) entered into an agreement whereby Black Angus Burgers will open 40 Back Yard Burgers stand-alone franchises over the next 10 years.
Adelphia Communications (ADLAE
) resumed trading. The Rigas family relinquished control, and the company announced higher co-borrowing debt. S&P keeps avoid.
) trading was halted ahead of the FDA's decision (expected Thursday) on psoriasis drug Amevive's safety review.
) posted $0.13 Q1 EPS vs. breakeven on a 6.2% total same store sales rise. The company raised $0.04-$0.05 Q2 EPS guidance to $0.07-$0.08 and sees a 3.5%-4.5% fiscal 2003 same store sales rise.
Prudential downgraded Superior Industries (SUP
) to sell from hold.
) received FDA premarket approval for its non-incisional permanent birth control procedure Essure, will be reviewed late July.
Tommy Hilfiger (TOM
) posted $0.45 vs. $0.37 Q4 EPS on a 5.9% revenue rise and expects to achieve $1.64 fiscal 2003 EPS estimate. The retailer thinks Q3 fiscal 2003 EPS could be $0.04-$0.06 below the current $0.51 First Call estimate.
Morgan Stanley downgraded Bristol Myers (BMY
) to underweight from equal-weight.
) reported that revenues decreased 3.6% for the five weeks ended May 5, down 2% from the 18-week year to date figure. Pulitzer expects 2002 EPS from continuing operations to come in toward the upper end of the $1.60-$1.67 analyst range.
ImClone Systems (IMCL
) announced the resignation of Samuel Waksal as president and CEO. His brother, Harlan Waksal, was named to those positions. Shares were higher in after-hours trading on Wednesday.
Standard & Poor's Ratings cut Qwest Communications' (Q
) long term corporate credit rating to BB+ from BBB-. S&P says the risk profile has increased due to poor visibility.
) posted a $1.86 Q2 loss on a 80% revenue decline and expects Q3 revenue will be flat to down from Q2 levels.
) posted $0.34 vs. $0.30 Q4 EPS from operations on a 20% revenue rise. JP Morgan reportedly upgraded to buy from long term buy.
Goldman reportedly says that market speculation that Intel (INTC
) will cut capital expenditures is "premature".
JD Edwards (JDEC
) posted $0.06 vs. $0.03 Q2 EPS (pro forma) as lower costs offset flat revenue. S&P keeps avoid.
) posted $0.47 vs. $0.16 Q1 EPS on a sharp revenue rise.
Chemical maker FMC Corp. (FMC
) sees Q2 EPS about $0.25-$0.30 below the $0.92 consensus estimate, before special items. The company cited the loss of a major European detergent customer, and slower than expected ramp-up of its purified phosphoric acid plant.
United Therapeutics (UTHR
) announced FDA approval for Remodulin Injection as continuous subcutaneous infusion for treatment of pulmonary arterial hypertension.