Markets & Finance

Apple Declares Stock Split


Apple (AAPL) declares a 2-for-1 stock split, increasing its common shares to 1.8 billion from 900 million.

Dell (DELL) posted 37 cents, vs. 29 cents fourth-quarter earnings per share (pro forma) on a 17% revenue rise. The company sees first-quarter revenue of $13.4 billion. S&P reiterates strong buy.

CS First Boston upgrades Novellus Systems (NVLS) to outperform from neutral.

Citigroup (C) is to merge its two intermediate bank holding companies, Citigroup Holdings Co. and Citicorp, into Citigroup Inc. It is also to also consolidate its capital markets funding activities in two legal entities.

eBay (EBAY) reaffirms its previous guidance of $4.25 billion to $4.35 billion in 2005 revenue, $1.37 to $1.41 GAAP earnings per share, and $1.48 to $1.52 pro forma earnings per share.

Pixar (PIXR) posted better-than-expected 91 cents, vs. $1.44 fourth-quarter earnings per share on a 34% revenue decline.

CS First Boston upgrades Novellus Systems (NVLS) to outperform from neutral.

Taser International (TASR) is seen lower on reports Chicago Police delays plan to distribute 100 more Taser stun guns after a 54-year-old man died and a teenager was critically injured this week after officers used Tasers to subdue them.

Citigroup reportedly downgrades Hovnanian Enterprises (HOV) and other homebuilders to hold from buy.

Cadbury Schweppes (CSG) shares are higher on talk that the company may be a subject of a bid. Companies thought to be interested include Kraft (KFT) and Switzerland's Nestle. Nestle and Kraft refuse to comment on speculation, according to MarketScope Europe.

Veeco Instruments (VECO) postponed the release of fourth-quarter and 2004 results pending the completion of an internal investigation of improper accounting transactions at its TurboDisc unit. The company sees $93 million to $100 million in fourth-quarter revenues.

Analog Devices (ADI) posted 28 cents, vs. 30 cents first-quarter earnings per share on a 4% revenue decline. The company expects second-quarter revenue to increase sequentially by 2% to 6%, but gross margin to decline slightly. It sees 29 cents to 31 cents second-quarter earnings per share.

MKS Instruments (MKSI) posted 44 cents, vs. 4 cents fourth-quarter earnings per share (GAAP) on a 29% sales rise. The company sees 2 cents to 8 cents first-quarter earnings per share (GAAP) on sales of $115 million to $125 million.

Sharper Image (SHRP) sees a 28-cent to 32-cent first-quarter loss on same-store sales decline in the low teens and a total company sales decline in the high single digits. The company sees 60 cents to 95 cents fiscal 2006 earnings per share on a same-store sales decline in the mid-to high-single digits.

Visx (EYE) posted 11 cents, vs. 17 cents fourth-quarter earnings per share as merger-related expenses and absence of year-ago insurance reimbursement offset a 6% revenue rise. It says aside from the impact of merger expenses, earnings per share is at the low-end of expectations.

Novatel Wireless (NVTL) posted 17 cents fourth-quarter earnings per share, vs. a 23-cent loss on a sharp revenue rise.

Genencor (GCOR) posted a 9-cent fourth-quarter loss, vs. 4 cents earnings per share as lower fees and royalty revenues, higher cost of products sold, and increased general and administrative costs offset a 7.5% total revenue rise. The fourth-quarter was also impacted by the reorgnization of its Health Care business and in-licensing of 2 compounds.

L-3 Communications (LLL) raised its quarterly dividend by 25%.

Morgan Stanley upgrades Cognizant Tech Solutions (CTSH) to overweight from underweight. Yesterday the company posted 21 cents, vs. 13 cents fourth-quarter earnings per share.

Coinstar (CSTR) posted 20 cents, vs. 21 cents fourth-quarter earnings per share (GAAP) as higher costs and interest expense offset a sharp revenue rise. It sees 14 cents to 21 cents first-quarter earnings per share (GAAP) on revenue of $99 million to $106 million. S&P upgrades to hold.


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