AIG Delays 10-K Filing

Micron posts higher earnings; Qwest board meets to consider raising bid for MCI; plus more of Wednesday's stocks in the news

American International Group (AIG ) says the filing of its 2004 10-K will be delayed beyond the Mar. 31 extended due date in order to provide the company with adequate time to complete an extensive review of its books and records.

Micron Technologies (MU ) posted 17 second-quarter earnings per share, vs. a 23-cent loss on a 32% sales rise.

Michaels Stores (MIK ) sees better-than-expected first-quarter same-store sales growth of 5% to 7% and earnings per share of 27 cents to 29 cents. The company expects fiscal 2006 earnings per share of $1.75 to $1.82. It cites an increase in customer traffic and transactions.

Qwest Communications's (Q ) board reportedly will meet today to consider raising its bid for MCI (MCIP ), which yesterday accepted a sweetened offer from Verizon (VZ ).

Hewlett-Packard (HPQ ) confirms a report that it has named Mark Hurd as CEO and President. Mr. Hurd resigned as CEO and President of NCR yesterday. First Albany reportedly upgrades. S&P reiterates hold.

Bear Stearns downgrades Anheuser-Busch (BUD ) to peer perform from outperform.

Walt Disney Co. (DIS ) and Bob and Harvey Weinstein (co-chairmen of Miramax) have reached a mutual agreement concluding Weinstein's current deal with Disney.

Veritas (VTS ) posted a preliminary 49 cents second-quarter earnings per share on revenue of $192 million. The company says it has not yet completed a previously announced restatement of prior period results or filed its Form 10-K for fiscal 2004 or Form 10-Qs for the first two quarters of fiscal 2005.

Greenbrier (GBX ) posted 31 cents, vs. 15 cents second-quarter earnings per share on a 53% revenue rise.

Bristol-Myers Squibb (BMY ) announces FDA approval of Baraclude, which indicated for treatment of chronic hepatitis B infection in adults with evidence of active viral replication.

Navigant International (FLYR ) believes that, while not yet finalized, non-cash adjustments will reduce reported diluted earnings per share for 2000, 2001, 2002, 2003, and 2004 by less than 10% for each year.

Corgentech Inc. (CGTK ) and Bristol-Myers say the trial of Corgentech's E2F Decoy technology to prevent vein graft failure following coronary artery bypass graft surgery has failed to meet primary and secondary endpoints. Bristol-Myers terminates collaboration.

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