Markets & Finance

Cisco Slips


Cisco Systems (CSCO) posted 21 cents, vs. 15 cents first-quarter earnings per share (GAAP) on a 17% revenue rise. The company reportedly sees 1% to 3% second-quarter sales rise sequentially. The stock was lower Wednesday.

Pfizer (PFE) says that the incidence of heart attacks and strokes among patients given the company's painkiller Bextra was more than double that of those given placebo, according to preliminary results of a study, according to the New York Times.

General Motors (GM) is to delay filing of its third-quarter Form 10-Q with the SEC. The document relates to how GM, and its financial services subsidiary, GMAC, account for sale of certain mortgage assets.

VISX (EYE) agreed to be acquired by Advanced Medical Optics. The terms of the acquisition: 0.552 shares of Advanced Medical and $3.50 in cash for each VISX share held. The deal values VISX shares at $26.52 per share.

Goodyear (GT) posted 21 cents third-quarter earnings per share, vs. a 68-cent loss on a 21% sales rise. The company says management remains focused on addressing the company's high debt levels and unfunded pension obligations.

Computer Sciences (CSC) posted 68 cents, vs. 57 cents second-quarter earnings per share on a 9.6% revenue rise.

SunTrust Banks (STI) is to delay reporting third-quarter results until Nov. 12. The company confirms that due to revisions to previously reported quarterly allowances for loan losses and reported pre-tax income for the first-quarter, second-quarter 2004 is expected to be increased.

Federated Department Stores (FD) posted 42 cents, vs. 36 cents third-quarter earnings per share on slightly higher same-store sales and slightly higher total sales. The company expects flat to up 2% November same-store sales, while December will benefit from two extra pre-Christmas shopping days.

Sports Authority (TSA) was upgraded by First Albany, to buy from neutral. The sports equipment retailer believes ongoing remerchandising and remodeling initiatives could begin driving improved results as early as the fourth-quarter.

InterMune (ITMN) received a subpoena from the Department of Justice requiring the company to provide the Department of Justice with certain information relating to Actimmune, including information on promotion and marketing.


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