QLogic Drops on a Warning

Best Buy climbs; Rediff.com soars on Yahoo deal; plus more of today's stocks in the news

QLogic (QLGC ) expects fourth-quarter non-GAAP earnings per share to be about 36 cents on lower than expected revenue of about $128 million. QLogic cited the decline in expected orders from two original equipment manufacturing customers for host bus adapters at the end of the quarter. Merrill downgraded QLogic to neutral from buy. ThinkEquity cut to equal-weight from overweight. S&P keeps accumulate.

Best Buy (BBY ) posted $1.42, vs. $1.16 fourth-quarter earnings per share on a 21% revenue rise. The consumer electronics retailer anticipates 15% to 20% fiscal 2005 earnings per share growth, to a range of $2.80 to $2.93

Rediff.com (REDF ) and Yahoo! India inked an alliance to jointly promote online shopping and mobile content across both portals.

AaiPharma (AAII ) says its 2003 10-K won't be filed within the 15-day extension provided under Form 12b-25. The stock is subject to a possible delisting. AaiPharma may restate 2003 results. The company received a notice that it may receive a subpoena relating to sales activity. Jeffries cut its price target and keeps the underperform rating.

Circuit City (CC ) posted 46 cents, vs. 32 cents fourth-quarter earnings per share from continuing operations on 1.8% higher revenue. The consumer electronics chain agrees to acquire Canada's InterTan for about $284 million in cash.

Interstate Bakeries (IBC ) suspended dividend payments as a result of a cash flow shortfall due to the recent reduction in bread sales. Interstate says the sales reduction is industry wide, and not limited to the company.

Raymond James downgraded Stanley Works (SWK ) to market perform from strong buy.

Merrill upgraded Lilly (LLY ) to buy from neutral.

ThinkEquity downgraded Emulex (ELX ) to equal-weight from overweight. S&P views today's price weakness as an enhanced buying opportunity.

Sabre Holdings (TSG ) raised the first-quarter earnings per share (adj.) guidance to 32 cents to 35 cents, and upped the 2004 estimate to $1.25-$1.35. Sabre cited strong travel bookings and lower expenses. It projects Travelocity's operating loss in the first quarter to be less than originally expected. S&P keeps hold.

International Multifoods (IMC ) posted 23 cents, vs. 38 cents fourth-quarter earnings per share on 2.6% lower sales.

Usana Health (USNA ) expects 29 cents first-quarter earnings per share, vs. the previous guidance of 31 cents. Usana cited higher than expected expenses incurred in the opening of the Mexico market, and a higher cost of goods sold at its Wasatch operations.

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