Intel Rises on Higher Revenue Forecast
Intel (INTC ) expects fourth-quarter revenue of $9.3 billion to $9.5 billion, higher than the previous range of $8.6 billion to $9.2 billion, driven by strong worldwide demand for its Intel Architecture products. S&P raises estimates and target slightly, but keeps its hold rating.
International Business Machines (IBM ) is putting its personal computing business up for sale in a deal that could be worth as much as $2 billion, according to the New York Times.
Boston Scientific (BSX ) was taken to Federal court by former partner Medinol Ltd., on claims that Boston Scientific set up a factory to make Medinol stents without Medinol's permission. Boston Scientific says the case alleges "grandiose estimates of damage" and is unlikely to succeed.
Fifth Third Bancorp (FITB ) is to restructure its balance sheet. As a result, the company sees 28 cents to 30 cents fourth-quarter earnings per share. It sees 2005 earnings per share growth of 21% to 23%. Baird reportedly downgrades the stock to neutral from outperform.
Mandalay Resort (MBG ) posted 99 cents, vs. 63 cents third-quarter earnings per share on a 15% revenue rise. S&P reiterates its hold rating.
Dow Chemical (DOW ) reportedly denies media reports that said the company has decided to liquidate its Union Carbide Corp. unit to compensate victims affected by the industrial disaster in the Bhopal factory 20 years ago. It says the statement is fake.
Cogent (COGT ) says it awarded a new five year $20 million services contract to continue to act as a sub-contractor on the US-VISIT biometric identification system implementation.
Sapient (SAPE ) sets a $25 million stock buyback program.
Select Comfort (SCSS ) sees lower-than-expected fourth-quarter sales of $143 million to $149 million, vs. previous guidance of $153 million to $158 million. The company says sales during the early part of the holiday season, particularly over the Thanksgiving weekend, were slower than anticipated. Longs Drug Store (LDG ) posted a preliminary November same-store sales decline of 2% and a 1.4% total sales decline. It says Pharmacy same-store sales increased 1.5% and front-end same-store sales decreased 5%.