Cisco Shares Decline
Cisco Systems (CSCO ) shares fell after the maker of Internet networking gear posted 17 cents, vs. 14 cents third-quarter earnings per share (GAAP) on a 22% sales rise. Cisco sees fourth-quarter sequential revenue growth of 3% to 5%. S&P reiterates buy.
DaimlerChrysler (DCX ) will sell its 10.5% stake in Hyundai Motor. Hyundai will acquire Daimler's 50% stake in Daimler Hyundai Truck. The companies terminated a commercial vehicle engine alliance as well as talks on a commercial vehicle joint venture.
Abercrombie & Fitch (ANF ) posted 31 cents, vs. 26 cents first-quarter earnings per share on flat same-store sales and 19% higher total sales. The retaler says it's comfortable with second-quarter earnings per share estimates in the 38 cents to 40 cents range. JP Morgan and Prudential upgraded.
Northrop Grumman (NOC ) expects double-digit 2005 earnings per share growth (assuming the same pension expenses as in 2004), and about $30 billion i sales. The defense contractor raised the quarterly dividend 15%, and set a 2-for-1 stock split.
Prudential upgraded Bank of America (BAC ) to overweight from neutral.
Goodyear Tire (GT ) expects that the filing of its 10-Q for the first quarter will be delayed until mid-June. It says it expects "improvement" in results of operations for the first quarter, vs. the restated prior-year period.
Qualcomm (QCOM ) raised the third-quarter earnings per share guidance to 51 cents to 53 cents on 44% to 46% revenue growth (excluding QSI). The cell-phone maker cited greater-than-expected WCDMA royalties and strong orders for some products. S&P keeps buy.
Federated Department Stores (FD ) posted 52 cents, vs. 24 cents first-quarter earnings per share on 6.9% higher same-store sales. Federated raised the second-quarter earnings per share guidance to 57 cents to 62 cents on 2% to 4% same-store sales growth. It now forecasts $3.80 to $3.90 fiscal 2005 earnings per share (including items).
New York Times (NYT ) posted 5.6% higher April ad revenues and 3% higher total companyrevenues. The publisher says advertising recovery remains on track as evidenced by its solid year over year growth in ad revenues. Too Inc. (TOO ) posted 15 cents, vs. 12 cents first-quarter earnings per share on 2% higher same-store sales and 12% higher total sales. Based on an estimate of flat comp-store sales for the second quarter, the apparel company says it's comfortable with analysts' current average estimate of 5 cents second-quarter earnings per share.
Weight Watchers (WTW ) posted 34 cents, vs. 37 cents first-quarter earnings per share as an accounting charge offset a 12% revenue rise. The company says current weakness in U.S. attendance was worse than its expected, and cut the 2004 earnings per share estimate to $1.70 to $1.80, excluding items. KeyBanc reportedly downgraded.
Sycamore Network (SCMR ) posted a 3 cents third-quarter loss, vs. a 5 cents loss on a 39% revenue rise. S&P keeps hold.
The FDA says King Pharmaceuticals' (KG ) abbreviated new-drug application for an epilepsy treatment is not approvable.
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.