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Varian Semiconductor Rises

Varian Semiconductor (VSEA) posted 52 cents, vs. 4 cents third-quarter EPS on a 77% revenue rise. Varian sees $147 million to $157 million in fourth-quarter revenue, sees gross margin as a percentage of revenue in the mid-to-high 40s, and expects 58 cents to 66 cents EPS. Banc of America upgraded to neutral from sell.

THQ Inc. (THQI) posted a 10-cent first-quarter loss, vs. a 9-cent loss on a 10% revenue drop. The video-game maker sees a 10-cent first-quarter fiscal 2005 loss, and $1.10 fiscal 2005 EPS. Eric Doctorow, COO, resigned. S&P keeps avoid.

Biotech Gilead Sciences (GILD) posted 49 cents, vs. 46 cents second-quarter EPS (GAAP) on a 34% revenue rise. S&P reiterates accumulate. Piper Jaffray upgraded to outperform. Citigroup reportedly upgraded to buy from hold.

Multimedia Games (MGAM) posted 32 cents, vs. 30 cents third-quarter EPS as lower operating costs and expenses offset a 2.6% revenue drop. The company revised the guidance to 37 cents to 42 cents fourth-quarter EPS, and $1.20 to $1.25 in fiscal 2004. CIBC World downgraded to sector perform.

Synaptics (SYNA) posted 13 cents, vs. 10 cents fourth-quarter EPS (GAAP) on a 25% revenue rise. It says customers continue to exercise caution regarding notebook demand, and also cited supply-chain issues. Synaptics forecasts 2% to 6% first-quarter sequential revenue growth.

Target (TGT) reached agreements to sell its Mervyn's business unit to an investment consortium for consideration of about $1.65 billion in cash. Target will also sell Mervyn's credit-card receivables to GE Consumer Finance, a unit of General Electric (GE).

Intel (INTC) is telling customers it will not meet a high-profile milestone for improving its chip performance this year, the latest in a series of miscues and schedule changes for the technology giant, according to The Wall Street Journal.

Chip-equipment maker KLA-Tencor (KLAC) posted 48 cents, vs. 15 cents fourth-quarter EPS on a 46% revenue rise. WR Hambrecht upgraded to buy from hold.

Archer-Daniels-Midland (ADM) posted 76 cents, vs. 70 cents fourth-quarter EPS on a 20% sales rise.

CV Therapeutics (CVTX) posted a $1.18 second-quarter loss, vs. an 81-cent loss as higher research and development expenses offset a sharp revenue rise.CV reached an agreement with the FDA about the design for a clinical trial for Ranexa, its treatment for chronic chest pain.

Guess (GES) posted 5 cents third-quarter EPS, vs. a 13-cent loss (GAAP) on 18% higher revenues. The retailer expects July same-store sales to increase in the mid-teens on a percentage basis.

FootLocker (FL) will be added to the S&P MidCap 400 after the close of trading on Friday, July 30, replacing Oxford Health (OHP), which is being acquired.

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