JP Morgan says Boston Scientific (BSX) remains their leading near-term story on drug-eluting stents. The brokerage firm raised its estimates and continues to recommend the shares.
Magal Security (MAGS) is among smaller-cap security-related stocks trading higher on news that U.S. officials have obtained intelligence deemed "highly credible" indicating that al-Qaeda and other terrorists are in the U.S. and are preparing to launch an attack this summer.
Computer Associates (CA) posted fourth quarter earnings per share of 15 cents, vs. an 18-cent loss (GAAP basis) one year earlier, on a 9.6% revenue rise. CA sees first quarter revenues of $865 million to $885 million and earnings per share of 5 cents to 7 cents. For all of fiscal 2005, it sees $3.5 billion to $3.7 billion in revenues, and earnings per share of 28 cents to 33 cents. S&P keeps its hold opinion.
Fidelity National (FNF) filed to launch an IPO, then spin-off its non-insurance operations into a separately traded public company to be known as Fidelity National Information Services.
TiVo (TIVO) posted an 11-cent first quarter loss per share, vs. a 12-cent loss, on a 21% net revenue rise. TiVo expects second quarter net subscription additions of 265,000 to 300,000. It sees $25 million to $25.8 million in second quarter revenues. WR Hambrecht reiterates buy. Friedman Billings keeps market perform.
Eyetech Pharmaceuticals (EYET) says the FDA has set an Aug. 27, 2004 date for an advisory committee meeting to discuss their new drug application 21-756, a pegaptanib sodium injection for the treatment of age-related macular degeneration. The proposed trade name is Macugen.
Redback Networks (RBAK) says it has been selected by China Netcom's Liaoning Communication unit to implement new broadband networks in the northeastern Chinese province.
Sports Authority (TSA) posted first-quarter earnings per share of 15 cents, vs. 34 cents, as the absence of a year-ago gain offset a sharp sales rise. The retailer sees second quarter earnings per share of 70 cents and hiked its fiscal 2005 earnings per share guidance to $2.59 to $2.65. Meanwhile, company president Elliott Kerbis resigned. Banc of America cut its rating on the shares to neutral.
Citigroup upgraded Eli Lilly (LLY) to buy from hold.
La-Z Boy (LZB) posted and 80-cent fourth quarter loss vs. earnings per share of 45 cents as a write-down of intangibles offset flat sales. The furniture maker expects first-quarter earnings per share of 8 cents to 12 cents.
Wells Fargo (WFC) agreed to acquire $34 billion in assets under management from Strong Financial, including $27 billion in in mutual fund assets and $7 billion in institutional investment accounts. Terms were not disclosed.
NUI Corp. (NUI) posted second quarter earnings per share of 24 cents, vs. 76 cents, on a 2.6% operating revenue decline. The company cited reduced operating margins as result of winding down its wholesale energy trading business and increased expenses.
Jones Apparel (JNY) raised its $20 per share cash buyout bid for Maxwell Shoe (MAXS) to $22.50.
Polo Ralph Lauren (RL) posted fourth quarter earnings per share of 75 cents, vs. 74 cents, on an 18% revenue rise. It reiterated its earnings per share guidance of $2.35 to $2.45 for fiscal 2005. The company also forecast first quarter earnings per share of 9 cents to 12 cents.Separately, it agreed to acquire certain assets of RL Childrenswear.
AutoZone (AZO) posted $1.68 vs. $1.30 third quarter earnings per share (GAAP) on 2% same-store sales rise and a 5.6% total sales rise.
Avery Dennison (AVY) confirmed an investigation of its paper and forest products businesses by European regulators. It says the investigation appears to relate to alleged anticompetitive activities in the European paper market.
Salix Pharmaceuticals (SLXP) says the FDA has granted marketing approval for Xifaxan tablets 200mg for the treatment of travelers' diarrhea caused by noninvasive strains of E. coli in patients 12 years of age and older.
Defense Secretary Donald Rumsfeld shelved proposed a $23 billion deal with Boeing (BA) for the Air Force to buy and lease aerial refueling tankers until the end of the year or later, amid congressional criticism, according to a Wall Street Journal report.