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Schering-Plough Sinks

Schering-Plough (SGP) sees second-half earnings per share lower than first-half levels, and sees 2004 earnings per share lower than 2003. The drugmaker will cut the 17 cents quarterly dividend to 55 cents. Also, Schering will eliminate bonuses, halt a staff profit-sharing payout, and reduce staff by more than 1,000. CIBC World downgraded.

Inamed (IMDC), a maker of cosmetic and reconstructive surgery products, says the FDA will consider allowing its to resume sales of silicone gel-filled breast implants. An FDA advisory panel will meet on Oct. 14 and Oct. 15. The U.S. banned silicone implants for most women in 1992 amid a controversy over whether they caused chronic diseases. CIBC World raised its price target for Inamed.

Marvell Technology (MRVL) posted 7 cents second-quarter earnings per share vs. an 8-cent loss on a 61% revenue rise. CS First Boston and Pacific Growth raised estimates.

Intel (INTC) says its Intel Architecture business is trending above expectations. The chipmaker raised the $6.9 billion to $7.5 billion third-quarter revenue estimate to $7.3 billion to $7.8 billion, and raised the 54% gross margin expectation to 56%, plus or minus a couple of points. S&P maintains buy.

Nordstrom (JWN) posted 48 cents vs. 27 cents second-quarter earnings per share on a 3.9% same-store sales rise. It sees 16 cents to 20 cents third-quarter earnings per share, and $1.33-$1.37 in fiscal 2004. Morgan Stanley upgraded to equal-weight. CS First Boston raised estimates. S&P keeps hold.

Electronics Boutique (ELBO) posted 7 cents vs. 2 cents second-quarter earnings per share on a 15% total sales rise. It sees 14 cents to 18 cents third-quarter earnings per share, and $1.77-$1.85 fiscal 2004. USB Piper raised its estimate, and reiterates outperform. S&P reiterates accumulate.

Neoware Systems (NWRE) posted 12 cents vs. 23 cents fourth-quarter EPS despite a 12% sales rise. Thomas Weisel notes upside to the fourth-quarter results, and reiterates outperform.

CIBC World upgraded Linens'n Things (LIN) to sector outperform from sector perform, and downgraded Kirkland's (KIRK) to sector perform from sector outperform.

Pilgrim's Pride (CHX.A) announced a plan to combine its Class A and Classs B shares into a single class of common stock, and will be listed on the New York Stock Exchange under the symbol PPC.

Duane Reade (DRD) sees a 3-cent negative impact to third-quarter earnings per share as a result of last week's power outage. The largest drugstore chain in the New York metropolitan area lost $3.3 million in revenue. Duane Reade has business interruption insurance for any loss over $500,000, but any insurance recovery will not be recognized until collection is assured.

Freddie Mac (FRE) is considering relieving Greg Parseghian of his duties as CEO under pressure from its regulator, which has said the mortgage-finance company needs a CEO with no ties to its accounting problems, according to the Wall Street Journal.

Autodesk (ADSK) posted 29 cents vs. 10 cents second-quarter earnings per share despite flat revenues. The comapny sees 13 cents to 16 cents third-quarter earnings per share, and 50 cents to 60 cents fiscal 2004. S&P reiterates hold.

Borders Group (BGP) posted 6 cents vs. 4 cents second-quarter earnings per share on an 8.2% total revenue rise. Borders sees a 2-cent loss to breakeven in the third quarter. Due to better-than-expected performance in the second quarter, Borders sees $1.45-$1.50 fiscal 2004 earnings per share.

TiVo (TIVO) posted a 7-cent second-quarter loss, and raised the fiscal 2004 new subscriber addition guidance to 550,000-650,000, tightened the $62 million to $70 million fiscal 2004 service, raised the technology revenue guidance to $65 million to $70 million, and upped the $27 million to $38 million operating loss guidance to $27 million to $35 million.

Gap (GPS) posted 22 cents vs. 6 cents second-quarter earnings per share on a 10% same-store sales rise, and a 13% total sales rise.

A Minnesota Supreme Court ruled in favor of 3M (MMM) in litigation with its insurers over coverage for breast implant claims. The decision requires insurers to provide insurance benefits purchased by 3M.

Sierra Health (SIE) says its Sierra Military Health Services unit was unsuccessful in a bid to expand its current contract with the Department of Defense. Sierra does not see a full-year impact to revenue or operating income until 2005.

Aeropostale (ARO) posted 7 cents second-quarter earnings per share vs. a 6-cent loss on a 44% revenue rise, and says it's comfortable with the current third-quarter consensus of 51 cents.

Home Depot (HD) increased its annual dividend by 24%, and increased its authorized share buyback program to $1 billion.

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