Markets & Finance

Bears Stearns Gets A Boost


Bear Stearns (BSC) posted $2.56, vs. $2.49 second-quarter earnings per share on 9% higher net revenue. The company says its fixed income business remains a dominant player in the marketplace while its equity franchise continues to capture market share.

Chiron Corp. (CHIR) shares were lower Wednesday after the company lowered its 2005 earnings per share from continuing operations guidance to $1.20 to $1.45 due to delays in the start-up of procedures for ramping up production of the Fluvirin vaccine.

JPMorgan Chase (JPM) agrees to settle its Enron class action litigation brought by Enron security holders. The company will pay $2.2 billion. It expects to take a $1.25 billion after-tax charge in the second quarter.

Late Tuesday, Viacom (VIA.B) announced a plan to split the company into two public companies via spinoff. One company will combine CBS and UPN networks, and the other units. The other company will include MTV Networks, BET, and others. S&P keeps hold.

Illinois Tool Works (ITW) lowers its second-quarter earnings per share range estimate to $1.22 to $1.26 and 2005 earnings per share to $4.90 to $5.00. Its revised forecast assumes a base revenue growth of 3.7% for the second quarter and 4% for 2005. S&P maintains hold.

International Flavors & Fragrance (IFF) expects second-quarter earnings per share to be reduced by about 6 cents to 7 cents, sales by about $10 million, hurt by a compromised raw material received from the supplier. S&P maintains hold.

Tommy Hilfiger (TOM) expects fiscal 2006 consolidated revenue to decrease in the mid-single digit percentage range, caused by expected order reductions among U.S. department store and the recent decline in the value of the euro. The company delays filing fourth quarter and fiscal 2005 financial statements.

Mikohn Gaming (PGIC), International Game Technology (IGT), and Shuffle Master (SHFL), announce a worldwide product integration deal to create an automated table management solution using complementary capabilities, technologies, and resources of all three companies. Jefferies upgrades Mikohn Gaming to buy from hold.

Wedbush Morgan upgrades InfoSpace Inc. (INSP) to buy from hold.

Vehicle electronics manufacturer Delphi Corp. (DPH) completes its $2.8 billion refinancing plan, comprised of $1.8 billion secured revolving credit facility and a $1 billion secured term loan. He says refinancing provides access to a sufficient liquidity to continue to address legacy costs.

Dean Foods (DF) gains in anticipation of the upcoming spin-off of its TreeHouse Foods unit, and now sees second-quarter adjusted earnings per share from continuing operations of 50 cents to 52 cents.

Barr Pharmaceuticals (BRL) confirms Janseen Pharmaceutical Products and Synaptech file suit against its unit relating to patents protecting Razadyne, formerly Reminyl.

Research in Motion (RIMM) to extend Avaya (AV) secure enterprise communications applications to BlackBerry platform over wireless local area networks.

Terremark Worldwide (TWW) files Form 12b-25 to allow additional 15 days for company to complete its Annual Report on Form 10-K. The company currently estimates it will report $7 million fourth-quarter EBITDA loss on $13 million revenue.

Intermix Media (MIX) posted a penny fourth-quarter loss, vs. a 16-cent loss on a 68% revenue rise. The company sees fiscal 2006 revenue of $118 million. The company agrees to pay $7.5 million to settle charges filed by New York attorney general Eliot Spitzer involving alleged illegal distribution of adware.

Renal Care Group (RCI) receives a request from the Federal Trade Commission for additional information in connection with a proposed acquisition of RCI by Fresenius Medical Care AG.


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