Markets & Finance

InfoSpace Climbs


Technology company InfoSpace (INSP) posted 37 cents second-quarter EPS, vs. a 53-cent loss on a 72% revenue rise. It sees $60 million to $64 million in third-quarter revenue, and 22 cents to 27 cents operating EPS. InfoSpace raised the $205 million to $217 million 2004 revenue estimate to $227 million to $237 million, and sees 97 cents to $1.08 operating EPS. Piper Jaffray upgraded to outperform.

Taro Pharmaceuticals (TARO) posted a 31-cent second-quarter loss vs. 51 cents EPS on a 34% sales drop. Taro believes sales decreased due to the timing of purchases by wholesale customers, who appear to be reducing their inventories.

Krispy Kreme Doughnuts (KKD) announced the Securities and Exchange Commission is conducting an informal, non-public inquiry regarding the company. It says the inquiry generally concerns its franchise reacquisition, and the previously announced reduction in earnings guidance.

Goldman Sachs downgraded General Motors (GM) to underperform from in-line.

Zimmer Holdings (ZMH) posted 47 cents, vs. 45 cents second-quarter EPS. It sees 43 cents to 45 cents third-quarter reported EPS, 56 cents to 58 cents in the fourth quarter, and $1.86 to $1.90 2004 EPS. S&P keeps accumulate. Prudential downgraded to neutral from overweight.

Aetna (AET) posted $1.79, vs. 87 cents second-quarter EPS on an 8.9% total revenue rise. The healthcare and benefits company raised the $6.60 to $6.75 2004 EPS estimate to $6.75 to $6.85. Prudential reportedly upgraded to overweight from neutral. S&P reiterates buy.

Express Scripts (ESRX) posted 83 cents, vs. 74 cents, second-quarter EPS on a 13% revenue rise. It sees 2004 EPS increasing in the lower half of a 20% to 25% range over 2003, excluding non-recurring items. The company received a notice of proposed litigation from New York's attorney general and expects civil-investigative demands from 19 other states over its prescription-drug plans for state employees. Schwab SoundView cut its estimates.

Chip-equipment maker Mykrolis (MYK) posted lower-than-expected 18 cents second-quarter EPS, vs. a 14-cent loss on a 72% sales rise. It sees $70 million to $77 million in third-quarter revenue, and 15 cents to 21 cents EPS.

Ess Technology (ESST) posted 8 cents, vs. 40 cents second-quarter EPS (GAAP) despite a sharp revenue rise. It sees 7 cents to 10 cents third-quarter EPS (GAAP) on $68 million to $72 million in revenues. Needham and Pacific Growth downgraded.

Magellan Health (MGLN) posted 78 cents, vs. 35 cents second-quarter EPS on 15% higher revenues. Magellan raised the 2004 net income guidance to $80 million to $100 million and raised the segment-profit guidance to $210 million to $230 million.

Nutraceutical (NUTR) posted 24 cents, vs. 28 cents third-quarter EPS despite a 14% sales rise. Nutraceutical cited softness in sales in certain areas, softeness in customers within the Healthy Foods Channel, and increasing costs from shipping, insurance, legal and corporate governance.

Oil explorer Spinnaker Exploration (SKE) posted 51 cents, vs. 30 cents second-quarter EPS on a 43% revenue rise. It sees 50 billion cubic feet equivalent (one barrel of oil is equivalent to six thousand cubic feet of gas) to 52 billion Bcfe 2004 production, noting weather delays that impacted on-line dates for new projects and pipeline curtailment at Brazos A-19.

The Securities and Exchange Commission approved a formal order of investigation on GTech Holdings (GTK) in matters it examining related to media reports about public corruption issues in Brazil and subpoenas that GTech was served with a civil complaint from the public ministry in Brazil.

Electronic Data Systems (EDS) posted 54 cents, vs. 18 cents, second-quarter EPS on a 3.5% revenue rise. EDS confirmed its guidance for 2004 revenue of $20 billion to $21 billion, and narrowed the 20 cents to 40 cents expected 2004 EPS range to 20 cents to 30 cents. S&P reiterates hold.

MetLife (MET) posted 88 cents, vs. 84 cents, second-quarter operating EPS on 4.9% higher premiums. The life-insurance company raised its $3.08 to $3.18 2004 operating EPS guidance to $3.22 to $3.30. S&P upgraded to accumulate from hold.

Symbol Technologies (SBL) posted 12 cents, vs. 3 cents, second-quarter EPS on a 16% revenue rise. It sees $435 million to $445 million in third-quarter revenue, and 11 cents to 12 cents EPS. A court ordered Proxim to pay Symbol about $23 million in damages, plus $3 million interest, in a patent dispute.

DaimlerChrysler (DCX) posted 67 cents, vs. 13 cents, second-quarter EPS on a 9.5% revenue rise. It expects moderate growth for 2004 for its major auto markets.

Ask Jeeves (ASKJ) posted 18 cents, vs. 9 cents, second-quarter GAAP EPS from continuing operations on sharply higher revenues. It sees $74 million in third-quarter revenue, 14 cents GAAP EPS, $260 million in 2004 revenue, and 77 cents GAAP EPS.

Raytheon (RTN) posted 35 cents (excluding charges), vs. 45 cents, second-quarter EPS from continuing operations on an 11% net sales rise. Raytheon expects 79 cents to 89 cents 2004 EPS from continuing operations (including the impact of a shareholder lawsuit).

Macromedia (MACR) posted 19 cents, vs. 10 cents, first-quarter EPS on a 25% revenue rise. It sees $103 million to $108 million in second-quarter revenues, and pro forma operating profit margin of 16% to 18%.


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