InterActive Falls

Smithfield Foods declines; ValueClick drops; plus more of Wednesday's stocks in the news

InterActive Corp. (IACI ) posted 9 cents, vs. 16 cents second-quarter GAAP earnings per share on a 1.7% revenue drop. It notes impact of increased amortization of non-cash expenses and more shares. The publishing and travel company sees $1 billion in 2004 operating income before amortization, at the low end of the original $1.0 billion to $1.2 billion forecast. S&P and CS First Boston downgraded the shares.

Meat processor Smithfield Foods (SFD ) sees 45 cents to 50 cents first-quarter earnings per share, including the results of Farmland Foods. It notes the results include losses on its commodity positions.

ValueClick (VCLK ) posted 7 cents, vs. 2 cents second-quarter earnings per share on a 72% revenue rise. The Internet advertising company sees 6 cents third-quarter earnings per share, and 26 cents to 29 cents 2004 operating earnings per share. ValueClick will acquire Pricerunner. S&P cut its estimates, and Pacific Growth says the second-quarter results are disappointing.

Checkfree (CKFR ) posted 12 cents fourth-quarter earnings per share, vs. a 19-cent loss on an 11% revenue rise. It sees $170 million to $175 million in revenue, and 3 cents to 6 cents first-quarter fiscal 2005 GAAP earnings per share. Checkfree also sees 39 cents to 45 cents fiscal 2005 GAAP earnings per share. S&P reiterates hold. Pacific Growth cut its price target.

Alpharma (ALO ) posted 1 cent second-quarter earnings per share, vs. an 8-cent loss despite a 5% revenue decline (including foreign exchange). The drug company now expects U.S. generic revenues to decline about 15% in the second half of the year, and lowered the 2004 earnings per share guidance to 45 cents to 55 cents.

Integrated Circuit (ICST ) posted 33 cents, vs. 23 cents fourth-quarter earnings per share on a 14% revenue rise. The company noted accounts receivable grew, and days-sales-outstanding were at 58 days for the fourth quarter.

Protein Design Labs (PDLI ) posted a 13-cent second-quarter loss, vs. a 45-cent loss on a 23% revenue rise. The drug maker raised the 17% to 22% 2004 revenue growth guidance to 32% to 37%. S&P upgraded the shares.

Software maker Business Objects (BOBJ ) says the Securities and Exchange Commission is considering civil charges against the company for its failure to disclose its backlog of unshipped orders.

Tommy Hilfiger (TOM ) posted an 8-cent first-quarter loss, vs. 19 cents earnings per share (including special items) on an 11% net revenue decline. The fashion-design company reiterated the fiscal 2005 revenue decline in the high single-digit percentage range, and sees a fiscal 2005 earnings per share decline in the mid-teen percentage range.

Cigna (CI ) posted $1.75, vs. $1.13 second-quarter earnings per share from continuing operations (excluding items) on flat revenues. The insurer raised the 2004 guidance to $835 million to $875 million in revenues, and now sees $5.95 to $6.25 earnings per share from continuing operations. JP Morgan downgraded to underweight from neutral. WR Hambrecht also CIBC World downgraded, while S&P keeps the hold ranking.

Eli Lilly (LLY ) announced that the FDA had approved Cymbalta, judging it a safe and effective treatment for major depressive disorders.

Dean Foods (DF ) posted 47 cents, vs. 54 cents second-quarter earnings per share as higher commodity, agricultural input, and energy prices, as well as increased spending against its brands, offset a 26% net sales rise. The dairy-foods distributor sees 54 cents to 57 cents third-quarter earnings per share, and $2.21 to $2.26 in 2004.

Ciena (CIEN ) sees $75 million in third-quarter revenue, vs. the forecast for revenue growth of up to 30% from second-quarter's $74.7 million. The optinal-networking manufacturer sees a 24-cent to 26-cent third-quarter GAAP loss. WR Hambrecht downgraded to hold from buy. JP Morgan reportedly downgraded. S&P keeps hold.

Pizza chain Papa John's (PZZA ) posted a 15-cent second-quarter loss (including an item), vs. 60 cents earnings per share despite a 1.6% revenue rise. It reaffirmed the $2.20 to $2.28 2004 earnings per share (excluding the expected 70 cents decrease in earnings per share resulting from the consolidation of BIBP, the company's franchisee-owned cheese-purchasing business).

Biovail (BVF ) posted 28 cents second-quarter earnings per share, vs. a 3-cent loss (GAAP) on 25% higher product sales and 5% lower total revenues. It hired Charles Rowland as CFO.

Polo Ralph Lauren (RL ) posted 13 cents, vs. 5 cents first-quarter earnings per share (GAAP) on 24% higher revenues. The apparel maker confirmed the fiscal 2005 outlook of $2.35 to $2.45 earnings per share on mid-teens percent consolidated revenue growth.

Orbitz (ORBZ ) posted 24 cents second-quarter earnings per share, vs. a 9-cent loss (GAAP) on 30% higher revenue. The online travel site sees 7 cents to 11 cents third-quarter earnings per share (reported pre-tax) on $72 million to $77 million in revenue. It maintains the 2004 guidance of 58 cents to 67 cents earnings per share (reported pre-tax) on $295 million to $305 million in revenue.

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