Cisco Slips

VISX climbs on merger news; Pfizer and GM decline; plus more of Wednesday's stocks in the news

Cisco Systems (CSCO ) posted 21 cents, vs. 15 cents first-quarter earnings per share (GAAP) on a 17% revenue rise. The company reportedly sees 1% to 3% second-quarter sales rise sequentially. The stock was lower Wednesday.

Pfizer (PFE ) says that the incidence of heart attacks and strokes among patients given the company's painkiller Bextra was more than double that of those given placebo, according to preliminary results of a study, according to the New York Times.

General Motors (GM ) is to delay filing of its third-quarter Form 10-Q with the SEC. The document relates to how GM, and its financial services subsidiary, GMAC, account for sale of certain mortgage assets.

VISX (EYE ) agreed to be acquired by Advanced Medical Optics. The terms of the acquisition: 0.552 shares of Advanced Medical and $3.50 in cash for each VISX share held. The deal values VISX shares at $26.52 per share.

Goodyear (GT ) posted 21 cents third-quarter earnings per share, vs. a 68-cent loss on a 21% sales rise. The company says management remains focused on addressing the company's high debt levels and unfunded pension obligations.

Computer Sciences (CSC ) posted 68 cents, vs. 57 cents second-quarter earnings per share on a 9.6% revenue rise.

SunTrust Banks (STI ) is to delay reporting third-quarter results until Nov. 12. The company confirms that due to revisions to previously reported quarterly allowances for loan losses and reported pre-tax income for the first-quarter, second-quarter 2004 is expected to be increased.

Federated Department Stores (FD ) posted 42 cents, vs. 36 cents third-quarter earnings per share on slightly higher same-store sales and slightly higher total sales. The company expects flat to up 2% November same-store sales, while December will benefit from two extra pre-Christmas shopping days.

Sports Authority (TSA ) was upgraded by First Albany, to buy from neutral. The sports equipment retailer believes ongoing remerchandising and remodeling initiatives could begin driving improved results as early as the fourth-quarter.

InterMune (ITMN ) received a subpoena from the Department of Justice requiring the company to provide the Department of Justice with certain information relating to Actimmune, including information on promotion and marketing.

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