Markets & Finance

Hovnanian Enterprises Rises


The FDA approved Eli Lilly 's (LLY) antidepressant, Cymbalta, judging it safe and effective for the management of diabetic peripheral neuropathic pain, a symptom of nerve damage that affects up to five million Americans.

Seagate Technology (STX), the top U.S. maker of computer hard-disc drives, sees $1.48 billion to $1.52 billion in first-quarter revenue and 6 cents to 8 cents earnings per share, excluding any restructuring charges. But the forecast includes an $18 million benefit from the discontinuation of a post-retirement medical plan.

NetFlix (NFLX) and TiVo (TIVO) will announce a partnership later this month, according to Newsweek. First Albany views the potential relationship as positive, and would mark Netflix's entrance into the digital world sooner than anticipated. The brokerage firm rates the stock as buy.

In an 8-K filing, Verisign (VRSN) says its Jamba! business is performing significantly ahead of expectations and it sees third-quarter revenues ahead of guidance. S&P reiterates hold. CS First Boston reiterates outperform.

CS First Boston upgraded Altiris (ATRS) to outperform from neutral.

Yellow Roadway (YELL) raised the third-quarter earnings per share outlook to $1.30 to $1.35, vs. the previous $1.20 to $1.25 estimate, citing a more disciplined pricing environment and better-than-expected operating efficiencies from business units.

Lehman downgraded Intel (INTC) to equal-weight from overweight, and cut the semiconductor sector to negative from neutral. On Friday Intel cut the $8.6 billion to $9.2 billion third-quarter revenue forecast to $8.3 billion to $8.6 billion.

The U.S. Army plans to move within months to break up a multibillion-dollar logistics contract that Halliburton (HAL) has to feed, house, and look after U.S. troops in Iraq, and will put out the work for competitive bid, according to The Wall Street Journal.

CIBC World upgraded Cisco Systems (CSCO) to sector outperform from sector perform.

Luxury homebuilder Hovnanian Enterprises (HOV) posted $1.33, vs. $1.06 third-quarter earnings per share on a 25% revenue rise, raised the fiscal 2004 earnings per share forecast to exceed $5.30, and sees $6.30 fiscal 2005 earnings per share. S&P upgraded to hold from avoid.

International Game Technology (IGT) earnings are poised for growth due to new casino construction in the U.S. and abroad, says Barron's.

Fleetwood Enterprises (FLE) posted 12 cents, vs. 5 cents first-quarter earnings per share on a 13% revenue rise.

Raytheon (RTN) won a $440 million U.S. Navy contract to develop and produce a new Standard Missile-6 Extended Range Active Missile (SM-6). It says the SM-6 is being developed to meet Navy's requirement for an extended range anti-air warefare missile.

John S. Herold Inc. of Norwalk, Conn., a prominent shop of energy-stock analysts argues that Exxon Mobil (XOM) isn't worth as much as market seems to think, according to The Wall Street Journal.


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