Markets & Finance

GM Gets SEC Subpoenas


General Motors (GM) confirmed the receipt of subpoenas from the Securities and Exchange Commission related to various matters involving GM that it has under investigation, including pension-related issues. GMAC served the SEC and federal grand jury subpoenas.

Nextel Partners (NXTP) posted $1.41 third quarter earnings per share (including tax benefit) on 33% higher revenue. It sees 2005 net subscriber adds of about 415,000, service revenue of at least $1.7 billion, and adjusted earnings before interest taxes depreciation and amortization, or EBITDA, of at least $575 million. for 2006 it sees adjusted EBITDA of at least $760 million.

Coca-Cola (CCE) posted 47 cents vs. 44 cents third quarter earnings per share (excluding certain items) on 5% higher net operating revenue. It sees $1.27 to $1.30 fourth quarter earnings per share (excluding items) due to continuing financial impact from recent hurricanes.

Dow Chemical (DOW) posted 82 cents vs. 65 cents third quarter earnings per share on a 12% sales rise. It sees another year over year earnings per share improvement in the fourth quarter and says 2006 should exceed its 2005 performance.

Johnson & Johnson (JNJ)'s Alza Corp. unit got a non-approval letter from the Food and Drug Administration for its experimental drug to treat premature ejaculation. S&P is surprised by the FDA action and kept a buy on the stock.

Liz Claiborne (LIZ) posted $1.06 vs. $1.03 third quarter earnings per share on a 2.3% revenue rise. It sees 70 cents to 74 cents fourth quarter earnings per share on flat sales and $2.90 to $2.94 2005 earnings per share. It sees a low single-digit 2006 sales increase and $2.90 to $3.05 earnings per share.

Martha Stewart (MSO) posted 51 cents third quarter loss vs. 30 cents loss from continuing operations as higher operating costs offset a 5.7% revenue rise. It currently expects fourth quarter revenue to be about $80 million and operating income to be about breakeven.

The Goodyear Tire & Rubber (GT) posted 70 cents vs. 20 cents third quarter earnings per share on a 6.6% sales rise.

Verizon Communications (VZ) posted 66 cents vs. 65 cents third quarter earnings per share (non-GAAP) on a 14% total revenue rise. It expects 2005 revenue to increase from 5.5% to 5.8%.

Hilton Hotels (HLT) posted 22 cents vs. 15 cents third quarter earnings per share on a 6.7% revenue rise. It sees 2005 earnings per share of about $1.05 and $4.4 billion revenue.

Black & Decker (BDK) posted $1.73 vs. $1.35 third quarter earnings per share from continuing operations on a 23% sales rise. It sees $1.85 to $1.90 fourth quarter earnings per share from continuing operations and $6.82 to $6.87 2005 earnings per share.

Waste Management (WMI) posted 38 cents vs. 52 cents third quarter earnings per share despite a 3.1% revenue rise. It raised its quarterly dividend by 10% to 22 cents.

Harris (HRS) posted 36 cents vs. 29 cents first quarter earnings per share (GAAP) on a 13% revenue rise. It raised its $1.80 to $1.90 fiscal year 2006 earnings per share (non-GAAP) guidance to $2.00 to $2.10.

Newell Rubbermaid (NWL) posted 41 cents vs. 36 cents third quarter earnings per share from continuing operations (excluding charges) despite a 1.4% sales drop. It sees 33 cents to 38 cents fourth quarter earnings per share from continuing operations, and continues to see $1.43 to $1.48 2005 earnings per share from continuing operations.

Applebee's (APPB) posted 28 cents vs. 34 cents third quarter earnings per share (GAAP).

Orchid Cellmark (ORCH ) posted 15 cents third quarter loss vs. 2 cents loss on flat revenue. It was disappointed by the performance of the US forensic business. It cut its $72 million to $75 million 2005 revenue guidance to $64 milllion, and sees $4 million 2005 operating loss vs. the prior forecast for positive operating income.

Hearst-Argyle (HTV) posted 13 cents vs. 32 cents third quarter earnings per share on a 15% revenue drop. It sees 24 cents to 27 cents fourth quarter earnings per share and $1.20 to $1.23 in 2005.

Corning (GLW) posted 13 cents third quarter earnings per share vs. $1.78 loss (GAAP) on an 18% sales rise. It sees 21 cents to 23 cents fourth quarter earnings per share, before special items, on sales of $1.18 billion to $1.24 billion.

Aetna (AET) posted $1.24 vs. 92 cents third quarter earnings per share from its operations on a 13% revenue rise. It sees $1.23 fourth quarter earnings per share and $4.60 in 2005. It also sees $5.45 to $5.50 2006 operating earnings per share.

IHOP (IHP) posted 62 cents vs. 38 cents third quarter earnings per share (reported) on a 4.5% same-store sales rise and 5.5% total revenue rise. It raised its $2.02 to $2.12 2005 earnings per share forecast to between $2.15 and $2.20.

Van Der Moolen (VDM) posted EUR 0.06 vs. EUR 0.02 third quarter earnings per share on flat revenues. It noted that the third quarter is seasonally weak.

