Markets & Finance

Starbucks Sinks


Coffee chain Starbucks (SBUX) posted 8% higher August same-store sales and 25% higher consolidated net revenues. WR Hambrecht says the results are lower than the Street's expectations, but it sees the weakness as a great buy opportunity and reiterates the buy rating.

Krispy Kreme (KKD) posted 9 cents, vs. 21 cents second-quarter earnings per share as higher expenses and charge, costs offset flat same-store systemwide sales and an 11% total revenue rise. The doughnut chain sees 15% fiscal 2005 systemwide same-store sales growth. S&P reiterates the hold ranking.

Gilead Sciences (GILD) says preliminary data from an ongoing study comparing a regimen of Viread and Emtriva, efavirenz to Combivir, and efavirenz in treatment-naive patients with HIV showed a statistically significant difference favoring Viread and Emtriva. First Albany keeps the buy rating, and Legg Mason says hold the share. S&P keeps the accumulate ranking.

Toronto-Dominion Bank (TD) confirmed it would pay $3.8 billion for a controlling stake in Banknorth Group (BNK). Terms: $12.24 cash and 0.2351 TD Bank common share, and 0.49 share of new Banknorth stock for each Banknorth share.

Banc of America downgraded Advanced Micro Devices (AMD) to neutral from buy, and cut its target prices across its semiconductor universe.

Dollar General (DG) posted 22 cents, vs. 18 cents second-quarter earnings per share on a 3.2% same-store sales rise and an 11% total sales rise.

The Financial Times reported that the U.S. Justice Dept. has launched a grand jury investigation into Career Education (CECO) to determine if fraud allegations are true. Piper Jaffray reportedly downgraded to market perform from outperform.


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