Markets & Finance

Movers: Nokia, Merrill Lynch, Sycamore Networks, Take-Two


Stocks in the news Friday

From Standard & Poor's Equity ResearchNokia (NOK) expects its mobile device market share in the third quarter to be lower than previously expected due to multiple factors.

Goldman downgrades Merrill Lynch (MER) to sell, adds to conviction sell list.

Sycamore Networks (SCMR) posts $0.50 fourth quarter GAAP loss per share, vs. $0.02 loss, on sharp revenue drop.

In response to media reports, SanDisk (SNDK) says it periodically has conversations with multiple parties, including Samsung, regarding a variety of potential business opportunities. SNDK says it evaluates all of these opportunities, but maintains a policy of not commenting on market rumors or speculation.

Altria Group (MO) is in advanced talks to buy UST Inc. (UST), the maker of the popular Skoal and Copenhagen smokeless tobacco brands, for more than $10 billion, according to the New York Times. The terms could not be learned.

Take-Two Interactive Software (TTWO) posts $0.67 third quarter GAAP EPS ($0.93 non-GAAP), vs. $0.81 loss, on sharp revenue rise. Says third quarter revenues were led by Grand Theft Auto IV, as well as Top Spin 3 and Sid Meier's Civilization Revolution. Street was looking for $0.54. Sees lower-than-expected fourth quarter non-GAAP EPS of $0.01-$0.05 on revenue of $285-$335 million, but raises fiscal year 2008 EPS to $2.08-$2.12 on revenue of $1.5-$1.55 billion.

Zimmer Holdings (ZMH) agrees to acquire Abbott Lab's (ABT) Spine business for about $360 million in cash. ZMH expects to fund the purchase price from cash on hand and borrowings under existing credit facilities. S&P keeps hold.

Cooper Companies (COO) posts $0.67, vs. $0.71, third quarter adjusted EPS as narrowed gross and operating margins offset 14% revenue rise. Sees fourth quarter revenue of $285-$295 million, $0.58-$0.64 EPS. Sees fiscal year 08 non-GAAP EPS guidance of $2.18-$2.24, vs. previous view of $2.10-$2.35.

Gerber Scientific (GRB) plans to make an offer to buy all the outstanding shares of Canada's Virtek Vision Intl., a provider of high value industrial laser solutions. Under terms of agreement, GRB will offer C$1.05 per common share or C$35.1 million in cash. The acquisition will immediately add about $50 million to company's annual revenue while providing a platform for worldwide growth in GRB's industrial and other composite materials applications.

Navistar International (NAV) says the U.S. Marine Corps awarded Navistar Defense, LLC., a contract worth more than $752M to produce a lighter, smaller more mobile variant of its International MaxxPro Mine Resistant Ambush Protected (MRAP) family of vehicles. JP Morgan upgrades to overweight from neutral.

Spectranetics (SPNC) says was jointly served by the FDA and U.S. Immigration and Customs Enforcement with a search warrant issued by the United States District Court, District of Colorado. The warrant requested info and correspondence relating to, among other things: the promotion, use, testing, marketing and sales regarding certain of the co.'s products for treatment of in-stent restenosis, payments made to medical personnel and an identified institution for this application.

Martek Biosciences (MATK) posts $0.28, vs. $0.19, third quarter EPS on 14% revenue rise. Sees fourth quarter revenue of $87-$91 million, EPS of $0.24-$0.27. Sees fiscal year 2008 revenue of $349-$353 million, EPS of $1.06-$1.09, above Street view of $1.04.

Quiksilver (ZQK) posts better-than-expected $0.25, vs. $0.28, third quarter EPS from continuing operations as higher expense ratio offset 7% revenue rise. Street was looking for $0.21. Still believes it can achieve EPS for fiscal year 2008 of slightly below $0.90.


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