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Kodak Sinks

Eastman Kodak (EK) announced plans to cut its semi-annual dividend by 65 cents, or 72%, to 25 cents a share as the photographic products maker implements a new growth strategy.

TiVo (TIVO) is seen lower on a report of TiVo being dropped by DirectTV. Thomas Weisel downgraded to underperform from peer perform, saying it's concerned that that the maker of digital-video recorders hasn't yet penned a cable deal to penetrate the cable market.

Credit Suisse First Boston upgraded Pope & Talbot (POP) neutral from underperform.

Rite Aid (RAD) posted a second-quarter loss of 4 cents per share, vs. a loss of 21 cents per share. The latest results include a store closing and impairment credit of $9 million, and a charge of $8.8 million related to stock-based compensation.

A jury announced a verdict against Flextronics (FLEX) and in favor of Beckman Coulter (BEC), in a $934 million ruling. Flextronics calls the ruling "excessive" and said it expects the award to be reduced to less than $10 million.

CIBC World cut Darden Restaurants (DRI) to sector underperform from sector perform, pointing out weak performance at the Red Lobster restaurants.

Goldman Sachs upgraded Walt Disney (DIS) to outperform from in-line, citing the potential benefit of home-video sales growth on earnings.

Cognos (COGN) posted 20 cents earnings per share, beating analysts' average estimates for 18 cents earnings per share.

Metro-Goldwyn-Mayer (MGM) said late Wednesday that it's looking for ways to use its cash, including a possible tender offer.

J.P. Morgan upgraded The New York Times (NYT) to overweight from neutral.

The Cheesecake Factory 's (CAKE) president and chief operating officer Michael Berry has resigned from the restaurant unit.

Bisys Group (BSG) sees 15 cents first-quarter earnings per share from operations, which is 7 cents lower than the previous guidance. Bisys cited lower-than-expected revenue from the life insurance business, and continued softness in the education services division. Prudential and Bear Stearns downgraded.

Federal Signal (FSS) cut the third-quarter earnings per share guidance to 20 cents to 22 cents. Legg Mason downgraded to sell from buy.

A Taiwan court reportedly ruled in favor of a Cree (CREE) partner.

J.P. Morgan upgraded Getty Images (GYI) to overweight.

J.P. Morgan reportedly downgraded Netegrity (NETE) to neutral from overweight.

Tupperware (TUP) sees a 2 cents to 3 cents third-quarter loss, and 76 cents to 81 cents 2003 earnings per share (including items). Tupperware says U.S. sales results continue to be weak as a result of a smaller, less active sales force. Roth Capital downgraded to neutral. S&P keeps sell.

Darden Restaurants (DRI) posted 40 cents vs. 40 cents first-quarter earnings per share despite a 7.2% sales rise. It sees 15 cents to 18 cents second-quarter earnings per share. CIBC World, Raymond James, and RBC Capital downgraded.

Home goods retailer Bed Bath & Beyond (BBBY) posted 32 cents second-quarter earnings per share, vs. 25 cents earnings per share. The company also raised its earnings outlook for the year.

Murphy Oil (MUR) expects third-quarter earnings to be 60 to 70 cents a share, vs. average analyst's forecast of 60 cents, citing strength in Malaysia.

Mortgage financier Freddie Mac (FRE) said it expects the cumulative increase in retained earnings to be at or above $4.5 billion, the upper end of its previously announced range. It expects to release its re-audit and restatement of prior years' financial results in November 2003.

Micron Technology (MU) received a $50 million investment by Intel (INTC) in exchange for 5.3% of Micron's stock.

Cephalon (CEPH) stock has been halted on the Nasdaq today as an FDA panel reviews expanded approval for its Provigil anti-fatigue drug. The drug is already used to treat narcolepsy, but Cephalon is seeking approval for use for other sleep disorders.

International Multifoods (IMC) posted 5 cents second-quarter earnings per share, vs. a loss of $1.44 per share. Excluding items, the Minneapolis consumer foods firm postd 21 cents earnings per share, meeting expectations.

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