Markets & Finance

Eastman Kodak Rises After Reporting Results


From Standard & Poor's Equity ResearchEastman Kodak (EK) posts a third-quarter loss of 13 cents, vs. $3.18 loss (GAAP) a year ago, as lower costs and the absence of a $778 million charge offset a 10% sales decline. The photography company sees $400-$660 million 2006 GAAP loss from continuing operations excluding interest, other income, and income taxes on a 6% sales decline.

IAC/InteractiveCorp (IACI) posts third-quarter adjustsed EPS of 35 cents, vs. 32 cents, on a 11% revenue rise. S&P reiterates strong buy.

Avanir Pharmaceuticals (AVNR) says the FDA indicated that additional safety and efficacy data will be required before the FDA approves Zenvia, the company's treatment for involuntary emotional expression disorder. Wedbush Morgan downgrades the stock to sell from hold.

Martha Stewart Living Omnimedia (MSO) posts a third-quarter loss of 13 cents per share (excluding a litigation reserve), vs. 51 cents loss a year ago, on a 48% revenue rise.

Omnicare (OCR) posts third-quarter adjusted EPS of 63 cents, vs. 64 cents, as higher SG&A costs offset a 9.6% sales rise. S&P downgrades the stock to hold from buy.

Sirna Therapeutics (RNAI) agrees to be acquired by Merck (MRK) for $13 per share in cash, or $1.1 billion.

Alnylam Pharmaceuticals (ALNY) shares are sharply higher on the heels of news that Merck offered to buy ALNY peer Sirna Therapeutics for a 102% premium to its Oct. 30 closing price. Needham says the offer validates efforts of Alnylam and Nastech Pharmaceutical (NSTK).

Visteon (VC) posts wider-than-expected third-quarter loss of $1.38 per share, vs. $1.64 loss a year ago, on a 40% sales decline. It plans to reduce its workforce by 900 people, and take a $65 million fourth-quarter related charge.

Qwest Communications (Q) posts third-quarter EPS of 9 cents, vs. 8 cents loss, as lower operating expenses offset slight revenue drop. It notes year-ago revenue included $52 million from a large government contract.

Under Armour (UARM) posts third-quarter EPS of 32 cents (including a 5 cents benefit), vs. 20 cents a year ago, on a 48% sales rise. It raises 2006 net income guidance to $38.5-$39.5 million, and net revenue outlook to $410-$420 million.

Procter & Gamble (PG) posts first-quarter earnings per share of 79 cents, vs. 77 cents a year ago, on a 27% sales rise. The consumer products giant sees 81-83 cents second-quarter EPS on a 5%-8% sales rise. It raises fiscal year 2007 EPS view to $2.97-$3.02 on a 9%-11% sales rise (4%-6% organic growth). S&P reiterates strong buy.

Biogen Idec (BIIB) posts third-quarter EPS (non-GAAP) of 60 cents, vs. 36 cents, on an 18% revenue rise. It sees 2006 non-GAAP EPS above $2.20.

CBRL Group (CBRL) posts 5.9% higher October same-store retail sales for Cracker Barrel, and 1.9% higher same-store restaurant sales. It agrees to sell Logan's Roadhouse Inc. in deal valued at $486 million.

Retalix LTD (RTLX) sees $1 million third-quarter net loss (GAAP basis) on about $50 million in revenues. For 2006, it sees a $1 million net loss to $2 million net income on $201-$205 million in revenues. For 2007, it sees $7-$14 million net income on revenues of $220-$230 million.

Group 1 Automotive (GPI) posts third-quarter EPS of $1.10, vs. 88 cents, on a 2% total revenue rise. It notes same-store revenues were flat as strong performance from Toyota franchise offset weak sales at domestic stores. It raises 2006 EPS guidance to $3.65-$3.75.

Apple Computer (AAPL) says its new iPod shuffle will be available in company's retail stores and Apple authorized resellers this Friday, Nov. 3.

Blue Nile (NILE) posts third-quarter EPS of 11 cents, vs. 13 cents, despite a 27% sales rise. It sees 70-75 cents 2006 EPS, including items, on sales of $249-$255 million. Piper Jaffray reportedly downgrades the stock to underperform from market perform.

Nokia (NOK) receives a $400 million network expansion order from telecommunications operator Bharti Airtel Limited in India.

Atmel (ATML) says an independent investigation into timing of past stock option grants and other potentially related issues reached a preliminary determination that certain measurement dates differed from recorded measurement dates.

Technitrol (TNL) posts third-quarter EPS (GAAP) of 38 cents, vs. 13 cents, on a 75% sales rise. It sees fourth-quarter revenue of $244-$247 million (vs. third quarter's $257.7 million). It agrees to acquire Radiall/Larsen Antenna Technologies.

Open Solutions (OPEN) posts lower-than-expected third-quarter EPS (non-GAAP) of 24 cents, vs. 18 cents, on a sharp revenue rise. It sees substantial additional costs in the fourth quarter from a pending deal with Carlyle Group and Providence Equity Partners. It will not provide further guidance for 2006.

Alpharma (ALO) posts third-quarter EPS from continuing operations of 31 cents, vs. 10 cents, on a 22% revenue rise. It sees $1.25-$1.35 2006 EPS from continuing operations.

MetLife (MET) posts third-quarter operating EPS of $1.24. vs. $1.01. on a 4.7% revenue rise. It plans to resume stock buybacks in the fourth quarter.


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