Markets & Finance

Movers: National Semi, Qualcomm, Broadcom, Tyco


McDonald's and more of Friday's stocks in the news

From Standard & Poor's Equity ResearchNational Semiconductor (NSM) posts better-than-expected $0.28, vs. $0.34 a year ago, fourth-quarter EPS on 20% lower revenue. It sees 1%-4% first-quarter quarter-to-quarter sales growth. It sets $1.5 billion stock buyback. UBS Financial upgrades. S&P, Credit Suisse, Citigroup raise estimates and price targets.

Qualcomm (QCOM) says International Trade Commission issued a decision to ban the import of future models of 3G mobile broadband handsets incorporating Qualcomm's chipsets. Qualcomm seeks stay. S&P keeps hold, while Goldman keeps buy.

Broadcom (BRCM) says Internationl Trade Commission (ITC) has ordered that certain Qualcomm chips and future downstream products such as cellular phones that use those chips, that infringe a Broadcom patent be barred from importation into U.S.

Tyco International's (TYC) board okays spin-offs of healthcare, electronics businesses through tax-free dividend to be distributed June 29. Terms: 1 share of Covidien Ltd., 1 share of Tyco Electronics per 4 TYC shares held.

McDonald's (MCD) posts 8.7% higher May global comp sales, 12% higher systemwide sales. Deutsche Bank reportedly upgrades to buy from hold.

Xilinx (XLNX) sees June-quarter sales at the low-end of prior guidance range, which called for sales to be up 1%-5% quarter-to-quarter. It adds that gross margin is expected to be 62%-63%, up from prior guidance of about 62%, operating expenses are seen falling about 5% quarter-to-quarter.

Goldman downgrades Tellabs (TLAB) to sell from neutral. Cowen also downgrades Tellabs to neutral from outperform.

Quiksilver (ZQK) posts $0.04 second-quarter loss, vs. $0.03 EPS a year ago, despite 17% revenue rise. It still sees fiscal year 2007 revenues of about $2.5 billion and EPS of $0.53. It expects a change to previous quarterly estimates, in which EPS of $0.03 would shift from the third quarter to the fourth quarter. S&P keeps strong buy, and WR Hambrecht keeps hold.

Bear Stearns upgrades Nordstrom (JWN) to outperform from peer perform. Yesterday, the retailer posted preliminary 6.3% rise in May comps.

Multimedia Games (MGAM) begins a tender offer in which it will spend up to $25 million to repurchase up to 2.041 million MGAM shares (7.32% of its outstanding shares) for cash, at a price per share not greater than $13.50 and not less than $12.25.

Novatel Wireless (NVTL) raises second-quarter non-GAAP EPS guidance to $0.29-$0.31 range on $95 million revenue, vs. previous guidance of $0.20-$0.22 on $90 million revenue. It announces the resignation of CFO Dan Halvorson.

Deere & Co. (DE) agrees to acquire Benye Tractor & Automobile Manufacture Co., LTD, which is located in China.


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