Markets & Finance

Tyson Drops on a Warning


Tyson Foods (TSN) expects the fourth quarter to be more difficult due to unfavorable results from grain hedging activity and weaker demand in chicken and beef segments. Tyson sees $1.08 to $1.15 fiscal 2004 earnings per share (GAAP).

Accredo Health (ACDO) posted 40 cents, vs. 36 cents fourth-quarter earnings per share on a 16% revenue rise. Accredo cut the fiscal 2005 earnings per share guidance to $1.45 to $1.53 from the previous guidance of $1.88 to $1.93. It still sees $1.85 billion to $1.9 billion in revenue.

Interstate Bakeries (IBC) says due to the convergence of a number of recently identified interrelated circumstances on Aug. 27, it didn't file its Form 10-K for year ended fiscal 2004 with the Securities and Exchange Commission.

Corcept Therapeutics (CORT) reached a Special Protocol Assessment agreement with the FDA for the design of two Phase III trials evaluating Corlux for psychotic features of psychotic major depression. Corlux has been granted fast-track designation.

Micronetics (NOIZ) received a production order exceeding $3 million to manufacture integrated microwave subsystems for use in Airborne DBS In-Flight Entertainment.

Novartis (NVS) The FDA requested "additional" information supporting the dosing regimen for the company's Certican in combination with Noral Modified for the prevention of rejection episodes following heart or kidney transplantation. This is the second such request from the FDA.

Eli Lilly (LLY) announced that an agent that's being developed to treat patients who have suffered heart attack or heart-related chest pain, CS-747, was comparable to the current market leader, clopidogrel (Plavix), according to results of a Phase II study.

Northrop Grumman (NOC) received a contract modification from the U.S. Navy valued at about $197 million for maintenance work on nuclear-powered aircraft carrier USS Enterprise.


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