Markets & Finance

DuPont Posts a Loss


DuPont (DD) posted 9 cents third quarter loss vs. 33 cents earnings per share as items totaling 42 cents per share offset a 2.3% sales rise. It sees 20 cents to 25 cents fourth quarter earnings per share and set a $5 billion stock buyback.

Independence Community Bank (ICBC) agreed to be acquired by Sovereign Bancorp (SOV) for $42 per share cash, or total of about $3.6 billion.

Cablevision Systems (CVC) said that Dolan Family Group withdraws its June 19, 2005 proposal to acquire an outstanding, publicly-held interest in Cablevision.

BellSouth (BLS) posted 46 cents vs. 49 cents third quarter earnings per share (normalized) on a slight revenue decline.

Texas Instruments (TXN) posted 38 cents vs. 32 cents third quarter earnings per share on a 10% revenue rise. The current quarter includes stock-based compensation expense. It expects fourth quarter revenue of $3.425 billion to $3.715 billion, and 36 cents to 40 cents earnings per share. S&P reiterated its hold on the stock.

Lexmark (LXK) posted 59 cents vs. $1.17 third quarter earnings per share on a 4% revenue drop. It expects many of the same factors that impacted the third quarter to impact the fourth quarter. It sees fourth quarter revenue down in the high-single to low-double digit range year over year, and 40 cents to 50 cents earnings per share.

Coach (COH) posted 26 cents vs. 17 cents first quarter earnings per share on a 30% sales rise.

Churchill Downs (CHDN) reported its Calder Race Course sustained damage, lost power, and cancelled simulcast wagering as a result of Hurricane Wilma.

Tupperware (TUP) posted 7 cents vs. 13 cents third quarter earnings per share (excluding items) on a 4% sales rise. S&P maintained its buy on the stock.

Imergent (IIG) said the Securities and Exchange Commission issued a formal order of investigation related to the company. As a result of its recent change in auditors announced on Oct. 7, Imergent will not provide any further information regarding preliminary unaudited results for fiscal year 2002 to fiscal year 2005.

Stanley Works (SWK) posted 90 cents vs. 72 cents third quarter earnings per share from continuing operations on a 12% sales rise.

Swift Transportation (SWFT) posted 17 cents vs. 32 cents third quarter earnings per share despite a 12% revenue rise.

Ameritrade Holding (AMTD) posted 23 cents vs. 14 cents fourth quarter earnings per share on 47% higher net revenue. It sees 83 cents to $1.02 fiscal year 2006 earnings per share (on a stand-along basis, which will be updated following the close of the TD Waterhouse acquisition).

Macromedia (MACR) posted 30 cents vs. 22 cents third quarter earnings per share (non-GAAP) on an 18% revenue rise. It sees fourth quarter revenue of between $130 million and $140 million, with gross margins in the 90% to 92% range, and operating profit margin between 20% to 23%, excluding certain merger-related costs.

Altiris (ATRS) posted better-than-expected 19 cents vs. 19 cents third quarter earnings per share (GAAP) on a 20% revenue rise. S&P maintained its hold on the stock.

Northrop Grumman (NOC) posted 81 cents vs. 76 cents third quarter earnings per share despite unchanged sales. It raised its 2005 earnings per share guidance to between $3.60 and $3.70, and also confirmed its $4.10 to $4.30 2006 guidance. It sets a $1.5 billion stock buyback.

HCA (HCA) posted 62 cents vs. 47 cents third quarter earnings per share on a 3.4% revenue rise. The current quarter includes 5 cents impact from hurricanes Katrina and Rita, as well as a 5 cents tax benefit. It sees $3.10 to $3.20 2005 earnings per share, and $3.25 to $3.45 in 2006, including items.

Waters (WAT) posted 43 cents vs. 42 cents third quarter earnings per share on a 3% sales rise. The results exclude a tax provision related to qualified dividend distribution under the American Jobs Creation Act of 2004. The company set a $500 million stock buyback.

Portalplayer (PLAY) posted 40 cents vs. 18 cents third quarter earnings per share on a sharp revenue rise. It sees 34 cents to 43 cents fourth quarter earnings per share on revenue of between $65 million and $75 million. It filed to offer 4.5 million shares. Jefferies downgraded the stock to underperform from hold.

Altera (ALTR) posted 21 cents vs. 22 cents third quarter earnings per share as narrowed gross margin offset a 10% sales rise. It expects fourth quarter sales flat vs. the third quarter, plus or minus 2%. It set a 20 million share buyback. S&P kept its hold on the stock. JP Morgan downgraded the stock to neutral.

