Markets & Finance

Apple Shares Fall


Apple (AAPL) shares moved lower Wednesday after the company posted 50 cents vs. 13 cents fourth quarter earnings per share (GAAP) on a 57% revenue rise. It sees $4.7 billion first quarter sales, and GAAP earnings per share of about 46 cents. S&P says fourth quarter iPod and desktops are below its model, keeping a hold opinion on the stock. Credit Suisse First Boston sees a buy opportunity.

Federman & Sherwood says it has filed a securities class action lawsuit against Refco(RFX), alleging a series of material misrepresentations that artificially inflated the stock's price during the class period Aug. 11, 2005 thru Oct. 7, 2005.

Titanium Metals (TIE) raised its $123 million to $138 million 2005 operating income guidance to $155 million to $165 million on higher revenue of $740 million to $760 million. It cited higher selling prices and lower-than-expected raw material costs.

Portalplayer (PLAY) was seen lower in sympathy with Apple's disappointing iPod sales. The company's decoder chip is used in the iPod.

Audiovox (VOXX) posted 16 cents third quarter loss from continuing operations vs. breakeven on a 7.3% sales decline. It says the unexpected declines in satellite radio and the ongoing shift in the mobile video category negatively impacted its results.

Harley-Davidson (HDI) posted 96 cents vs. 77 cents third quarter earnings per share on a 10% revenue rise. It sees 5% to 9% long-term annual wholesale unit growth and annual earnings per share growth of 11% to 17%.

Advanced Micro Devices (AMD) posted 18 cents vs. 12 cents third quarter earnings per share on a 23% sales rise. It expects fourth quarter microprocessor sales to grow 7% to 13% sequentially. S&P reiterated its hold on the stock.

Titan (TWI) received an offer from One Equity Partners, a private equity affiliate of JPMorgan Chase (JPM), indicating One Equity's interest in acquiring Titan for $18.00 per share cash.

Pfizer (PFE) was seen higher on reports that a U.K. court decision stops the early launch of generic Lipitor.

Medtronic (MDT) upped its $2.10 to $2.15 fiscal year 2006 earnings per share guidance to $2.18 to $2.23, its $2.37 to $2.47 fiscal year 2007 guidance to $2.45 to $2.55, and its $2.70 to $2.90 fiscal year 2008 guidance to $2.78 to $2.98. S&P raised its estimates but kept a hold on the stock.

Apollo Group (APOL) posted 65 cents vs. 52 cents fourth quarter earnings per share from operations (pro forma) on a 20% revenue rise. It set an additional $300 million stock buyback.

Oneok (OKE) Inked a deal to sell certain natural gas gathering and processing assets in Texas to Eagle Rock Energy, a privately held company, for $528 million.

Monsanto (MON) posted 47 cents fourth quarter $0.47 Q4 loss vs. $0.16 loss despite 3.3% sales rise. The company raised fiscal 2006 growth projections and now sees $2.35-$2.50 EPS.

Applied Industrial Technologies (AIT) posted 54 cents vs. 43 cents first quarter earnings per share on a 7.3% sales rise. It sees second quarter earnings per share of 43 cents to 49 cents on sales of $440 million to $450 million. It raises fiscal year 2006 earnings per share guidance to $2.05 to $2.15 on sales of $1.85 billion to $1.89 billion.

Research In Motion (RIMM) said it plans to provide its BlackBerry Connect support for new NOKIA E-series devices, enabling E-series users with BlackBerry wireless services. It set a 9.5 million share buyback.

Martha Stewart (MSO) and KB Home (KBH) are in collaboration on the design of new homes. The first community will feature approximately 650 homes in Cary, NC. S&P reiterated a strong sell.

Conn's (CONN) posted 11% higher September same-store sales and 21% higher total sales. It noted that as of Oct. 10, 2005 the company has resumed normal operations at normal locations.

Endwave (ENWV) is unsure if it will continue with its proposed follow-on public offering as planned. It cited recent developments, including the disclosure of Wood River's 40% ownership of the company and a lawsuit filed by Lehman against Wood River.

Advo (AD) said it sees $1.25 to $1.29 fiscal year 2005 earnings per share (GAAP), $1.32 to $1.36 non-GAAP. It cited product mix shifts towards lower margin products, lighter weight preprint circulars, and increased bad debt expense.

Conmed (CNMD) cut its $153 million to $156 million third quarter sales growth guidance to $150 million. It sees 25 cents to 26 cents GAAP earnings per share. It noted domestic sales growth is slower than expected amid rising raw material costs. It sees $163 million to $166 million fourth quarter sales and non-GAAP earnings per sahre of 36 cents to 40 cents.

California Pizza Kitchen (CPKI) posted 7.1% higher third quarter same-store sales and 17% higher total sales. Based on better-than-expected comparables, it now sees 33 cents to 34 cents third quarter earnings per share, up from previous guidance of 32 cents to 33 cents.


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