Markets & Finance

Nextel Resolves Legal Disputes


Nextel (NXTL) shares rose after the company resolved all legal disputes with Verizon Wireless. The two companies dismissed pending lawsuits against each other, releasing each other from all other existing claims. S&P reiterates its buy rating.

Nucor (NUE) shares gained after Goldman upgrades the stock to outperform from in-line.

National Semiconductor (NSM) shares moved lower Tuesday after the company cut second-quarter revenue guidance to $445 million to $450 million, down about 18% to 19% sequentially. The company says turns orders have not improved so far in the second quarter.

Immucor (BLUD) says its Italian unit is the subject of a criminal investigation in Italy which is centered on activities of physician, hospital administrator, and improper cash payments. Baird downgrades to neutral from outperform.

Expeditors International (EXPD) posted 39 cents, vs. 30 cents third-quarter earnings per share on a 26% revenue rise. The company says that due to rising fuel costs and asset-based carriers raising surcharges so rapidly, it's a real chore to smoothly communicate to customers. S&P rates hold.

Ryanair (RYAAY) posted first-half fiscal 2005 net profits of 251 million pounds ($461 million), vs. 214 million pounds ($393 million) on 9.6% higher revenues, driven by an increase in passenger numbers. Ryanair reportedly says it's well-positioned for growth in the second half of fiscal 2005.

Alpharma (ALO) posted a 9-cent third-quarter loss (including charges), vs. 1 cent earnings per share on a 6% revenue decline. The company cuts fourth-quarter guidance due to continuing price pressure, and volume declines in the U.S. generics business. S&P downgrades to sell.

May Department Stores (MAY) posted 2.3% lower October same-store sales and 23% higher total sales. The company says dresses, coats and intimate apparel were among weaker performers. Also, home furnishings remained difficult. The shares were slightly higher.

Tenet Healthcare (THC) posted an 11 cents third-quarter loss, vs. a 44-cent loss from continuing operations despite 3.2% lower net operating revenue. The company expects the continuing impact of hurricanes over the next several months.

CompuDyne (CDCY) posted 23 cents third-quarter loss, vs. 12 cents earnings per share on a 37% revenue decline.

Noble Energy (NBL) posted $01.38, vs. $0.56 third-quarter earnings per share on a 34% revenue rise.

Walgreen (WAG) posted 8.1% higher October same-store sales and 12% higher total sales.

Clorox (CLX) posted 57 cents, vs. 60 cents first-quarter earnings per share as restructuring and asset-impairment charges offset a 4% revenue rise. The company sees 48 cents to 52 cents second-quarter operating earnings per share, and $2.58 to $2.66 fiscal 2006 earnings per share.

SRA International (SRX) posted 45 cents, vs. 29 cents first-quarter earnings per share on a 54% revenue rise. The company raised fiscal 2005 guidance to $1.82 to $1.92 earnings per share on revenue of $800 million to $830 million.

Genentech (DNA), Biogen Idec, and Roche said the Phase IIb clinical study of Rituxan met a primary endpoint of greater proportion of Rituxan-treated patients achieving response compared to a placebo, in patients also treated with methotrexate.

Maxim Integrated (MXIM) posted 42 cents, vs. 25 cents first-quarter earnings per share on a 40% revenue rise. First-quarter bookings were about $377 million, vs. fourth-quarter's $535 million. The company raises its quarterly dividend 25%. First-quarter revenue was below some views. S&P reiterates its buy rating.

Dana (DCN) amended a deal with The Cypress Group to sell Dana's automotive aftermarket businesses to its Affinia Group unit. They revised its purchase price to about $1 billion.

Forest Labs (FRX) sees lower-than-expected fiscal 2005 earnings per share of about $2.50. The company notes an increase in marketing expenses related to launch of Campral for alcohol dependence, and the potential launch of Combunox for the management of acute and moderate to severe pain.


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