Markets & Finance

Intel Lifts Second-Quarter Targets


After the close of trading Thursday, chipmaker Intel (INTC) raised its second-quarter sales estimates to $9.1 billion to $9.3 billion from $8.6 billion to $9.2 billion.

H&R Block (HRB) gains after posting $3.66, vs. $3.24 fourth-quarter earnings per share on a 7.3% revenue rise. The company sees $4.25 to $4.65 fiscal 2006 earnings per share and sets a 2-for-1 stock split. It raises its quarterly dividend 14%. S&P reiterates hold.

Research In Motion (RIMM) reports an impasse in the process of finalizing a definitive licensing and settlement pact with NTP Inc. and takes court action to enforce the term sheet agreed upon on Mar. 16. S&P keeps strong buy, Legg Mason downgrades.

The SEC accepts Take-Two Interactive's (TTWO) settlement offer related to the investigation of its accounting. S&P reiterates hold. Southwest Securities says the settlement removes overhang and reiterates strong buy.

Biogen Idec (BIIB), Genentech (DNA), and Roche say Phase IIb study of Rituxan(R) in rheumatoid arthritis shows patients treated with single dose, with stable dose of methotrexate, achieved improved response rates vs. placebo.

Citigroup reportedly initiates Google (GOOG) coverage with buy.

Computer Associates (CA) agrees to acquire Niku Corp. (NIKU) in a deal valued at about $350 million, or $21 cash per Niku share. Computer Associates expects the deal to be slightly dilutive to fiscal 2006 earnings per share and slightly accretive in fiscal 2007 earnings per share.

Maurice R. "Hank" Greenberg resigns from board of American International Group (AIG), according to the Wall Street Journal.

InfoUSA (IUSA) cuts 2005 guidance to 59 cents to 63 cents earnings per share on revenue of $370 million to $380 million. The compapny cites weakness in revenue of its Donnelley Marketing unit and Small Business Group. CS First Boston reportedly downgrades to underperform from neutral.

Countrywide Financial (CFC) reports mortgage loan fundings for the month of May totaled $39 billion, a 12% increase from last month, and 22% higher than a year-ago. Average daily mortgage loan application activity rose 8% sequentially and rose 43% from a year-ago.

Texas Instruments (TXN) says the Delaware Supreme Court affirmed a ruling of Delaware Court of Chancery, rejecting a claim by Qualcomm (QCOM) that Texas Instruments materially breached parties' cross-license agreement.

John Malone, chairman of Libery Media (L), resigned form board of directors of Cablevision Systems (CVC) and CSC Holdings Inc.

Xilinx Inc. (XLNX) expects first-quarter gross margin to be about 61%, unchanged from March-quarter, due to higher-than-anticipated ramp of 90nm product revenues. He keeps first-quarter sales growth guidance at flat to up 4% sequentially.

XM Satellite Radio (XMSR) says it has placed approximately 9.7 million shares in a public offering, resulting in gross proceeds of about $300 million.

Teva Pharmaceutical Industries (TEVA) annouces results from a still on-going independent study published in the European Journal of Neurology demonstrate COPAXONE is associated with lower relapse rates than interferon therapies in patients with RRMS.

ITT Industries (ITT) says due to continued growth in water/wastewater business, the company has increased confidence that second-quarter earnings per share will be at the high end of its previous $1.28 to $1.32 range.

Navistar International (NAV) posted 70 cents, vs. 68 cents second-quarter earnings per share on a 25% revenue rise. The company raises fiscal 2005 earnings per share guidance to $4.80 to $5.10 and sees $11.4 billion to $11.7 billion in revenue. It says steel price increases are stabilizing and supplier constraints are appear to be easing.

Viisage Technologies (VISGE) says the NASDAQ Listing Qualifications Panel granted the company's request for continued listing on NASDAQ National Market as long as the company files a Form 10-K for 2004 and first-quarter 2005 by June 30.

Tessera Technologies (TSRA) raises second-quarter revenue guidance to $21.3 million to $21.7 million, and 2005 guidance to $92 million to $94 million. The company cites larger-than-expected payments from existing customers for past production and better-than-expected royalty payments.

Boston Acoustics (BOSA) agrees to be acquired by D&M Holdings for $17.50 per share cash, or a total of about $76 million.

Brinker International (EAT) raises fourth-quarter earnings per share guidance to 70 cents to 71 cents, excluding accounting change, on 3% to 4% higher same-store sales. The company posted 8.5% higher May same-store sales.


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