Markets & Finance

Swift Transportation Lowers Outlook


Swift Transportation (SWFT) sees lower-than-expected third-quarter earnings per share of 26 cents to 31 cents. Bear Stearns downgraded to underperform from peer perform.

Nortel Networks (NT) expects third-quarter revenue to be lower than previously announced preliminary second-quarter revenue. It expects 2004 revenue percentage growth to be in the mid-single digits.

Best Buy (BBY) raised its quarterly dividend by 10% to 11 cents.

Electronic Data Systems (EDS) reportedly says the US Airways bankruptcy could reduce its third-quarter earnings per share by up to 3 cents due to a long-term information contract between the companies.

Deloitte & Touche LLP reissued an Independent Auditors' Report to state that Delta Air Lines ' (DAL) recurring losses, labor and liquidity issues, and increased risk of a Chapter 11 filing raise doubts about Delta's ability to continue as a going concern.

Prudential believes there's a high likelihood that Multimedia Games (MGAM) will miss fourth-quarter earnings per share largely due to apparent construction delays across 3 of its development facilities. It cut its earnings estimate.

Panera Bread (PNRA) says August system-wide comparable bakery-cafe sales rose 2.4%. It says sales were negatively impacted by hurricanes Charley and Frances; Hurricane Frances will also negatively impact September results.

Charles Schwab (SCH) reported client daily average revenue trades were 118,600 in August, 2004, down 6% from a year ago, and down 11% from July, 2004.

Prudential downgraded transportation company Navistar (NAV) to underweight from neutral.

CS First Boston downgraded Qualcomm (QCOM) to neutral from outperform.

Eastman Kodak (EK) says in response to shifting consumer preference for more digital products and services, it will close a plant in Coburg, Australia, that primarily manufactures color photographic paper.

Williams (WMB) decided to continue operating its wholesale power business, and will cease efforts to exit that business. The energy-services company says as a result of a restructure, it has significantly improved its financial condition.


Steve Ballmer, Power Forward
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