Schering-Plough Sinks

Inamed surges; Marvell Technology advances; Intel ends higher; plus more of today's stocks in the news

Schering-Plough (SGP ) sees second-half earnings per share lower than first-half levels, and sees 2004 earnings per share lower than 2003. The drugmaker will cut the 17 cents quarterly dividend to 55 cents. Also, Schering will eliminate bonuses, halt a staff profit-sharing payout, and reduce staff by more than 1,000. CIBC World downgraded.

Inamed (IMDC ), a maker of cosmetic and reconstructive surgery products, says the FDA will consider allowing its to resume sales of silicone gel-filled breast implants. An FDA advisory panel will meet on Oct. 14 and Oct. 15. The U.S. banned silicone implants for most women in 1992 amid a controversy over whether they caused chronic diseases. CIBC World raised its price target for Inamed.

Marvell Technology (MRVL ) posted 7 cents second-quarter earnings per share vs. an 8-cent loss on a 61% revenue rise. CS First Boston and Pacific Growth raised estimates.

Intel (INTC ) says its Intel Architecture business is trending above expectations. The chipmaker raised the $6.9 billion to $7.5 billion third-quarter revenue estimate to $7.3 billion to $7.8 billion, and raised the 54% gross margin expectation to 56%, plus or minus a couple of points. S&P maintains buy.

Nordstrom (JWN ) posted 48 cents vs. 27 cents second-quarter earnings per share on a 3.9% same-store sales rise. It sees 16 cents to 20 cents third-quarter earnings per share, and $1.33-$1.37 in fiscal 2004. Morgan Stanley upgraded to equal-weight. CS First Boston raised estimates. S&P keeps hold.

Electronics Boutique (ELBO ) posted 7 cents vs. 2 cents second-quarter earnings per share on a 15% total sales rise. It sees 14 cents to 18 cents third-quarter earnings per share, and $1.77-$1.85 fiscal 2004. USB Piper raised its estimate, and reiterates outperform. S&P reiterates accumulate.

Neoware Systems (NWRE ) posted 12 cents vs. 23 cents fourth-quarter EPS despite a 12% sales rise. Thomas Weisel notes upside to the fourth-quarter results, and reiterates outperform.

CIBC World upgraded Linens'n Things (LIN ) to sector outperform from sector perform, and downgraded Kirkland's (KIRK ) to sector perform from sector outperform.

Pilgrim's Pride (CHX.A ) announced a plan to combine its Class A and Classs B shares into a single class of common stock, and will be listed on the New York Stock Exchange under the symbol PPC.

Duane Reade (DRD ) sees a 3-cent negative impact to third-quarter earnings per share as a result of last week's power outage. The largest drugstore chain in the New York metropolitan area lost $3.3 million in revenue. Duane Reade has business interruption insurance for any loss over $500,000, but any insurance recovery will not be recognized until collection is assured.

Freddie Mac (FRE ) is considering relieving Greg Parseghian of his duties as CEO under pressure from its regulator, which has said the mortgage-finance company needs a CEO with no ties to its accounting problems, according to the Wall Street Journal.

Autodesk (ADSK ) posted 29 cents vs. 10 cents second-quarter earnings per share despite flat revenues. The comapny sees 13 cents to 16 cents third-quarter earnings per share, and 50 cents to 60 cents fiscal 2004. S&P reiterates hold.

Borders Group (BGP ) posted 6 cents vs. 4 cents second-quarter earnings per share on an 8.2% total revenue rise. Borders sees a 2-cent loss to breakeven in the third quarter. Due to better-than-expected performance in the second quarter, Borders sees $1.45-$1.50 fiscal 2004 earnings per share.

TiVo (TIVO ) posted a 7-cent second-quarter loss, and raised the fiscal 2004 new subscriber addition guidance to 550,000-650,000, tightened the $62 million to $70 million fiscal 2004 service, raised the technology revenue guidance to $65 million to $70 million, and upped the $27 million to $38 million operating loss guidance to $27 million to $35 million.

Gap (GPS ) posted 22 cents vs. 6 cents second-quarter earnings per share on a 10% same-store sales rise, and a 13% total sales rise.

A Minnesota Supreme Court ruled in favor of 3M (MMM ) in litigation with its insurers over coverage for breast implant claims. The decision requires insurers to provide insurance benefits purchased by 3M.

Sierra Health (SIE ) says its Sierra Military Health Services unit was unsuccessful in a bid to expand its current contract with the Department of Defense. Sierra does not see a full-year impact to revenue or operating income until 2005.

Aeropostale (ARO ) posted 7 cents second-quarter earnings per share vs. a 6-cent loss on a 44% revenue rise, and says it's comfortable with the current third-quarter consensus of 51 cents.

Home Depot (HD ) increased its annual dividend by 24%, and increased its authorized share buyback program to $1 billion.

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