Cogent (COGT) posted 21 cents vs. 29 cents third quarter earnings per share (GAAP) as higher expenses offset a 64% revenue rise.

Maxtor (MXO) posted wider-than-expected 7 cents third quarter loss vs. 38 cents loss as lower operating costs offset slightly lower revenue.

Express Scripts (ESRX) posted 68 cents vs. 40 cents third quarter earnings per share (GAAP) on a 2.1% revenue rise. It sees $2.62 to $2.69 2005 earnings per share, including items.

Baidu.com (BIDU) posted lower-than-expected 3 cents third quarter earnings per ADR as higher costs offset a sharp sales rise. It expects fourth quarter total revenue of $12.6 million to $13.1 million.

LSI Logic (LSI) posted 11 cents third quarter earnings per share vs. 7 cents loss (both quarters exclude items) on a 27% revenue rise.

Timberland (TBL) posted $1.02 vs. 96 cents third quarter earnings per share on a 2.4% revenue rise. It sees flat fourth quarter revenue and a high single-digit decline in operating profits. It also sees continued growth challenges in US business in the first half and likely pressure on firt half 2006 revenue and earnings per share.

Goodrich (GR) posted 49 cents vs. 41 cents third quarter earnings per share on an 18% sales rise. It keeps its $2.00 to $2.10 2005 earnings per share forecast, but noted the outlook now includes certain items expected to reduce earnings per share by 8 cents in the fourth quarter.

CACI (CAI) posted 62 cents vs. 61 cents first quarter earnings per share on an 8.9% revenue rise. It sees $2.84 to $2.98 fiscal year 2006 earnings per share on $1.750 billion to $1.825 billion revenue.

MEMC Electronic (WFR) posted 43 cents (including 18 cents one-time adjusted) vs. 27 cents third quarter earnings per share on a 4.7% revenue rise. It sees $310 million to $313 million fourth quarter sales. The company will restate its first quarter and second quarter 2005 financial statements.

Amylin Pharmaceutical (AMLN) posted 65 cents third quarter loss vs. 36 cents loss as higher costs offset a 93% revenue rise.

Digital River (DRIV) posted 31 cents vs. 22 cents third quarter earnings per share (GAAP) on a 35% revenue rise. It sees 29 cents fourth quarter GAAP earnings per share on revenue of $57.1 million.

Pharmaceutical Product Development (PPDI) says Alza said it received a not approvable letter from the Food and Drug Administration on its NDA for dapoxetine hydrochloride, an investigational compound for the treatment of premature ejaculation (PE).

United Surgical (USPI) posted 26 cents vs. 18 cents (excluding charges) third quarter earnings per share despite a 22% rise in revenue. It still sees $1.03 to $1.05 2005 earnings per share and sees 2006 earnings per share of between $1.11 and $1.15, on total revenue of $1 billion to $1.03 billion.

Volcom (VLCM) posted 47 cents vs. 52 cents third quarter earnings per share as an increased tax rate offset a 38% revenue rise. It noted that net income rose 12%.

Magellan Health (MGLN) posted 94 cents vs. 75 cents third quarter earnings per share despite a 0.8% revenue drop. It sees $1.40 to $1.70 2006 earnings per share, reflecting contract terminations, changes in enrollment, benefits related to TennCare contract, a 7% to 9% care cost trend, and other factors.

Haemonetics (HAE) posted 40 cents vs. 34 cents second quarter earnings per share on 11% higher revenue. It upped its $1.73 to $1.83 fiscal year 2006 earnings per share view to $2.34 to $2.44, thanks to about 61 cents in earnings per share drawn from an arbitration proceeding in October. It still sees fiscal year 2006 revenue up 11% to 13%.

Varian Medical (VAR) posted 45 cents vs. 37 cents fourth quarter earnings per share on a 12% revenue rise. It raised fiscal year 2006 revenue growth guidance to about 14%.

Community Health (CYH) posted 47 cents vs. 38 cents third quarter earnings per share on a 15% net revenue rise.

Regal Entertainment (RGC) posted 11 cents vs. 19 cents third quarter earnings per share as higher expenses offset a 2.8% revenue rise. It noted a challenging box office environment.

Kinetic Concepts (KCI) said that the Centers for Medicare & Medicaid Services assigned the same code to the competitor's product as its product for Negative Pressure Wound Therapy.

Openwave Systems (OPWV) posted 12 cents vs. 6 cents first quarter earnings per share (before items) on a 24% revenue rise.

American Power Conversion (APCC) posted 24 cents vs. 34 cents third quarter earnings per share as narrowed gross margin offset 16% higher revenue.

Educate (EEEE) posted 6 cents vs. 2 cents third quarter earnings per share (GAAP) on 26% higher revenue. It says operating results will continue to be negatively impacted by service interruptions due to Hurricane Katrina, and fourth quarter earnings per share will be 1 cent to 2 cents lower, and 2005 earnings per share 2 cents to 3 cents lower.


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