Markets & Finance

Qwest Revises Bid for MCI


Qwest (Q) modified its offer to acquire MCI (MCIP). The revised proposal still represents $24.60 per MCI share, but offers an earlier dividend payout and protects the stock portion with a collar. MCI posted a 10-cent fourth-quarter loss. S&P keeps hold.

Prudential reportedly upgraded Exxon Mobil (XOM) to overweight from neutral and raises its target price to $70.

Westwood One (WON) posted 31 cents, vs. 31 cents fourth-quarter earnings per share on a 3.8% revenue rise. The radio company sees revenue growth of low- to mid-single digits for 2005. S&P cuts estimates.

Kohl's (KSS) posted 94 cents, vs. 71 cents fourth-quarter earnings per share on 1.3% higher same-store sales and 15% higher total sales. The company will begin accounting for stock-based compensation in the first quarter. It says this accounting change will reduce fiscal 2006 earnings per share by 8 cents to 9 cents.

H&R Block (HRB) posted a better-than-expected 55 cents, vs. 59 cents third-quarter earnings per share as higher costs offset a 7.2% revenue rise.

Gap (GPS) posted a preliminary 40 cents, vs. 37 cents fourth-quarter earnings per share despite a 3% same-store sales decline and flat total sales. The company sees $1.41 to $1.45 fiscal 2006 earnings per share. It sets an additional $1.5 billion stock buyback and plans to double its annual dividend.

Raytheon (RTN) says Lockheed Martin's (LMT) Aegis Ballistic Missile Defense (BMD) Weapon System and Raytheon's Standard Missile-3 (SM-3) destroyed ballistic missile outside earth's atmosphere during Aegis BMD Program flight test over the Pacific Ocean.

Ingram Micro (IM) posted 48 cents, vs. 30 cents fourth-quarter earnings per share (GAAP) on a 10% worldwide sales rise. The company sees first-quarter sales of $7 billion to $7.2 billion and 28 cents to 30 cents earnings per share, excluding any reorganizational costs, special items or integration expenses S&P reiterates buy.

McAfee (MFE) posted 26 cents, vs. 43 cents fourth-quarter earnings per share on a 10% revenue decline. The company expects first-quarter revenue of $210 million to $220 million and non-GAAP earnings per share of 19 cents. It raises 2005 revenue guidance to $920 million to $960 million and non-GAAP earnings per share to $1.10 to $1.15.

Public utility company PG&E (PCG) reaffirms guidance for $2.15 to $2.25 2005 operating earnings per share. The company sets $2.30 to $2.40 2006 operating earnings per share guidance. It sees operating earnings per share growing on average of 4% to 6% annually through 2009.

Security technology provider ManTech International (MANT) posted 33 cents, vs. 31 cents fourth-quarter earnings per share on a 18% revenue rise. The company sees 38 cents to 40 cents first-quarter earnings per share on $214 million to $218 million in revenue and $1.40 to $1.50 2005 earnings per share on $930 million to $950 million in revenue. Wachovia upgrades to market perform from underperform.

Mylan Labs (MYL) is seeking advance notice by-law requiring Carl Icahn to furnish the company with certain information about his nominees by Feb. 28. A judge rejects Icahn's application for a temporary restraining order which sought to block enforcement of advance notice.

Inamed (IMDC) posted 52 cents, vs. 44 cents fourth-quarter earnings per share (GAAP) on a 14% sales rise.

CV Therapeutics (CVTX) posted a $1.62 fourth-quarter loss, vs. a $1.21 loss as higher operating costs offset 36% rise in recognized collaborative research revenue.

Universal Health (UHS) posted 61 cents, vs. 75 cents fourth-quarter earnings per share despite a 12% revenue rise.

Metro-Goldwyn-Mayer (MGM) posted 16 cents, vs. 25 cents fourth-quarter earnings per share (including items) on a 16.5% revenue decline. S&P reiterates hold.

Kenneth Cole (KCP) posted 45 cents, vs. 49 cents fourth-quarter earnings per share despite a 5.3% revenue rise. The company sees 36 cents to 38 cents first-quarter earnings per share on revenue of $128 million to $132 million and $1.94 to $2.00 2005 earnings per share.

VCA Antech (WOOF) posted 16 cents, vs. 11 cents fourth-quarter earnings per share on a 33% revenue rise.

Wireless-gaming company Jamdat Mobile (JMDT) posted 3 cents fourth-quarter earnings per share, vs. a 63-cent loss (GAAP) on a sharp revenue rise. It sees $14.1 million in first-quarter revenue and 8 cents GAAP earnings per share. The company also sees $60 million to $62 million 2005 revenue and 42 cents to 44 cents GAAP earnings per share.


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