205M in Q3. Based on this, Idec sees $0.16 Q3 EPS. S&P reiterates buy.

Allstate Corp. (ALL) sees $0.53-$0.57 Q3 EPS. The insurer cites higher homeowners loss trends and losses sustained by its Property-Liability and Allstate Financiall businesses from the September 11 terrorist attacks.

Genentech (DNA) posted $0.20 vs. $0.16 Q3 EPS (pro forma) on 34% higher product sales. S&P maintains hold.

E*Trade Group (ET) posted $0.03 vs. $0.02 Q3 EPS from ongoing operations despite a 14% revenue decline. The discount brokerage raised its $0.02 Q4 EPS guidance to $0.04, and reiterated its previous $0.35-$0.49 2002 EPS guidance. S&P maintains hold.

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