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Kmart Rises

Kmart (KMRT) posted a 9-cent second-quarter loss vs. a $1.63 loss (excluding discontinued operations) as higher gross margin, and lower selling, general, and administrative expenses offset a 21% sales decline.

RadioShack (RSH) raised the third-quarter EPS guidance to 30 cents to 33 cents, citing better han expected trends in most income statement lines. S&P reiterates hold.

Boston Scientific (BSX) confirmed its drug-eluting stent Taxus is not on the FDA's October panel agenda. CIBC World views weakness in Boston Scientifi shares as a buying opportunity.

UBS Financial upgraded Tekelec (TKLC) to buy from neutral.

Starbucks (SBUX) posted 9% higher August same-store sales, and 26% higher total sales.

Novellus (NVLS), a chip-equipment maker, stood by its quarterly financial targets but warned of a $70 million charge that will deepen its net loss.

JNI Corp. (JNIC) agreed to be acquired by Applied Micro Circuits in a $190 million deal. Terms: $7 cash per JNI share.

J.P. Morgan reiterates its overweight rating on Biovail .

Stratos Lightwave (STLW) posted a 56-cent first-quarter loss vs. 89 cents earnings per share (non-GAAP) on 35% lower revenue. CIBC World cut its estimates.

Metal Storm (MTSX) and the New Jersey Institute of Technology are in a formal partnership agreement to jointly commercialize Metal Storm's O'Dwyer VLe electronic handgun with NJIT's patented Dynamic Grip Recognition biometric authorizing technology.

(BVF). The FDA approved Biovail and GlaxoSmithKline 's (GSK) once-daily Wellbutrin XL for the treatment of major depressive disorder in patients 18 and older. Wellbutrin XL is a longer-lasting version of Glaxo's twice-daily Wellbutrin SR.

Imperial Sugar (IPSU) will receive $1 million relief in Louisiana state taxes to expand packaging capability at its refinery in Gramercy, LA.

Florida East Coast (FLA) set a $1.50 special dividend, and set a $75 million stock buyback.

First American (FAF) raised the 10 cents quarterly dividend to 15 cents.

US Bancorp Piper Jaffray issued a bullish comment on Yahoo (YHOO).

UBS raised its fiscal 2004 and 2005 GAAP estimates for Qualcomm (QCOM) to $1.20 per share from $1.16 and to $1.40 from $1.37, respectively. USB also hiked the 2-month price target by $5 to $38.

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