Swift Transportation Lowers Outlook
Swift Transportation (SWFT ) sees lower-than-expected third-quarter earnings per share of 26 cents to 31 cents. Bear Stearns downgraded to underperform from peer perform.
Nortel Networks (NT ) expects third-quarter revenue to be lower than previously announced preliminary second-quarter revenue. It expects 2004 revenue percentage growth to be in the mid-single digits.
Best Buy (BBY ) raised its quarterly dividend by 10% to 11 cents.
Electronic Data Systems (EDS ) reportedly says the US Airways bankruptcy could reduce its third-quarter earnings per share by up to 3 cents due to a long-term information contract between the companies.
Deloitte & Touche LLP reissued an Independent Auditors' Report to state that Delta Air Lines ' (DAL ) recurring losses, labor and liquidity issues, and increased risk of a Chapter 11 filing raise doubts about Delta's ability to continue as a going concern.
Prudential believes there's a high likelihood that Multimedia Games (MGAM ) will miss fourth-quarter earnings per share largely due to apparent construction delays across 3 of its development facilities. It cut its earnings estimate.
Panera Bread (PNRA ) says August system-wide comparable bakery-cafe sales rose 2.4%. It says sales were negatively impacted by hurricanes Charley and Frances; Hurricane Frances will also negatively impact September results.
Charles Schwab (SCH ) reported client daily average revenue trades were 118,600 in August, 2004, down 6% from a year ago, and down 11% from July, 2004.
Prudential downgraded transportation company Navistar (NAV ) to underweight from neutral.
CS First Boston downgraded Qualcomm (QCOM ) to neutral from outperform.
Eastman Kodak (EK ) says in response to shifting consumer preference for more digital products and services, it will close a plant in Coburg, Australia, that primarily manufactures color photographic paper.
Williams (WMB ) decided to continue operating its wholesale power business, and will cease efforts to exit that business. The energy-services company says as a result of a restructure, it has significantly improved its financial condition.