Markets & Finance

Foot Locker Jumps


Foot Locker (FL) posted 41 cents, vs. 29 cents third-quarter earnings per share from continuing operations on a slight same-store sales rise, and a 6.6% total sales rise. The footwear retailer expects to exceed the 37 cents fourth-quarter earnings per share consensus estimate, and raised its quarterly dividend by 100%. S&P keeps its accumulate rating.

Marvell Technology (MRVL) posted 8 cents third-quarter earnings per share, vs. a 6 cents loss (GAAP) on a 58% net revenue rise. Prudential cut its estimates. Pacific Growth upgraded the broadband chipmaker to overweight.

Omnivision Technologies (OVTI) posted 39 cents, vs. 12 cents second-quarter earnings per share on a sharp revenue rise. The maker of chip-based imaging devices sees 40 cents to 42 cents third-quarter earnings per share on $74 million to $78 million revenue. SoundView raised its estimates. Pacific Growth upgraded to overweight.

Hot Topic (HOTT) posted 31 cents, vs. 21 cents third-quarter earnings per share on 11% higher same-store sales, and 32% higher net sales. The specialty retailer plans to open 105 new stores next year. Wedbush Morgan and Pacific Growth raised their estimates.

NPS Pharmaceuticals (NPSP) reported encouraging preliminary results from a two-year rat carcinogenicity study of Preos, a drug candidate being developed for the treatment of osteoporosis. S&P upgraded to accumulate from hold.

Allegiant Bancorp (ALLE) agreed to be acquired by National City (NCC). Under the terms, Allegiant holders will get either a 0.833 National City share in a tax-free exchange, or $27.75 in cash for each Allegiant share held.

Angiotech Pharmaceuticals (ANPI) shares were halted on the Nasdaq to allow full disclosure of the results of an FDA panel hearing, and the recommendation on Boston Scientific's pre-marketing approval for its Taxus Express paclitaxel-eluting coronary stent system. The panel meets Thursday between 9 a.m. and 5 p.m EDT.

Video-game software maker GameStop (GME) posted 18 cents, vs. 16 cents third-quarter earnings per share despite a 1.9% same-store sales decline. GameStop sees 62 cents to 66 cents fourth-quarter earnings per share on same-store sales growth of -2% to +2%. Southwest Securities reiterated its strong buy rating.

Bombay Company (BBA) posted breakeven third-quarter vs. breakeven on 13% same-store sales, and 19% higher total sales. The home-furnishing retailer sees 34 cents to 41 cents fourth-quarter earnings per share on $215 million to $225 million in revenue.

Merrill reinstated coverage of Emulex (ELX), a maker of storage-networking adapters and chips, with buy. Baird upgraded to outperform from neutral.

Hewlett-Packard (HPQ) posted 28 cents, vs. 13 cents fourth-quarter earnings per share (GAAP) on a 10% revenue rise, beating analysts' average estimates by a penny. The computer maker sees 35 cents first-quarter non-GAAP earnings per share, in line with the analyst consensus estimate. H-P affirmed the fiscal 2004 consensus non-GAAP earnings per share estimate of $1.42. S&P reiterates hold.

Longs Drug Store (LDG) posted 14 cents, vs. 8 cents third-quarter earnings per share despite a slight same-store sales decline. Longs sees flat to 3% growth in fourth-quarter total sales, and a -2% to +1% increase in same-store sales. The company sees 38 cents to 41 cents fourth-quarter earnings per share. S&P downgraded.

PetSmart (PETM) posted 20 cents, vs. 14 cents third-quarter earnings per share on a 7.5% same-store sales rise, and a 12% total sales rise. The pet-supplies retailer raised the 91 cents to 93 cents fiscal 2004 earnings per share forecast to 92 cents to 93 cents.

Online-advertising company DoubleClick (DCLK) set a $100 million stock buyback.

Williams-Sonoma (WSM) posted 20 cents, vs. 13 cents third-quarter earnings per share on a 20% revenue rise. The kitchen-goods retailer raised the fourth-quarter revenue guidance while keeping the earnings per share guidance. Williams-Sonoma raised the fiscal 2004 revenue guidance to 17% growth, and raised the earnings per share to to $1.26 to $1.31.

Mortgage financier Freddie Mac (FRE) expects report that it overstated earnings by as much as $1 billion in 2001 when it releases a much-anticipated restatement of past earnings in the next several days, people familiar with situation told The Wall Street Journal. S&P keeps avoid.

Intuit (INTU) posted a 27 cents first-quarter loss, a vs. 26 cents loss (GAAP) despite a 14% revenue rise. The software maker sees $1.46 to $1.56 fiscal 2004 earnings per share (GAAP). S&P keeps hold.

Wet Seal (WTSLA) posted a 25 cents third-quarter loss, vs. an 8 cents loss on 10% lower same-store sales, and 5.8% lower total sales. Wet Seal sees a 16 cents to 21 cents fourth-quarter loss. CFO William Langsdorf reportedly resigned for personal reasons, effective in January, 2004.

Sharper Image (SHRP) posted 6 cents third-quarter earnings per share, vs. a 4 cents loss on 10% a same-store sales rise and a 24% total revenue rise.

Pediatrix Medical (PDX) says late Wednesday its Nevada perinatal practice was served with a search warrant by the state of Nevada, requesting information concerning Medicaid billings for perinatal patient care rendered in Nevada since Jan. 1, 2000.

Banc of America downgraded Varian Semiconductor (VSEA) to sell from neutral.

Deutsche Bank reportedly upgraded Kohl's (KSS) to hold from sell.


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