) shares moved higher Thursday after the company posted third quarter earnings per share of 37 cents, vs. 8 cents one year earlier, on a 75% revenue rise. The maker of iPods sees fourth quarter EPS of 32 cents on revenue of about $3.5 billion. S&P raised its estimate on Apple and keeps its hold recommendation.
Advanced Micro Devices (AMD
) posted second quarter EPS of 3 cents, vs. 9 cents, on flat revenue and higher costs. The company expects microprocessor sales growth to exceed normal seasonal patterns. S&P raised its estimate and keeps its hold opinion.
Lehman Bros. reportedly raised its target price for Google (GOOG
) to $350 from $275.
XM Satellite Radio (XMSR
) agreed to acquire privately-held WCS Wireless for 5.5 million XM shares. The principal assets of WCS are wireless spectrum licenses in geographic areas covering 163 million people throughout the U.S. S&P keeps its hold opinion on XM.
Pharmaceutical Product Development (PPDI
) posted second quarter EPS of 41 cents, vs. 41 cents, as higher R&D costs offset a 22% revenue rise. The contract research outfit sees better-than-expected third quarter EPS of 67 cents to 69 cents, and 2005 EPS of $2.26 to $2.30 on revenue of $940 million to $950 million. Baird upgraded its rating on the shares to outperform from neutral.
Avid Technology (AVID
) shares dropped after the company said it sees second quarter EPS (GAAP basis) of 34 cents to 36 cents on revenue of about $160 million. The digital media software concern cites less broadcast revenue being recognized and unfavorable foreign currency translation impacts.
Lehman Bros. upgraded its rating on General Motors (GM
) to equal-weight from underweight.
Homebuilder M.D.C. Holdings (MDC
) posted second quarter EPS of $2.25, vs. $1.87, on a 20% revenue rise.
UnitedHealth Group (UNH
) posted second quarter EPS of 61 cents, vs. 47 cents, on a 28% revenue rise. Based on strong financial performance in the first half, the managed-care company forecasts 2005 EPS of $2.45 to $2.47.
The board of directors of United Rentals (URI
) says John Milne, its president and CFO, failed to perform his duties, which would constitute cause of termination if not cured in accordance with his employment agreement. The equipment-rental concern reaffirmed its $1.60 to $1.70 2005 EPS guidance.
Marriott International (MAR
) posted lower-than-expected second quarter operating EPS of 75 cents, vs. 67 cents, on an 11% revenue rise. The lodging outfit sees EPS of 61 cents to 65 cents for the third quarter and $2.68 to $2.78 for all of 2005.
Yum Brands (YUM
) posted second quarter EPS of 62 cents, vs. 58 cents, on 3% higher system-wide same-store sales and 4% higher total revenue. The restaurant chain sees EPS of 70 cents for the third quarter and $2.62 for all 2005.
) posted second quarter EPS of $1.00, vs. $1.08, as higher operating costs offset slightly higher total operating revenue.
Tribune Co. (TRB
) posted second quarter EPS (including items) of 73 cents, vs. 29 cents, as lower costs offset a 2.3% revenue decline.
MGIC Investment (MTG
) posted second quarter EPS of $1.87, vs. $1.56, as lower total losses and expenses offset a 2% revenue decline.
Southwest Airlines (LUV
) posted second quarter EPS of 20 cents, vs. 14 cents, on 13% higher total operating revenue. The carrier says that based on current cost trends, it expects third quarter unit costs, excluding fuel, to be in line with second quarter unit costs.
) raised its quarterly dividend by 24% to 6.5 cents per share.