Markets & Finance

Adobe Climbs


Adobe Systems (ADBE) sees 39 cents to 44 cents second-quarter earnings per share on $390 million to $410 million revenue, citing greater-than-expected revenue for Creative Suite and CS products. Adobe agreed to acquire Q-Link Technology for an undisclosed amount. S&P downgraded to accumulate. Piper Jaffray raised its estimates.

InterActive (IACI) posted 5 cents first-quarter earnings per share, vs. a 23 cents loss (GAAP) on a 6% revenue rise. The publisher posted 18 cents, vs. 16 cents first-quarter earnings per share (adjusted), and reaffirmed the 2004 operating income before amortization in a range of $1 billion to $1.2 billion. Piper Jaffray says the first quarter was weak.

Nam Tai Electronics (NTE) posted 18 cents, vs. 25 cents first-quarter earnings per share despite an 8.5% sales rise. It sees second-quarter sales of about $125 million to $140 million, and earnings per share of $1.75 to $1.83, which includes about a $65 million one-time gain from the recent IPO of Nam Tai Electronic & Electrical Products Ltd.

El Paso (EP) says employees used incorrect methods to book natural gas reserves, but it sees no material changes after an independent review. The questionable booking was done from the beginning of 1999 through the 2003, and centers around proven reserves, or quantities of oil and that a company expects to be commercially recoverable from known fields. The natural-gas pipeline operator company confirmed that it will restate its financials for El Paso, El Paso CGP, and El Paso Production Holdings.

Worldgate Communications (WGAT) and Motorola (MOT) announced an agreement for worldwide development and distribution of Ojo personal video phone.

Wendy's (WEN) posted preliminary 8.3% to 8.4% higher April Wendy's U.S. company same-store sales, and 12% higher Tim Horton U.S. sales. S&P maintains hold.

Amgen (AMGN) and Wyeth (WYE) said their Enbrel drug has been approved by the FDA for the treatment of adult patients with chronic moderate to severe plaque psoriasis who are candidates for systemic therapy or phototherapy.

Chip-equipment maker KLA-Tencor (KLAC) announced the resignation of Gary Dickerson as president and COO, effective immediately. Kenneth L. Schroeder, CEO, will assume responsibilities as president.

Northrop Grumman (NOC) will develop, integrate, and test a Multi-Platform Radar Technology Insertion Program radar under new six-year, $888 million contract awarded by Air Force's Electronic Systems Center.

Granite Construction (GVA) expects 2004 operating income to be in line with 2003 results.

Cray (CRAY) says the Pittsburgh Supercomputing Center placed an advance order for its upcoming product based on the Sandia "Red Storm" supercomputer. This is the first disclosed customer for the new product line, and the terms were not revealed.

Intel (INTC) says the Semiconductor Industry Association's March chip data shows the three-month moving average came in 32.3% higher year over year, an acceleration vs. Feb.'s 30.8 rise; average selling prices were up 9.3%.


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