Markets & Finance

Nike Rises on Stronger Earnings


Footwear apparel giant Nike (NKE) posted fourth-quarter earnings per share of $1.13, vs. 92 cents one year earlier, on a 17% revenue rise. Effective June 25, the board authorized a new four-year, $1.5 billion stock buyback program. S&P reiterates accumulate.

Technology developer Titan (TTN) doesn't expect it will be able to secure a definitive plea deal relating to alleged violations of the Foreign Corrupt Practices Act. This could trigger termination rights under Titan's planned merger with defense contractor Lockheed Martin (LMT). Wachovia keeps the underperform rating.

Paychex (PAYX) posted fourth-quarter earnings per share of 16 cents, vs. 19 cents, as a 2004 reserve and higher costs offset a 14% revenue rise. The payroll services provider sees 9% to 11% fiscal 2005 revenue growth. Legg Mason and Thomas Weisel cut their estimates.

Roth Capital initiated coverage on TiVo (TIVO) with strong buy.

Tektronix (TEK) posted 31 cents, vs. 5 cents fourth-quarter EPS from continuing operations on a 27% sales rise. The maker of electronics-testing systems sees 26 cents to 29 cents first-quarter EPS from continuing operations on revenue of $235 million to $245 million. S&P raised its estimate and target, but keeps the hold rating. Needham raised its estimates.

Arbitron (ARB) says Infinity Broadcasting, a Viacom (VIA) unit, has elected not to renew agreements with Arbitron for radio ratings and other services. Arbitron now sees $1.53 to $1.57 2004 EPS on 5% to 7% revenue growth.

Eyeglass-lens maker Sola (SOL) posted 14 cents, vs. 32 cents fourth-quarter EPS (GAAP) as higher expenses offset a 16% sales rise. Sola sees fiscal 2005 net income of $45 million to $47 million =including items, and $48 million to $50 million excluding items.

Forest Labs (FRX) says children receiving Lexapro for depression did not show statistically significant separation from a placebo. A U.S. trial of Celexa in children showed efficacy; this compares to previous infomation that the European study did not.

Andrx (ADRX) received final FDA approval for its generic version of Abbott Laboratories' (ABT) antibiotic Biaxin, a drug that had $280 million in sales in 2003.

Evertrust Financial (EVRT) agreed to be acquired by KeyCorp (KEY) for about $194.7 million cash, or $25.60 per share.

Nanogen (NGEN) says it has been issued a patent. The new issue is a continuation of patents issued to the company that cover the methods and apparatus that are particularly useful for detecting varying lengths of genetic variants.

King Pharmaceuticals (KG) says the FDA approved a supplemental new drug application, which provide that two products are bioequivalent and therapeutically equivalent to Levoxyl. King also reported the receipt of the FDA's denial of its citizen petition.

Campbell Soup (CPB) says it targets annual EPS growth of 5% to 7%, on a 3% to 4% net sales rise. Campbell says cost-saving initiatives, including about 400 job cuts, is expected to results in a pre-tax charge of up to $35 million in the fourth quarter.

Lilly (LLY) says the FDA extended an action date for the completion of its review of investigational antidepressant Cymbalta. The extension stems from Lilly's recent submission, at the FDA's request, of additional analyses of already submitted data.


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