Markets & Finance

Nike Finishes Lower


Nike (NKE) posted $0.46 vs. $0.35 Q3 EPS on a 4% revenue rise. Morgan Stanley says U.S. futures orders are below "whisper" number S&P maintains hold.

Morgan Stanley upgraded Providian Corp. (PVN) to overweight from equal-weight.

Alkermes (ALKS) agreed to acquire the remaining amount of Reliant Pharmaceuticals LLC it does not already own for about $934M in stock.

Baker Hughes (BHI) lowered its 1%-3% Q1 oilfield revenue growth forecast to flat (plus or minus 1%), and lowered Q1 operating EPS guidance to $0.20-$0.22. Salomon SB downgraded.

Biomet (BMET) posted $0.23 vs. $0.20 Q3 EPS on a 14% sales rise. JP Morgan downgraded to long term buy from buy. S&P keeps its buy rating.

American Health (AMHC) posted $0.15 vs. $0.05 Q2 EPS on 60% higher revenue. The company sees $0.14-$0.15 Q3 EPS, and raised $0.52-$0.54 fiscal 2002 EPS guidance to $0.55-$0.57 EPS on $122M-$127M revenue. CIBC World raised its estimates.

An EMC Corp. (EMC) shareholder group won SEC support to include two proposed resolutions in 2002 proxy materials to change the composition of EMC's board. Friedman Billings keeps its market perform rating.

Boyd Gaming (BYD) sees better than expected $0.27-$0.30 Q1 EPS before pre-opening costs; amd $67M-$70M EBITDA. CIBC World raised its estimates and target.

McDonald's (MCD) sees $0.29-$0.30 Q1 EPS from operations, and 2002 EPS from operations towards the lower end of a previously announced $1.47-$1.54 range (in constant currencies). McDonald's says it will take a $0.03 Q1 charge.

CS First Boston and Wedbush Morgan reiterated their buy ratings on Micron Technology (MU). Wedbush also added the company to its Focus List. S&P maintains hold. The company posted a $0.05 Q2 loss vs. a $0.01 loss from continuing operations on a 39% sales decline.

Palm (PALM) posted a narrower than expected $0.02 Q3 loss vs. $0.02 EPS (pro forma) on 38% lower revenue. CIBC World raised estimates. JP Morgan reportedly upgraded to long term buy. S&P keeps hold.

Johnson & Johnson (JNJ) will acquire Tibotec-Virco NV, a privately-held biopharmaceutical company, in a $320M deal. J&J sees $0.05 per share in one-time charge in Q2 reflecting a write-off of in-process R&D costs.

SpaceLabs Medical (SLMD) agreed to be acquired by Instrumentarium in a $140M deal. Terms: $14.25 cash for each SpaceLabs share.

3com (COMS) posted a narrower than expected $0.12 Q3 loss (pro forma) on a 43% revenue decline. DSOs increased to 46 days from 42 days in Q2. 3Com hopes to achieve its goal of Q4 profitability via cost controls.

Solectron (SLR) posted $0.01 Q2 cash EPS (pro forma) vs. $0.18 EPS on a 44% sales decline, and sees a $0.04-$0.06 Q3 loss from operations on sales of $2.7B-$3.1B. S&P keeps hold.

In response to media and investor inquiries, says General Electric (GE), GE Capital will continue to fund a portion of their operations with commercial paper. GE remains committed to $1.65-$1.67 2002 EPS target before accounting charges.

FlowServe (FLS) will acquire the Flow Control Division of Invensys plc for $535M.

Reader's Digest (RDA) agreed to purchase Reiman Publications LLC, a publisher of cooking, gardening, country lifestyle, nostalgia magazines and books, for about $760M cash.

Applied Materials (AMAT) set a 2-for-1 stock split.


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