Cisco Profit Climbs
After the close of trading Tuesday, Cisco posted 17 cents a share, vs. 14 cents in the third quarter. Sales grew to $5.6 billion. Excluding $161 million in amortization and other one-time charges, Cisco posted 19 cents a share, 1 cent better than the analysts' average estimate.
Symbol Technologies (SBL ), a maker of bar code scanners, posted 3 cents first-quarter earnings per share (including a charge), vs. a 13 cents loss on a 9% revenue rise. Wachovia upgraded to outperform from market perform. Baird reportedly upgraded to outperform.
Electronic Data Systems EDS says it may cut its dividend and issue up to $1 billion in stock in order to maintain its credit rating. S&P maintains hold.
Pacific Sunwear (PSUN ) posted 19 cents, vs. 11 cents first-quarter earnings per share on 13% higher same-store sales and 24% higher total sales. The retailer sees $1.31 fiscal 2005 earnings per share, vs. the current consensus estimate of $1.26, assuming same-store sales growth of 5% for the rest of the year.
Halliburton (HAL ) expects its DII Industries unit to get $1.6 billion from insurers to help settle claims from people who said asbestos made them sick.
MCI (MCIA ) posted a $205 million first-quarter loss, vs. $634 million in profit on a 13% revenue drop (including Embratel). UBS Financial reportedly upgraded to neutral from reduce. MCI plans to cut 7,500 jobs this year.
Dow Jones (DJ ) says advertising linage, or volume, at The Wall Street Journal's U.S. edition increased 7.5% in April, with year-to-date linage up 6.6%. Citigroup upgraded to buy from hold.
Thomas Weisel upgraded Brocade Communications (BRCD ) to peer perform from underperform.
Texas Industries (TXI ) says due to improving results for steel operations, it raised the fourth-quarter earnings estimates.
CVS Corp. (CVS ) posted 5.4% higher April same-store sales and 7% higher total sales.
According to The Wall Street Journal, Electronic Data (EDS ) says it may cut its dividend and issue up to $1 billion in stock in order to maintain its credit rating.
Chiquita Brands (CQB ) posted 46 cents, vs. 62 cents first-quarter earnings per share despite a 68% revenue rise. It says the Justice Dept. will be evaluating its role and conduct in relation to an ongoing investigation of its Colombian units payments to terrorist organizations.
Rayovac (ROV ) will be added to the S&P SmallCap 600 after the close of trading May 18, replacing Tom Brown, which is being acquired.
Mylan Labs (MYL ) posted 27 cents, vs. 27 cents fourth-quarter earnings per share despite a 5.7% revenue drop. Mylan reaffirmed the fiscal 2005 earnings per share guidance of $1.30 to $1.40, and anticipates a July 24, 2004 launch of fentanyl.
Procter & Gamble (PG ) purchased the remaining 20% stake in its China joint venture from its partner, Hutchison Whampoa China, for $1.8 billion.
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