Markets & Finance

Aetna Earnings Rise


Aetna (AET) posted second-quarter earnings per share of 87 cents vs. 70 cents. Operating earnings were $1.28 vs. 32 cents -- beating analysts' average estimates for $1.02. Revenue fell 12% to lower health memberships. S&P keeps hold.

Citigroup upgraded Cigna (CI) to in-line from underperform, after the health insurer said it hired an advisor to explore the sale of its pension business.

Two Impath (IMPH) officials resigned, and shares were halted Wednesday after Impath said an internal committee is investigating possible accounting irregularities. Impath now expects second-quarter operating results to be well below analysts' estimates. Raymond James cut to underperform from market perform.

Metro-Goldwyn-Mayer 's (MGM) controlling shareholder Kirk Kerkorian and Tracinda Corp. will make a cash tender offer for up to 15 million MGM shares, at $16 per share. The offer price represents an approximately 26% premium over MGM's closing stock price of $12.70 on July 28. The announcement comes after MGM withdrew a $11.5 billion all-cash offer for the the assets of Vivendi Entertainment, saying the price was too high.

Genesis Microchip (GNSS) posted 4 cents first-quarter earnings per share vs. a 13-cent loss on a 30% revenue rise. Genesis sees $44 million to $48 million in second-quarter revenue, and $22.5 million to $23.3 million in total operating expenses, as well as a 15%-20% pro forma income tax rate.

Guitar Center (GTRC) posted 25 cents vs. 18 cents second-quarter earnings per share on a 14.9% revenue rise. It sees $298 million to $304 million in third-quarter sales and 22 cents to 24 cents earnings per share, and $1.43-$1.49 2003 earnings per share.

Martin Marietta (MLM) posted better-than-expected 81 cents vs. 88 cents second-quarter earnings per share from continuing operations despite a slight sales rise. The construction materials company sees 80 cents to 92 cents third-quarter earnings per share, and $1.85-$2.15 for 2003 (excluding FAS 143).

Garmin (GRMN) posted 44 cents vs. 36 cents second-quarter earnings per share (excluding the impact of foreign exchange) on a 17% revenue rise. It sees 33 cents to 36 cents third-quarter earnings per share (excluding foreign exchange) on $120 million to $125 million revenue. Garmin set a 50-cent annual dividend.

American Italian Pasta Company (PLB) posted 65 cents vs. 59 cents third-quarter earnings per share on a 14% revenue rise. The macaroni maker notes revenues were below expectations due to more aggressive price promotions. It expects financial challenges by Fleming, one of AIPC's top 10 customers, to impact fourth-quarter revenue. AIPC also slightly lowered its fourth-quarter revenue guidance.

The Securities and Exchange Commission asked AOL Time Warner 's (AOL) America Online unit to hand over documents relating to its bulk Internet subscription plans, according to the Wall Street Journal. The SEC is already investigating AOL's accounting for advertising transactions.

CVS (CVS) posted 49 cents vs. 43 cents second-quarter earnings per share on a 5.5% same-store sales rise, and a 7.6% net sales rise. The results beat analysts' average estimates by a penny.

Cooper Cameron (CAM) posted 37 cents vs. 40 cents second-quarter earnings per share on flat revenues. The oil services firm sees 50 cents to 55 cents third-quarter earnings per share, and $1.80-$1.90 in 2003 (excluding a 7-cent first-quarter charge).

Kenneth Cole (KCP) posted 30 cents vs. 26 cents second-quarter earnings per share despite a 2.3% revenue drop. It sees 47 cents to 50 cents third-quarter earnings per share, and 46 cents to 48 cents in fourth-quarter earnings per share. The retailer set a $.075 quarterly dividend.

Cox Communication (COX) posted 19 cents second-quarter earnings per share vs. an 86-cent loss on a 14% total revenue rise. Cox sees 14%-15% 2003 revenue growth.

Andrx (ADRX) posted 20 cents second-quarter earnings per share vs. a 42-cent loss on a 51% total revenue rise.


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