GE Net Rises
General Electric (GE ) posted 38 cents vs. 36 cents third-quarter earnings per share (adjusted) on a 15% rise in total revenue. GE narrowed its 2004 earnings per share guidance to $1.57 to $1.60. The company says it is confident it will achieve 2005 earnings per share growth of 10% to 15%.
Advanced Micro Devices (AMD ) posted 12 cents third-quarter earnings per share, vs. a 9-cent loss, on a 30% sales rise. AMD expects fourth-quarter total sales to increase, driven by processor sales that exceed seasonal trends and flat-to-higher flash memory sales.
AT&T Corp. (T ) will take a noncash third-quarter charge of about $11.4 billion for asset impairment. Also, the company says it will reduce total headcount by more than 20% in 2004. Ma Bell will record a related charge in the third quarter of about $1.1 billion. S&P keeps hold.
Manhattan Associates (MANH ) sees 14 cents to 16 cents third-quarter earnings per share (GAAP basis). The company cites delays in closing software sales. Prudential cut its estimates and price target.
Sonicwall SNWL sees lower-than-expected breakeven to 1-cent third-quarter earnings per share and $30 million to $31 million in revenue; it also set a $127 million to $130 million 2004 revenue outlook. JP Morgan downgraded the shares to neutral from overweight and removed Sonicwall from its Focus List.
Lionbridge Technologies (LIOX ) sees lower-than-expected 3 cents to 4 cents third-quarter earnings per share on revenue of $37.5 million to $38 million. It sees 18 cents to 22 cents 2004 earnings per share (adjusted) on revenue of $155 million to $157 million. Piper Jaffray downgraded the shares to market perform from market outperform.
Chiron (CHIR ) sees 32 cents to 42 cents 2004 earnings per share (GAAP basis). The forecast includes a 38-cent charge for amortization expense on acquired intangible assets related to acquisitions and purchased in-process R&D charges, vs. a previous estimate of a 35-cent charge.
Alcoa (AA ) posted 34 cents vs. 33 cents third-quarter earnings per share from continuing operations on a 13% sales rise.
Johnson Controls (JCI ) sees an 8% to 10% rise in fiscal 2005 sales and a 10% to 12% rise in operating income. The company cites growth by both its automotive and controls businesses, as well as improvements in operational quality and costs.
The SEC notified Krispy Kreme (KKD ) that it has entered a formal order of investigation concerning the company.
Zoll Medical (ZOLL ) sees lower-than-expected fourth-quarter earnings per share of 23 cents to 28 cents on revenue of about $55 million. Zoll cites delayed product shipments due to unexpected unit configurations.
Burlington Northern (BNI ) sees better-than-expected 75 cents to 77 third-quarter earnings per share, excluding charges. The company says it recorded a third-quarter noncash charge of about 76 cents per share to reflect changes in way it estimates asbestos and environmental remediation liabilities.
Piper Jaffray raised its estimates on Yahoo! (YHOO ) and reiterated its outperform rating.
Sirius Satellite (SIRI ) filed to offer 25 million shares and $200 million principal amount of convertible notes due 2011.
Longs Drug Stores (LDG ) posted a preliminary 1.7% rise in September same-store sales: a 3.4% rise in pharmacy same-store sales and flat front-end comparisons. Total September sales rose 2.7%.
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