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Reebok Soars on Buyout News

Reebok International (RBK) shares soared Wednesday after the company agreed to be acquired by adidas-Salomon AG for $59 per share in cash, or a total value of about $3.8 billion.

Time Warner (TWX) posted a 7-cent second quarter loss per share, vs. 19 cents earnings per share one year earlier, on a slight revenue decline. Results for the current quarter include $3 billion in legal reserves to resolve securities litigation matters. The media company reaffirmed its 2005 business outlook. It also set a $5 billion stock buyback.

Cigna (CI) posted second quarter earnings per share (adjusted) of $1.98, vs. $1.68, despite 11% lower consolidated revenue. The company sees earnings per share (adjusted) of $1.40 to $1.60 for the third quarter and $7.00 to $7.40 for all of 2005.

E-Loan (EELN) agreed to be acquired by Popular Inc. for $4.25 per share cash or approximately $300 million.

Protein Design (CI) and Biogen Idec (BIIB) announced a joint development to make and commercialize three Phase II antibody products. Protein Design will get a $40 million upfront payment and Biogen will to buy $100 million in PDLI stock. S&P reiterates buy.

Tech Data (TECD) cut its 40 cents to 45 cents second quarter earnings per share estimate (excluding items) to 21 cents to 28 cents on revenue of $4.8 billion to $4.82 billion. The company cites lower-than-expected gross margin. S&P keeps hold. Banc of America downgrades to neutral.

Analog Devices (ADI) sees $580 million to $585 million in third quarter revenue, down about 3%-4% from the second quarter level. The company cites an estimated $23 million sequential sales decline from GSM/GPRSS base band chipsets to Asia. It expects 31 cents GAAP earnings per share for the third quarter. S&P reiterates hold.

Cephalon (CEPH) posted second quarter earnings per share (adjusted) of 69 cents, vs. 45 cents, on a 19% revenue rise. The company sees third quarter earnings per share of 65 cents to 70 cents; it cut its 2005 earnings per share guidance by 10 cents to $2.70 to $2.85.

BMC Software (BMC) posted first quarter earnings per share (non-GAAP) of 20 cents, vs. 14 cents, on a 14% revenue rise. It sees second quarter revenue of $355 million to $370 million, and non-GAAP earnings per share of 20 cents to 25 cents.

RealNetworks (RNWK) posted 3 cents second quarter earnings per share, vs. a 3-cent loss per share (GAAP), on a 26% revenue rise. The company sees slightly lower third quarter revenue than the second quarter, and earnings per share of 4 cents to 5 cents. It also set a $75 million stock buyback. S&P reiterates hold.

UTStarcom (UTSI) posted a 65-cent second quarter loss per share, vs. 33 cents earnings per share (GAAP), as lower gross profit and charges offset a 5% revenue rise. The company named Fran Barton executive vice president and CFO.

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