Markets & Finance

Colgate-Palmolive Warns


Colgate-Palmolive (CL) sees 57 cents to 59 cents third-quarter and fourth-quarter earnings per share, vs. current estimates for 64 cents to 69 cents third-quarter earnings per share, and 66 to 71 cents fourth-quarter earnings per share. The consumer-products company says increased marketing spending will result in second-half earnings per share below expectations. S&P reiterates hold.

Pfizer (PFE) is in a global deal with Medarex (MEDX) for the discovery and development of up to 50 antibody products over 10 years. Separately, Morgan Stanley downgraded to equal-weight from overweight.

Rogers Wireless (RCN) made an all-cash bid for Microcell Telecommunications totaling about $1.48 billion Canadian dollars.

OSI Pharmaceuticals (OSIP), Genentech (DNA), and Roche said that its clinical study of investigational drug Tarceva, in combination with gemcitabine chemotherapy, met the primary goal of improving survival in cancer patients.

Tenet Healthcare (THC) estimated the negative impact from recent hurricanes in the Southeastern United States on third-quarter earnings per share is currently anticipated to be not more than 2 cents.

Novellus Systems (NVLS) set a $1.1 billion stock buyback.

Troubled telecommunications company MCI Inc. has quietly begun shopping itself to potential buyers, said executives involved in the sales process, according to the New York Times.

UTStarcom (UTSI) says service elements associated with a Japan Telecom contract are impacting the timing of revenue recognition. The company sees 80 cents to 85 cents 2004 earnings per share on $2.8 billion revenue, and $2.00 to $2.20 2005 earnings per share on $4.0 billion to $4.3 billion 2005 revenue.

Merrill reportedly downgraded Citigroup (C) to neutral from buy.

Hewlett-Packard (HPQ) says it repurchased about $1.3 billion stock in an accelerated share repurchase agreement. Along with additional repurchases during the third quarter, HP expects repurchases for the fourth quarter to total about $2.1 billion. It set an additional $3 billion stock buyback.


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