Markets & Finance

Wall Street Cheers New Tyco CFO


THQ's (THQI

) board authorized the company to buy back up to $25 million of its common stock. SWS Securities reiterates strong buy.

Lehman upgraded Cooper Cameron (CAM

) to overweight from underweight, and sees the start of a strong upturn in subsea orders and shipments.

Xilinx (XLNX

) reaffirmed the Q2 revenue guidance of $270M-$280M. Wachovia remains positive on Xilinx's Advanced product ramp. S&P reiterates accumulate.

Multimedia Games (MGAM

) says its complaint against the National Indian Gaming Commission regarding the classification of Multimedia Game's MegaNanaza bingo game has been dismissed.

Comverse Technology (CMVT

) posted $0.02 vs. $0.15 Q2 EPS (including items) on a 48% revenue decline, and guided Q3 results lower. S&P upgraded, and thinks the company's difficulties are reflected in its price.

Tyco International (TYC

) appointed David J. Fitzpatrick, former CFO ot United Technologies, as executive vice president and CFO. S&P upgraded the shares to neutral from avoid.

AEP Industries (AEPI

) posted a $0.32 Q3 loss vs. a $0.07 loss as the absence of other income offset a 10% sales rise. AEP says the pricing environment remains difficult.

Phelps Dodge (PD

) announced the temporary closure of two U.S. wire and cable plants, among other actions to improve efficiencies and consolidate its operations. The actions will result in the elimination of 345 jobs, and a one-time charge of about $6M in Q3.

Xcel Energy (XEL

) unit will sell its Csepel power generating facilities, its 44.5% economic ownership stake in a power station, and its 75% stake in Entrade to Atel. Xcel will get $193M cash proceeds, and reduce debt by $200M.

PillowTex (PWTX

) says Anthony T. Williams resigned as president and COO to pursue other interests. Chairman and CEO David Perdue will assume Mr. Williams' positions until a replacement is named.

Oakley (OO

) set a buyback of up to additional $20 million of stock.


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