Kodak Sinks

TiVo drops; Flextronics turns lower; plus more of todays's stocks in the news

Eastman Kodak (EK ) announced plans to cut its semi-annual dividend by 65 cents, or 72%, to 25 cents a share as the photographic products maker implements a new growth strategy.

TiVo (TIVO ) is seen lower on a report of TiVo being dropped by DirectTV. Thomas Weisel downgraded to underperform from peer perform, saying it's concerned that that the maker of digital-video recorders hasn't yet penned a cable deal to penetrate the cable market.

Credit Suisse First Boston upgraded Pope & Talbot (POP ) neutral from underperform.

Rite Aid (RAD ) posted a second-quarter loss of 4 cents per share, vs. a loss of 21 cents per share. The latest results include a store closing and impairment credit of $9 million, and a charge of $8.8 million related to stock-based compensation.

A jury announced a verdict against Flextronics (FLEX ) and in favor of Beckman Coulter (BEC ), in a $934 million ruling. Flextronics calls the ruling "excessive" and said it expects the award to be reduced to less than $10 million.

CIBC World cut Darden Restaurants (DRI ) to sector underperform from sector perform, pointing out weak performance at the Red Lobster restaurants.

Goldman Sachs upgraded Walt Disney (DIS ) to outperform from in-line, citing the potential benefit of home-video sales growth on earnings.

Cognos (COGN ) posted 20 cents earnings per share, beating analysts' average estimates for 18 cents earnings per share.

Metro-Goldwyn-Mayer (MGM ) said late Wednesday that it's looking for ways to use its cash, including a possible tender offer.

J.P. Morgan upgraded The New York Times (NYT ) to overweight from neutral.

The Cheesecake Factory 's (CAKE ) president and chief operating officer Michael Berry has resigned from the restaurant unit.

Bisys Group (BSG ) sees 15 cents first-quarter earnings per share from operations, which is 7 cents lower than the previous guidance. Bisys cited lower-than-expected revenue from the life insurance business, and continued softness in the education services division. Prudential and Bear Stearns downgraded.

Federal Signal (FSS ) cut the third-quarter earnings per share guidance to 20 cents to 22 cents. Legg Mason downgraded to sell from buy.

A Taiwan court reportedly ruled in favor of a Cree (CREE ) partner.

J.P. Morgan upgraded Getty Images (GYI ) to overweight.

J.P. Morgan reportedly downgraded Netegrity (NETE ) to neutral from overweight.

Tupperware (TUP ) sees a 2 cents to 3 cents third-quarter loss, and 76 cents to 81 cents 2003 earnings per share (including items). Tupperware says U.S. sales results continue to be weak as a result of a smaller, less active sales force. Roth Capital downgraded to neutral. S&P keeps sell.

Darden Restaurants (DRI ) posted 40 cents vs. 40 cents first-quarter earnings per share despite a 7.2% sales rise. It sees 15 cents to 18 cents second-quarter earnings per share. CIBC World, Raymond James, and RBC Capital downgraded.

Home goods retailer Bed Bath & Beyond (BBBY ) posted 32 cents second-quarter earnings per share, vs. 25 cents earnings per share. The company also raised its earnings outlook for the year.

Murphy Oil (MUR ) expects third-quarter earnings to be 60 to 70 cents a share, vs. average analyst's forecast of 60 cents, citing strength in Malaysia.

Mortgage financier Freddie Mac (FRE ) said it expects the cumulative increase in retained earnings to be at or above $4.5 billion, the upper end of its previously announced range. It expects to release its re-audit and restatement of prior years' financial results in November 2003.

Micron Technology (MU ) received a $50 million investment by Intel (INTC ) in exchange for 5.3% of Micron's stock.

Cephalon (CEPH ) stock has been halted on the Nasdaq today as an FDA panel reviews expanded approval for its Provigil anti-fatigue drug. The drug is already used to treat narcolepsy, but Cephalon is seeking approval for use for other sleep disorders.

International Multifoods (IMC ) posted 5 cents second-quarter earnings per share, vs. a loss of $1.44 per share. Excluding items, the Minneapolis consumer foods firm postd 21 cents earnings per share, meeting expectations.

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