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Yahoo Earnings Jump

After the close of trading Wednesday, Yahoo! posted 8 cents second-quarter earnings per share, vs. 3 cents, in line with analysts' average estimates. Revenue rose 42% to $321.4 million. The Internet company raised its revenue forecast for the year, predicting high demand for online advertising and fee-based services.

Thomas Weisel says McData 's (MCDTA) second quarter looks to be on track, but competitive pressures could limit the upside.

Merrill upgraded DuPont Photomask (DPMI) to neutral from sell.

Bear Stearns upgraded Yellow Corp. (YELL) to outperform from peer perform after upgrading from underperform on Tuesday. Tuesday said it agreed to acquire rival Roadway for $48 per share.

Helen of Troy (HELE) posted 50 cents (including an 8-cent gain) vs. 22 cents first-quarter earnings per share on a 4% sales rise. The company raised the $1.45-$1.50 fiscal 2004 EPS guidance to $1.75-$1.80, and sees 9%-12% sales growth.

Morgan Stanley sees short-term negative developments regarding Altria Group 's (MO) Miles bond in Illinois, and lower-than-expected second-quarter unit volume growth at Philip Morris International.

Citigroup upgraded BJ's Wholesale Club (BJ) to outperform from in-line.

Microsoft (MSFT) says employees will be granted stock awards instead of stock options. Starting with fiscal 2004, Microsoft will begin expensing all equity-based compensation, including previously granted stock options. S&P reiterated its strong buy opinion on the shares.

Logitech (LOGI) sees $7 million to $8 million first-quarter operating income, below the previous $14 million target, citing lower gross margin, slow retail business, and pricing competition.

Cisco Systems (CSCO) CEO John Chambers reportedly said he expects a recovery in corporate spending on information technology in the next two months to four months and that investments by telecom and Internet companies should follow with a recovery within two to six quarters, according to a Dutch daily newspaper.

R.J. Reynolds (RJR) is in talks to merge its U.S. tobacco operations with those of Brown & Williamson Tobacco, according to The Wall Street Journal.

Prudential upgraded Citigroup (C) to hold from sell.

Albany International (AIN) sees 49 cents second-quarter earnings per share (including a 3-cent charge).

Wolverine World Wide (WWW) posted 23 cents vs. 21 cents second-quarter earnings per share on a 8.7% revenue rise, and sees $1.21-$1.24 2003 earnings per share, and $875 million to $885 million in revenues.

Alcoa (AA) posted 27 cents vs. 28 cents second-quarter GAAP earnings per share from continuing operations as higher costs offset a 5.9% revenue rise. Morgan Stanley reportedly downgraded.

Pechiney (PY) rejected Alcan Alumuinum's unsolicited 3.4 billion euro takeover offer, saying the price is "clearly inadequate."

Papa John's International Pizza (PZZA) posted 6.1% lower June domestic systemwide comp sales, and 4.8% lower second-quarter sales.

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