Red Hat Declines

Adolor plummets on study failure; Micron Technology slips on sales disappointment; plus more of Thursday's stocks in the news

Red Hat (RHAT ) posted 6 cents, vs. 2 cents third-quarter earnings per share on a 55% revenue rise. Shares were lower Thursday.

Biopharmaceutical Adolor Corp (ADLR ) reported initial top-line results from a Phase 3 clinical study of alvimopan capsules for management of postoperative ileus showed the study did not achieve statistical significance in its primary endpoint. Brean Murray cuts to sell. S&P keeps hold rating.

Micron Technology (MU ) posted 23 cents first-quarter earnings per share, vs. breakeven on a 14% revenue rise.

Computer Sciences (CSC ) entered into a memorandum of understanding to extend CSC's information technology outsourcing contracts with General Dynamics (GD ) business units for 7.25 years. The company estimates the value of extensions at $1.6 billion.

RBC Capital downgrades Network Appliances (NTAP ) to sector perform as a potential Cisco (CSCO )/EMC (EMC ) partnership in network-attached storage presents an incremental risk.

PalmSource (psrc ) posted 14 cents second-quarter earnings per share, vs. an 89-cent loss (GAAP) on a 1.4% revenue rise. The company sees third-quarter revenue of $18 million, plus or minus 5%, breakeven to an 11-cent loss (GAAP), not including an impact from China MobileSoft acquisition.

Real-estate investment trust Macerich (MAC ) is to acquire Wilmorite Properties and Wilmorite Holdings for $2.333 billion.

Novartis AG (NVS ) says the FDA has approved Enablex extended-release tablets for treatment of overactive bladder with symptoms of urge urinary incontinence, urgency, and frequency.

Personnel company Robert Half (RHI ) rises after Morgan Stanley upgrades to overweight from equal-weight.

TIBCO Software (TIBX ) posted 8 cents, vs. 3 cents fourth-quarter earnings per share (GAAP) on a 72% revenue rise. The company reportedly sees 36 cents to 38 cents fiscal 2005 earnings per share on revenue of $515 million to $525 million.

Resources Connection (RECN ) posted 62 cents, vs. 19 cents second-quarter earnings per share on an 85% revenue rise.

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