Markets & Finance

DaimlerChrysler Announces Cuts to Smart Car Biz


DaimlerChrysler (DCX) falls after it announces plans to abandon two Smart car models and restructuring of that businesss, leading to job cuts and charges of up to 1.2 bilion euros ($1.65 billion).

Best Buy (BBY) posted $1.55, vs. $1.40 fourth-quarter earnings per share from continuing operations on 2.8% higher same-store sales. The electronics retailer aees 27 cents to 32 cents first-quarter earnings per share and $2.95 to $3.10 fiscal 2006 earnings per share. The forecast includes expected stock-based compensation expenses of 5 cents and 17 cents respectively.

Taser International (TASR) sees $10 million in first-quarter revenue. The company says adverse publicity caused what it believes to be temporary disruption in its sales pipeline.

Networking infrastructure company MasTec Inc. (MTZ) posted a 12-cent fourth-quarter loss, vs. a 64-cent loss from continuing operations on a 5% revenue rise.

Red Hat (RHAT) posted 6 cents, vs. 3 cents fourth-quarter earnings per share on a better-than-expected 56% revenue rise. The company sets a $250 million stock buyback.

Cognos (COGN) posted 58 cents, vs. 50 cents fourth-quarter earnings per share on a 27% revenue rise. The company sees 22 cents to 25 cents first-quarter earnings per share on $202 million to 210 million in revenue. S&P maintains strong buy.

A court granted judgement in Barr Pharmaceuticals's (BRL) favor and rejected a challenge to the lawfulness of its 1997 settlement with Bayer (BAY) of patent litigation related to antibiotic Cipro.

Restoration Hardware (RSTO) posted 28 cents, vs. 21 cents fourth-quarter earnings per share on 5.7% higher same-store sales. The housewares retail chain sees a 10-cent to 11-cent first-quarter loss.

Alpharma Inc. (ALO) posted 45 cents (excluding charges), vs. 22 cents fourth-quarter earnings per share on a 10% revenue rise, which is below guidance due to a higher effective tax rate. The company sees first-quarter earnings per share significantly exceeding first-quarter operating earnings per share of 2005 due to sales of gabapentin.

Identity security company Viisage Technology (VISG) delays the filing of its 2004 10-K. The company expects to receive notice from Nasdaq that it is not in compliance with filing requirements for continued listing on Nasdaq and its securities may be subject to delisting.

A.G. Edwards Inc. (AGE) posted 65 cents, vs. 67 cents fourth-quarter earnings per share on slightly lower revenue and 24% lower investment banking revenues.

Bay View Capital (BVC) says the filing of its 2004 10-K will be delayed. The company is to restate results for first quarter through third quarter of 2004 reported on 10-Qs and fourth-quarter consolidated financial statements previously furnished in a current report on Form 8-K.

Truck manufacturer Navistar International (NAV) says, while its operating company currently is experiencing parts shortages that are creating additional inventory, based on talks with suppliers, the company believes material constraints should not result in excessive in-process inventory by end of the second quarter.


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