Albemarle (ALB) posted 55 cents vs. 2 cents third quarter earnings per share on a 22% sales rise. It noted third quarter 2005 earnings per share include 10 cents of tax benefit associated with Section 965 of the IRS Code enacted as part of American Jobs Creation Act of 2004.

Americredit (ACF) posted 35 cents vs. 41 cents first quarter earnings per share as hurricane-related items offset a 24% revenue rise. It sees fiscal year 2006 earnings per share of $1.67 to $1.85. S&P reiterated its buy on the stock.

Neurocrine Biosciences (NBIX) posted 68 cents third quarter earnings per share vs. a 5 cents loss on an 87% revenue rise. It sees 2005 net loss of about $25 million vs. a previous estimate of between $30 million and $35 million loss. S&P raised its estimates and kept a buy on the stock.

Clear Channel (CCU) posted 38 cents vs. 44 cents third quarter earnings per share on a slight revenue decline.

Idenix Pharmaceuticals (IDIX) planned a 7.5 million share public offering. ThinkEquity Partners downgraded the stock to sell from hold.

Domino's Pizza (DPZ) posted 30 cents vs. 2 cents third quarter earnings per share on 1.1% higher domestic same-store sales, 4.5% higher international same-store sales, and 3.9% higher total sales.

Burlington North (BNI) posted $1.09 vs. 1 cent (including 76 cents tax charge) third quarter earnings per share on an 18% freight revenue rise. S&P maintained a strong buy on the stock.

Flagstar Bancorp (FBC) posted 15 cents vs. 62 cents third quarter earnings per share despite an 8.7% rise in net interest income. Friedman Billings reportedly downgraded the stock to underperform from market perform.

Encore Wire (WIRE) posted 48 cents vs. 27 cents third quarter earnings per share on a 31% sales rise.

CNET Networks (CNET) posted 5 cents vs. 1 cent third quarter earnings per share (non-GAAP) on a 22% revenue rise. It sees 13 cents to 16 cents fourth quarter earnings per share on revenue of between $102 million and $109.5 million. S&P reiterated its sell on the stock.

Pentair (PNR) posted 46 cents (including 2 cents gain) vs. 32 cents third quarter earnings per share from continuing operations despite an 18% sales rise. It expects 40 cents to 42 cents fourth quarter earnings per share, and sees $2.20 to $2.30 2006 earnings per share. S&P says quarterly earnings per share are a penney below estimates and it reiterates a buy on the stock.

I2 Technologies (ITWO) posted 33 cents vs. 75 cents third quarter earnings per share on a 38% revenue decline.

Primedia (PRM) Now expects its 2005 "segment" earnings before interest taxes depreciation and amortization, or EBITDA, to drop in the high single to low double-digit percentage range vs. 2004 due to a sales shortfall. It plans to explore the possible split of its businesses. S&P maintains its hold on the stock.

SI International (SINT) posted 39 cents vs. 33 cents third quarter earnings per share on a 40% revenue rise. Legg Mason noted revenue growth that was lighter than expected and cut its revenue estimates.

Rightnow Technology (RNOW) posted 7 cents vs. 5 cents third quarter earnings per share on a 41% revenue rise. It sees 2 cents to 4 cents fourth quarter earnings per share on revenue of $23 million to $24 million. Pacific Growth raised its estimates and maintained a buy on the stock.

JDA Software Group (JDAS) posted 13 cents vs. 6 cents third quarter earnings per share (GAAP) on a 10% revenue rise. Southwest Securities upgraded the stock to strong buy.

Dentsply (XRAY) posted 63 cents vs. 55 cents third quarter earnings per share from continuing operations on a 6.7% sales rise. Excluding the impact of an impairment charge, it raises its 2005 earnings per share guidance to between $2.61 and $2.65. S&P raised its estimates and reiterated a strong buy on the stock.

Sherwin-Williams (SHW) posted lower-than-expected $1.07 vs. 92 cents third quarter earnings per share on an 18% sales rise. S&P reiterated its buy on the stock.

Unisys (UIS) and NEC (NIPNY) are to negotiate a partnership to collaborate in technology R&D, manufacturing, and solutions delivery. Separately, Morgan Stanley upgraded the stock to overweight from equal-weight on valuation.

Thomas & Betts (TNB) posted 57 cents vs. 56 cents (including a gain) in third quarter earnings per share on a 12% sales rise. It sees $1.95 to $2.00 2005 earnings per share. S&P reiterated its buy on the stock. Friedman Billings kept an outperform rating.


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