Shares of Cisco Systems (CSCO) fell Wednesday after the computer networking gear maker posted fourth quarter earnings per share (GAAP basis) of 24 cents, vs. 20 cents one year earlier, on 11% sales rise. The company guided October-quarter sales flat to down moderately on a sequential basis. S&P downgraded the shares to buy from strong buy.
Baidu.com (BIDU) shares were seen higher on reports Yahoo (YHOO) is close to paying $1 billion, plus its China operations, for a 35% stake in Alibaba.com, China's second largest e-commerce operator behind Baidu.com.
Disney (DIS) posted third-quarter earnings per share of 41 cents, vs. 29 cents, on a 3% revenue rise.
Carl Ichan plans to lead an investor group that intends to push media giant Time Warner (TWX) into selling a big chunk of its cable TV unit, and possibly spinning off its publishing operations, according to a Wall Street Journal report.
Delphi (DPH) shares advanced after JP Morgan upgraded its rating on the stock to overweight from neutral.
Trading in Whirlpool WHR)
and Maytag (MYG) was halted Wednesday pending news. On Wednesday, Whirlpool submitted a revised bid to acquire Maytag for $21 per share. Earlier Wednesday, the New York Times reported that an investor group led by Ripplewood Holdings indicated it will raise its offer for Maytag.
American International Group (AIG) posted second quarter earnings per share of $1.53, vs. $1.01, on higher net investment income.
Click Commerce (CKCM) shares rebounded Wednesday after a sharp decline Tuesday after the company posted second quarter earnings per share of 33 cents (non-GAAP).
Morgan Stanley reportedly upgraded its investment rating on American Express (AXP) to equal-weight from underweight.
Wet Seal (WTSLA) CFO Douglas Felderman resigned for personal reasons.
Magna International (MGA) posted second quarter earnings per share of $2.06, vs. $1.93, on a 15% revenue rise. The company sees a continued impact from negative conditions in the automotive industry. It sees 2005 earnings per share (excluding items) lower than 2004.
Gilead Sciences (GILD) says its HIV treatment combining active ingredients of two drugs failed to work as it hoped. Gilead says it is now proceeding with the evaluation of up to 3 new formulations based on bi-layer technology.
Panera Bread (PNRA) posted second quarter earnings per share of 33 cents, vs. 21 cents, on a 33% revenue rise.Th eocmpany narrowed its 2005 earnings per share guidance to $1.57-$1.59, and assumes system-wide comparable-store sales growth at 6.2%-7.8%, somewhat higher than previous targets.
Tupperware (TUP) is near a deal to purchase Sara Lee's (SLE) direct-selling operation for between $500 million to $600 million, according to a Wall Street Journal report.
Jack In The Box (JBX) posted third quarter earnings per share of 66 cents, vs. 56 cents, on a 9% revenue rise. It sees fourth quarter earnings per share of 63 cents. Italso raised its $2.46 fiscal 2005 earnings per share forecast to $2.52, due primarily to a non-recurring reduction in its tax rate in the third quarter.