Qualcomm (QCOM) now sees total second-quarter earnings per share of 47 cents to 49 cents on a 13% to 15% revenue rise. The wireless communications technology provider sees 48 cents to 50 cents second-quarter earnings per share excluding the Strategic Initiatives (QSI) segment. The estimates are based on a shipment of about 31 million to 32 million Mobile Station Modem phone chips. Shares jumped. S&P reiterates buy. Banc of America raised its estimates and target.
United Technologies (UTX) is among Aerospace and defense stocks seen lower on reports the U.S. Army plans to announce the cancellation of its Comanche helicoptor program today.
Credence Systems (CMOS) agreed to acquire NPTest Holding (NPTT) in a combined stock-for-stock and cash deal valued at about $660 million. Terms: 0.80 Credence share, and $5.75 in cash, per NPTest share.
Energy-services provider TXU Corp. (TXU) selected C. John Wilder as president and CEO, effective immediately. Harris Nesbitt upgraded to outperform from neutral.
Lowe's (LOW) posted 51 cents, vs. 40 cents fourth-quarter earnings per share on 7.3% higher same-store sales and 20% higher total sales, beating Street estimates. The world's second-largest home-improvement retailer sees 65 cents to 67 cents first-quarter earnings per share (excluding an estimated 13 cents per share impact from an accounting change) on 6% to 7% higher same-store sales and 18% to 19% higher total sales. Analysts, however, expect a profit of 60 cents earnings per share. Shares fell.
Citigroup (C) will buy Korea's KorAm bank for $2.73 billion, making it the first overseas lender to take over a South Korean bank. Citigroup says the deal will be accretive to 2004 earnings. Shares inched higher.
Lehman Bros. reportedly downgraded data and voice networking provider 3Com (COMS) to equal-weight from overweight.
Baird upgraded air-conditioning distributor Watsco (WSO) to outperform from neutral.
Thomas Weisel upgraded Varian (VARI), a maker of scientific instruments, to outperform from peer perform.
Deutsche Bank downgraded information-technology company Electronic Data (EDS) to sell from hold.
Handbag and accessories retailer Coach (COH) says spring season results are trending above plan, and it now expects second-half earnings per share will be at least 52 cents on sales of at least $615 million. Coach sees fiscal 2004 earnings per share of $1.24 on sales of nearly $1.3 billion.
Campbell Soup (CPB) posted 57 cents, vs. 56 cents second-quarter earnings per share on 9% higher net sales. Campbell sees 31 cents third-quarter earnings per share, and expects $1.58 in fiscal 2004, which is consistent with the earlier guidance.
Symbol Technologies (SBL) sees fourth-quarter revenue of about $400 million, about 5% higher than the third-quarter level, and 7% above a year ago's level. S&P reiterates hold.
Dominion Resources (D) will record an additional $44 million after-tax charge against 2003 earnings (GAAP) ro reflect the impaired value of its CNG International pipeline assets in Austrailia that classified as held for sale.
UBS Financial cut its estimates on Advanced Micro Devices (AMD) and trimmed the price target to $17.
Discount retailer Wal-Mart (WMT) reportedly expects February same-store sales to reach the high end of its sales forecast.
Researchers at Vertex Pharmaceuticals (VRTX) have demonstrated for the first time that a selective small molecule inhibitor of Aurora Kinases, VX-680, profoundly reduces tumor growth in cancer models.
Navistar (NAV) posted a narrower-than-expected 34 cents first-quarter loss, vs. a $1.49 loss on an 18% total revenue rise. The transportation company raised the fiscal 2004 target incentive compensation goal to about $2.44 per share, vs. the previously announced target goal of $2.02. S&P reiterates sell.
PeopleSoft (PSFT) asked shareholders to reject Oracle's (ORCL) takeover proposal.
China Mobile selected Nortel Networks (NT) to expand and optimize its GSM digital wireless network in Hebei province, in a deal valued at $46 million.