Markets & Finance

GE Shares Dip Despite Strong Outlook


General Electric (GE) posted 51 cents, vs. 45 cents fourth-quarter earnings per share on an 18% revenue rise. The company is "very confident" about achieving 10% to 15% earnings per share growth in 2005 and sustaining this growth into 2006. The shares finished lower on Friday.

Cablevision (CVC) agrees to sell its Rainbow DBS satellite assets to EchoStar (DISH) for $200M. Deutsche Bank upgrades to buy from hold. S&P reiterates hold.

Fortune Brands (FO) posted $1.29, vs. $1.07 fourth-quarter earnings per share before items on a 15% sales rise (benefited 4% from the net impact of acquisitions, excise taxes, and favorable foreign exchange). The company expects double-digit earnings per share growth (before items) in 2005.

KLA-Tencor (KLAC) posted 61 cents, vs. 22 cents second-quarter earnings per share on a 57% revenue rise.

Archipelago emerges as frontrunner to buy Instinet Group (INGP), according to people close to situation. The deal could be valued at between $2 billion to $3 billion, according to the Financial Times.

Xilinx (XLNX) posted 18 cents, vs. 19 cents third-quarter earnings per share on a 2.8% revenue drop. The company sees fourth-quarter revenues up 1% to 5% sequentially, and 62% gross margin.

Harmonic (HLIT) posted 14 cents, vs. 2 cents fourth-quarter earnings per share (GAAP) on 52% higher sales. The company sees 2 cents to 6 cents first-quarter earnings per share (GAAP) on $70 million to $75 million in sales.

CheckFree (CKFR) posted 14 cents second-quarter earnings per share, vs. a 2-cent loss (GAAP) on 24% higher revenues. The company sees 12 cents to 14 cents third-quarter earnings per share (GAAP) on $187 million to $192 million in revenues. It raises its 34 cents fiscal 2005 earnings per share (GAAP) to 36 cents.

Jones Apparel Group (JNY) cuts 40 cents to 45 cents fourth-quarter earnings per share guidance to 28 cents to 30 cents, and $3.00 to $3.10 2005 earnings per share guidance to $2.75 to $2.90.

Scientific-Atlanta (SFA) posted 38 cents, vs. 33 cents second-quarter earnings per share on a 6% revenue rise.

Gemstar-TV Guide (GMST) confirms it in settlement talks with Scientific-Atlantic to resolve outstanding litigation between the two companies. Gemstar-TV Guide says it does not anticipate any settlement payment it may receive would have material impact its operating results.

Synaptics (SYNA) posted 33 cents, vs. 13 cents second-quarter second-quarter earnings per share on a 65% revenue rise. The company sees third-quarter revenue flat compared to second-quarter, and fourth-quarter revenue up sequentially.

Adaptec (ADPT) sees a 3-cent third-quarter loss on $126.5 million in revenue, vs. prior guidance of 4 cents to 5 cents earnings per share, and $133 million to $137 million in revenue. S&P reiterates its hold rating.

Callaway Golf (ELY) posted a 42-cent fourth-quarter loss, vs. a 50-cent loss (GAAP) on flat sales.

First Albany and Wachovia upgrade Bebe Stores (BEBE). Yesterday, the company posted 39 cents, vs. 23 cents second-quarter earnings per share on 27% higher same-store sales, and 36% higher total sales. The company also forecast 11 cents to 14 cents third-quarter earnings per share on comparable sales growth in the mid-teens.


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