Microsoft Slips after Court Setback
Microsoft's (MSFT ) appeal for suspension on sanctions imposed by European Union regulators was dismissed by a European Union court.
Fannie Mae (FNM ) announced the retirement of Chairman and CEO Franklin D. Raines and the resignation of Vice Chairman and CFO J. Timothy Howard. The company also says the audit committee has dismissed KPMG LLP as the company's independent auditors.
Boeing (BA ) says Japan Airlines selected the Boeing 7E7 Dreamliner as its next generation mid-sized twin aisle aircraft. Japan Airline's requirement for 30 firm deliveries and 20 options will be fulfilled with a combination of 7E7-3s and 7E7-8s.
Procter & Gamble (PG ) withdrew its application for a testosterone patch for boosting female sex drive, and will resubmit it to the FDA, according to the Wall Street Journal.
Based on its current business outlook, Qualcomm (QCOM ) expects first-quarter revenue, excluding the Qualcomm Strategic Initiatives (QSI) segment, of about $1.4 billion, the high-end of the company's prior guidance. It sees 26 cents to 27 cents earnings per share.
OfficeMax (OMX ) expects fourth-quarter comparable retail sales to be nearly flat, vs. year-ago levels. The company says retail sales, gross margins during 2004 Thanksgiving-to-Christmas holiday season have been weaker than expected.
Research In Motion (RIMM ) posted 46 cents, vs. 10 cents third-quarter earnings per share on a sharp revenue rise. The company sees $390 million to $410 million fourth-quarter revenue and $430 million to $455 million first-quarter revenue. It raises fourth-quarter earnings per share (GAAP) guidance to 48 cents to 54 cents. It expects 51 cents to 57 cents first-quarter earnings per share.
Endo Pharmaceuticals (ENDP ) sees 2005 net sales of $650 million to $660 million and GAAP earnings per share of $1.18 to $1.20. The company notes 2005 guidance does not reflect the launch of its generic transdermal fentanyl patch or its generic extended-release oxycodone tablets.
Applied Signal Technology (APSG ) posted lower-than-expected 21 cents, vs. 26 cents fourth-quarter earnings per share as a sharply higher tax rate helped offset a 35% revenue rise.
Merix Corp. (MERX ) posted 2 cents, vs. 3 cents second-quarter earnings per share (pro forma) as narrowed gross margin offset a 17% sales rise. The company sees a 5-cent to 11-cent third-quarter loss on sales of $46 million to $49 million. Needham and Thomas Weisel downgrade.
TTM Technologies (TTMI ) declines after CS First Boston believes the company's fourth quarter is tracking toward the low-end of guidance.