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Eastman Kodak (EK
) announced plans to cut its semi-annual dividend by 65 cents, or 72%, to 25 cents a share as the photographic products maker implements a new growth strategy.
) is seen lower on a report of TiVo being dropped by DirectTV. Thomas Weisel downgraded to underperform from peer perform, saying it's concerned that that the maker of digital-video recorders hasn't yet penned a cable deal to penetrate the cable market.
Credit Suisse First Boston upgraded Pope & Talbot (POP
) neutral from underperform.
Rite Aid (RAD
) posted a second-quarter loss of 4 cents per share, vs. a loss of 21 cents per share. The latest results include a store closing and impairment credit of $9 million, and a charge of $8.8 million related to stock-based compensation.
A jury announced a verdict against Flextronics (FLEX
) and in favor of Beckman Coulter (BEC
), in a $934 million ruling. Flextronics calls the ruling "excessive" and said it expects the award to be reduced to less than $10 million.
CIBC World cut Darden Restaurants (DRI
) to sector underperform from sector perform, pointing out weak performance at the Red Lobster restaurants.
Goldman Sachs upgraded Walt Disney (DIS
) to outperform from in-line, citing the potential benefit of home-video sales growth on earnings.
) posted 20 cents earnings per share, beating analysts' average estimates for 18 cents earnings per share.
) said late Wednesday that it's looking for ways to use its cash, including a possible tender offer.
J.P. Morgan upgraded The New York Times (NYT
) to overweight from neutral.
The Cheesecake Factory 's (CAKE
) president and chief operating officer Michael Berry has resigned from the restaurant unit.
Bisys Group (BSG
) sees 15 cents first-quarter earnings per share from operations, which is 7 cents lower than the previous guidance. Bisys cited lower-than-expected revenue from the life insurance business, and continued softness in the education services division. Prudential and Bear Stearns downgraded.
Federal Signal (FSS
) cut the third-quarter earnings per share guidance to 20 cents to 22 cents. Legg Mason downgraded to sell from buy.
A Taiwan court reportedly ruled in favor of a Cree (CREE
J.P. Morgan upgraded Getty Images (GYI
) to overweight.
J.P. Morgan reportedly downgraded Netegrity (NETE
) to neutral from overweight.
) sees a 2 cents to 3 cents third-quarter loss, and 76 cents to 81 cents 2003 earnings per share (including items). Tupperware says U.S. sales results continue to be weak as a result of a smaller, less active sales force. Roth Capital downgraded to neutral. S&P keeps sell.
Darden Restaurants (DRI
) posted 40 cents vs. 40 cents first-quarter earnings per share despite a 7.2% sales rise. It sees 15 cents to 18 cents second-quarter earnings per share. CIBC World, Raymond James, and RBC Capital downgraded.
Home goods retailer Bed Bath & Beyond (BBBY
) posted 32 cents second-quarter earnings per share, vs. 25 cents earnings per share. The company also raised its earnings outlook for the year.
Murphy Oil (MUR
) expects third-quarter earnings to be 60 to 70 cents a share, vs. average analyst's forecast of 60 cents, citing strength in Malaysia.
Mortgage financier Freddie Mac (FRE
) said it expects the cumulative increase in retained earnings to be at or above $4.5 billion, the upper end of its previously announced range. It expects to release its re-audit and restatement of prior years' financial results in November 2003.
Micron Technology (MU
) received a $50 million investment by Intel (INTC
) in exchange for 5.3% of Micron's stock.
) stock has been halted on the Nasdaq today as an FDA panel reviews expanded approval for its Provigil anti-fatigue drug. The drug is already used to treat narcolepsy, but Cephalon is seeking approval for use for other sleep disorders.
International Multifoods (IMC
) posted 5 cents second-quarter earnings per share, vs. a loss of $1.44 per share. Excluding items, the Minneapolis consumer foods firm postd 21 cents earnings per share, meeting expectations.