Markets & Finance

Pfizer Gains on Election Results


Pfizer (PFE) and other drug companies were seen higher Wednesday on the Bush victory.

Time Warner (TWX) posted 11 cents, vs. 12 cents third-quarter earnings per share, despite a 4.9% revenue rise. The company set aside $500 million in legal reserves related to pending government investigations. It is to restate accounting for interests in AOL Europe. S&P keeps its accumulate rating.

Research In Motion (RIMM) shares lose ground as UBS Warburg downgrades to neutral from hold.

Cigna (CI) posted $2.34, vs. $1.39 third-quarter earnings per share, despite a 6.2% revenue drop. The company cites higher Health Care earnings, and accelerated gain recognition on sale. It raises 2004 earnings per share from continuing operations estimates to $6.65 to $6.85 and sees $5.50 to $6.00 2005 continuing operations earnings per share.

PacifiCare Health Systems (PHS) posted 94 cents, vs. 86 cents third-quarter earnings per share on a 13% revenue rise. The company raised $3.07 to $3.17 2004 earnings-per-share guidance to $3.15 to $3.20. Lehman views results as a strong positive.

Cogent (COGT) rises after Needham initiates coverage with a buy rating. Yesterday, the company posted 28 cents, vs. 10 cents third-quarter earnings per share (GAAP) on a sharp revenue rise.

Prudential (PRU) posted $1.08, vs. 44 cents third-quarter earnings per share from financial services operations on a 15% total revenue rise. The company sees $3.30 to $3.40 2004 earnings per share.

Wyeth (WYE) reported Phase III data on its investigational antibiotic, tigecycline, as monotherapy, in patients with complicated intra-abdominal infections, with a microbiologic eradication rate of 91.3%.

Countrywide Financial (CFC) saw $3.25 to $4.25 2005 earnings per share. The company says its forecast is based on the average 1-yr U.S/ Treasury yield between 4% to 5%, total mortgage-market originations of $1.8 trillion to $2.7 trillion, and the Mortgage Banking segment pre-tax earnings per share of $1.6 billion to $2.3 billion.

Pepsi Bottling (PBG) reaffirmed $1.71 to $1.74 2005 earnings per share, excluding gain from settlement of certain international tax audits. The company reiterates 2% to 3% worldwide physical case volume growth.

Priceline.com (PCLN) posted 23 cents, vs. 21 cents third-quarter earnings per share (GAAP), as wider gross margin offset a 3% revenue decline. It sees fourth-quarter revenue growth of 5% to 10%, and 5 cents to 9 cents earnings per share.

Tommy Hilfiger (TOM) posted lower-than-expected $69.3 million, vs. $81.0 million second-quarter pretax income on a 2.2% revenue drop. The apparel company forms a special committee to review issues arising out of the governmental investigation. It delays second-quarter 10-Q and withdraws fiscal 2005 guidance.

Wendy's International (WEN) posted 5.8% lower October U.S. same-store sales. It reiterates $2.19 to $2.25 2004 earnings-per-share guidance.


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