Yahoo! (YHOO) posted Q2 EPS of $0.03 v. a loss of $0.09 -- beating estimates and breaking a period of six straight quarters of losses for the Internet portal company. Revenues rose to $225.8M from $182.2M.
The FDA tentatively approved Andrx Corp.'s (ADRX) abbreviated new drug application for a generic version of 24-hour Claritin. Wachovia reiterates strong buy.
Ligand Pharmaceutical (LGND) says Q2 product sales were negatively affected by about $6M-$8M. Ligand cites several major wholesalers' decisions to postpone or reduce orders, as well as lower than expected demand growth.
Banc of America and WR Hambrecht each cut estimates on Tiffany (TIF). On July 9, the company forecast Q2 EPS at the low end of its previous guidance of $0.22-$0.24 on lower than expected sales.
Merrill upgraded its rating on Cisco (CSCO) to near term strong buy from buy, maintains long term strong buy.
Prudential downgraded Duke Energy (DUK) to hold from buy. S&P reiterates accumulate.The company was unavailable for comment.
United Surgical (USPI) sees $0.21-$0.23 Q2 EPS, exceeding $0.16 consensus. The company cites better-than-expected same-facility net revenue growth both domestically and internationally.
AT&T Wireless (AWE) and Deutsche Telekom's VoiceStream unit in are preliminary merger talks,according to a press report; the deal could be valued at over $15B and create the nation's No. 2 cellphone outfit.
Infosys (INFY) posted $0.32 vs. $0.30 Q1 EPADS on a 20% revenue rise. It sees $0.33-$0.34 Q2 EPADS on $156M-$160M revenue, $1.43-$1.47 fiscal 2003 on $636M-$654M revenue.
Deutsche Telekom (DT) CEO Ron Sommer is coming under increasing pressure to resign after failing to boost the company's share price and trim its debt, according to a press report.
Merck (MRK) says that due solely to market conditions, it is postponing the pricing of the IPO of its Medco Health Solutions unit; Merck had planned to price this week.
Vivendi Universal (V) obtained an additional EUR 1B unsecured credit facility from a group of international banks. Separately, French stock-market regulators raided the company's offices as part of an investigation into its finances, according to a press report.
Pilgrim's Pride (CHX) sees $0.02-$0.05 Q3 EPS, citing an outbreak of avian influenza in its Eastern Turkey division and foreign exchange losses.
Merrill upgrades Extreme Networks (EXTR) to near term strong buy from buy, maintains long term strong buy.
Morgan Stanley upgrades Brocade (BRCD) to overweight from equal-weight.
United Parcel Service (UPS) reports progress at the bargaining table with the International Brotherhood of Teamsters, but said it was seeing diversion of package volume to competitors. The company reaffirmed its $0.50-$0.55 Q2 EPS guidance.
Goldman Sachs (GS), United Parcel Service, Prudential Financial (PRU), eBay (EBAY), Principal Financial (PFG), Electronic Arts (ERTS), and Sungard (SDS) will replace Royal Dutch (RD), Unilever (UN), Nortel (NT), Alcan (AL), Barrick Gold (ABX), Royal Philips Electronics (PDG), and Inco (N) in the S&P 500, per S&P's current selection criteria, which requires members to be U.S. companies.