Markets & Finance

Bank One Surges on Takeover News


Bank One (ONE) shares finished sharply higher after the company agreed to be acquired by JP Morgan Chase (JPM) in a stock transaction. Terms of the deal call for Bank One shareholders to receive 1.32 JPM shares per ONE share. JP Morgan shares fell slightly.

Shares of Intel (INTC) ended lower after the company posted 33 cents vs. 16 cents fourth quarter earnings per share on a 22% revenue rise. The chipmaker sees $7.9 billion to $8.5 billion in first quarter revenue. Bear Stearns trimmed its estimate on Intel, but views any weakness in the shares as a buying opportunity.

Merrill Lynch (MER) shares finished higher after the financial-services firm said it expects to report record 2003 net earnings. The financial-services giant notes previous record full-year net earnings were $3.784 billion, reported in 2000.

Yahoo! (YHOO) posted 11 cents vs. 8 cents fourth quarter earnings per share on a sharp revenue rise. The Internet media company reportedly sees operating free cash flow of $150 million to $170 million for the first quarter and $710 million to $800 million for all of 2004. Citigroup reportedly downgraded the shares to 'hold' from 'buy'. The shares finished slightly lower Thursday.

Apple Computer (AAPL) shares ended lower after the company posted 17 cents first quarter earnings per share vs. a 2-cent loss on a 36% revenue rise. The company sees second quarter earnings per share of 8 cents to 10 cents on $1.8 billion in revenue. S&P maintains its hold opinion on Apple.

IBM Corp. (IBM) shares ended higher after Big blue posted $1.56 vs. $1.11 fourth quarter earnings per share from continuing operations on 9% revenue rise.

Fairchild Semiconductor (FCS) posted 14 cents vs. 10 cents fourth quarter earnings per share on a 4.3% total revenue rise. It sees 1% to 4% higher sequential first quarter revenue. The shares moved higher.

Huffy (HUF) shares fell after the company said it sees a fourth quarter loss from continuing operations "substantially" higher than previously expected, which will likely result in loss for all of 2003.

Comerica (CMA) posted 89 cents vs. $1.18 fourth quarter earnings per share on a 14% net interest income decline. The shares ended higher.

RadioShack (RSH) shares rose Thursday after the retailer said it sees fourth quarter earnings per share exceeding the high end of its previous guidance range of 67 cents to 70 cents.

Qlogic (QLGC) shares finished sharply lower after the company posted 36 cents vs. 29 cents third quarter earnings per share on a 4% net revenue rise. CE Unterberg says revenue below expectations. Adams Harkness reiterates buy.

Mercury Computer (MRCY) shares rose after the company posted 17 cents vs. 29 cents second quarter earnings per share on a 15% net revenue decline. The company sees $45 million to $48 million in third quarter revenues, and EPS of 26 cents to 30 cents. For all of fiscal 2004, it sees $180 million to $185 million in revenues, and $1.00 to $1.05 EPS.

Teradyne (TER) shares advanced after the company reported a fourth quarter loss of 6 cents per share (GAAP) vs. a $2.31 loss, on a 7.2% sales rise. It sees 10 cents to 18 cents first quarter EPS (GAAP) on sales of $400 million to $430 million. S&P reiterates buy.

Delta Air Lines (DAL) shares fell Thursday after Deutsche Bank downgraded the stock to 'hold' from 'buy'. On Jan. 14, Delta posted a $2.69 fourth quarter loss per share on a 2.7% operating revenue rise.

Lucent (LU) shares finished solidly higher Thursday. Lehman Brothers reportedly upgraded its rating to 'overweight' from 'equal-weight'.

Nextel Communications (NXTL) shares moved lower after Bear Stearns downgraded its rating to 'peer perform' from 'outperform' on valuation. The company was unavailable for comment.

FleetBoston Financial (FBF) posted 68 cents vs. 24 cents fourth quarter earnings per share on a 7% total revenue rise. It says earlier this month two of its units received Wells notices stating that SEC staff made preliminary determination to recommend action be brought against the units. The shares closed higher.

Wachovia (WB) posted 83 cents vs. 66 cents fourth quarter earnings per share on a 23% total revenue rise. It increased its quarterly dividend by 14% to 40 cents. The shares were lower.

Genentech (DNA) shares rose after the company posted 24 cents vs. 18 cents fourth quarter GAAP earnings per share on a 20% total operating revenue rise.

Deckers Outdoor (DECK) shares finished solidly after the shoemaker raised its 2004 guidance to earnings per share of $1.02 to $1.06 on $133 million to $140 million in sales from 92 cents to 96 cents EPS on $126 million to $132 million in sales. The company cites heightened demand for its Ugg product line. First Albany and Wedbush Morgan raised estimates.


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