Back Yard Burgers (BYBI) entered into an agreement whereby Black Angus Burgers will open 40 Back Yard Burgers stand-alone franchises over the next 10 years.
Adelphia Communications (ADLAE) resumed trading. The Rigas family relinquished control, and the company announced higher co-borrowing debt. S&P keeps avoid.
Biogen (BGEN) trading was halted ahead of the FDA's decision (expected Thursday) on psoriasis drug Amevive's safety review.
Williams-Sonoma (WSM) posted $0.13 Q1 EPS vs. breakeven on a 6.2% total same store sales rise. The company raised $0.04-$0.05 Q2 EPS guidance to $0.07-$0.08 and sees a 3.5%-4.5% fiscal 2003 same store sales rise.
Prudential downgraded Superior Industries (SUP) to sell from hold.
Conceptus (CPTS) received FDA premarket approval for its non-incisional permanent birth control procedure Essure, will be reviewed late July.
Tommy Hilfiger (TOM) posted $0.45 vs. $0.37 Q4 EPS on a 5.9% revenue rise and expects to achieve $1.64 fiscal 2003 EPS estimate. The retailer thinks Q3 fiscal 2003 EPS could be $0.04-$0.06 below the current $0.51 First Call estimate.
Morgan Stanley downgraded Bristol Myers (BMY) to underweight from equal-weight.
Pulitzer (PTZ) reported that revenues decreased 3.6% for the five weeks ended May 5, down 2% from the 18-week year to date figure. Pulitzer expects 2002 EPS from continuing operations to come in toward the upper end of the $1.60-$1.67 analyst range.
ImClone Systems (IMCL) announced the resignation of Samuel Waksal as president and CEO. His brother, Harlan Waksal, was named to those positions. Shares were higher in after-hours trading on Wednesday.
Standard & Poor's Ratings cut Qwest Communications' (Q) long term corporate credit rating to BB+ from BBB-. S&P says the risk profile has increased due to poor visibility.
Ciena (CIEN) posted a $1.86 Q2 loss on a 80% revenue decline and expects Q3 revenue will be flat to down from Q2 levels.
Medtronic (MDT) posted $0.34 vs. $0.30 Q4 EPS from operations on a 20% revenue rise. JP Morgan reportedly upgraded to buy from long term buy.
Goldman reportedly says that market speculation that Intel (INTC) will cut capital expenditures is "premature".
JD Edwards (JDEC) posted $0.06 vs. $0.03 Q2 EPS (pro forma) as lower costs offset flat revenue. S&P keeps avoid.
Nvidia (NVDA) posted $0.47 vs. $0.16 Q1 EPS on a sharp revenue rise.
Chemical maker FMC Corp. (FMC) sees Q2 EPS about $0.25-$0.30 below the $0.92 consensus estimate, before special items. The company cited the loss of a major European detergent customer, and slower than expected ramp-up of its purified phosphoric acid plant.
United Therapeutics (UTHR) announced FDA approval for Remodulin Injection as continuous subcutaneous infusion for treatment of pulmonary arterial hypertension.