PalmOne Shares Surge

Morgan Stanley, Goldman post strong EPS growth; SCP Pool boosts guidance; plus more of today's stocks in the news

PalmOne (PLMO ) posted fourth-quarter earnings per share of 32 cents (non-GAAP basis), vs. a 28 cent loss, on a 23% revenue rise. JP Morgan raised its $26 price target to $34, and reiterated its overweight recommendation and PalmOne's Focus List status. S&P kept its hold recommendation, but raised its fiscal 2005 estimates. Shares finished up sharply.

Goldman Sachs (GS ) posted second-quarter earnings per share of $2.31, vs. $1.36 one year earlier, on a 28% revenue rise. The company says its outlook for the business environment in the coming months is optimistic, but it is mindful of the effect of continuing interest rate and geopolitical concerns on the market. Shares closed higher.

Morgan Stanley (MWD ) posted second-quarter earnings per share of $1.10, vs. 55 cents, on a 32% net revenue rise. Shares finished higher.

Dick's Sporting Goods (DKS ) agreed to acquire Gaylan's Trading (GLYN ) for $16.75 per share in cash. S&P upgraded its recommendation for Dick's Sporting Goods to accumulate from hold, and downgraded Gaylan's Trading to hold from accumulate on valuation. Shares of both companies ended up sharply.

SCP Pool (POOL ) raised its 2004 earnings per share estimate to a range of $1.70 to $1.75, which compares with earlier estimates of $1.60. SCP now sees second-quarter earnings per share in a range of $1.15 to $1.17. The company cites strong sales growth in southern markets, especially in the western part of the U.S. Shares ended higher.

Yahoo's (YHOO ) target price has been raised by CS First Boston from $33 to $45. CSFB also reiterated its outperform rating. Shares closed higher.

S&P tied a rise in Network Associates (NET ) shares to "unsubstantiated" speculation Microsoft (MSFT ) may acquire the computer-security outfit. S&P reiterated its accumulate opinion on Network Associates on an improving outlook for the company's core McAfee business and the stock's attractive valuation, not on the unconfirmed reports that Network Associates may be an acquisition target.

British health officials that are developing guidelines for treating childhood depression asked H. Lundbeck AS for details of an unpublished study on an antidepressant it makes. According to, in the U.S. the drug is sold as Celexa by Forest Labs (FRX ). Shares of Forest ended solidly lower.

Geac Computer (GEAC ) posted fourth quarter earnings per share of 26 cents, vs. a 3 cent loss (including charges) on 13% higher revenues. Dlouhy Merchant raises its target. Shares finished up.

Merrill Lynch upgraded QLogic (QLGC ) to buy from neutral. Shares ended higher.

World Wrestling Entertainment (WWE ) posted fourth-quarter earnings per share of 28 cents, vs. a 6-cent loss, on a 20% revenue rise.The company sees fiscal 2005 earnings per share from continuing operations of 46 cents to 50 cents. Shares ended lower.

Morgan Stanley downgraded its recommendation for Overseas Shipholding (OSG ), and for Teekay Shipping (TK ) to underweight from equal-weight. Shares of both companies closed lower.

Novo-Nordisk (NVO ) said that a phase 2b study demonstrated treatment with its NovoSeven of intracerebral hemorrhage patients led to significant reduction in hematoma growth compared to placebo group. Shares ended up.

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