Markets & Finance

Mandalay Resort Soars


Mandalay Resort (MBG) posted $1.30, vs. 69 cents first-quarter EPS on an 18% revenue rise.

Furniture Brands (FBN) sees lower-than-expected 37 cents to 39 cents second-quarter EPS. It expects second-quarter shipments to be modestly below year-ago levels.

Intel (INTC) narrowed the range of anticipated second-quarter revenue to $8 billion to $8.2 billion, vs. the previous guidance of $7.6 billion to $8.2 billion. S&P reiterates its buy opinion.

Computer Associates (CA) announced chief software architect Sanjay Kumar decided to leave the company and will cease all involvement with the company's business effective immediately.

Kmart (KMRT) inked a deal to sell up to 24 stores to Home Depot for a maximum purchase price of $365 million in cash.

General Mills (GIS) is higher amid rumors Nestle SA is mulling a possible bid. However, Nestle reportedly says it has no plans for a "major" transaction.

SkillSoft (SKIL) posted 3 cents first-quarter EPS, vs. a 13-cent loss on a 21% revenue rise. It believes it will achieve the previously stated fiscal 2005 targets, but getting there will be more weighted to the second half of fiscal 2005. Piper Jaffray cut estimates.

Wayne Bancorp (WNNB) agreed to be acquired by National City in a $180 million deal. The terms are $28.50 cash per Wayne share.

WR Hambrecht initiated coverage of Novell (NOVL) with buy.

Elizabeth Arden (RDEN) posted a 56-cent first-quarter loss vs. a 93-cent loss on a 4.5% sales rise. CL King reportedly downgraded to accumulate from strong buy.

First Albany upgraded EMC Corp. (UEMC) to buy from neutral.

CarMax (KMX) posted 3% lower first-quarter used unit same-store sales and 7% higher total used unit sales. It continues to forecast 30 cents to 32 cents first-quarter EPS.

Circuit City (CC) posted 6.4% higher first-quarter comp-store merchandise sales and 7% higher total sales. S&P reiterates hold.

Maytag (MYG) says second-quarter and 2004 EPS will not meet previous guidance due to lower-than-expected sales volume at Hoover and Maytag, lower factory volume, and higher materials costs. Maytag set a restructuring plan, which includes a reduction of about about 20% in its workforce.

Medicines (MDCO) says the FDA denied its application to amend the existing Angiomax label. It says data from additional studies will be needed. CIBC World cut its estimate and keeps the sector perform rating.

PMC-Sierra (PMCS) sees second-quarter revenue of $85 million to $86.5 million, exceeding the high end of the $83 million to $85 million guidance.

The FDA gave Dyax (DYAX) permission to resume Phase II clinical trials involving its recombinant protein DX-88.

Boston Scientific (BSX) says preliminary net U.S. sales of Taxus systems for May (20 selling days) were approximately $157 million. Preliminary net worldwide sales of Taxus systems were approximately $201 million.

Eon Labs (ELAB) received final approval for Itraconazole 100mg capsules, the generic equivalent to Sporanox capsules. However, Itraconazole capsules are subject of patent litigation with Janssen Pharmaceuticals.

Maxim Pharmaceuticals (MAXM) says an advanced study of advanced metastatic melanoma patients randomized into a trial demonstrated statistically significant improvement in survival treated with its Ceplene, IL-2, vs. patients treated with IL-2 alone.


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