Harley Davidson Falls

Two top Morgan Stanley bankers to resign; ImClone and Bristol-Myers to file supplmental application for Erbitux drug; plus more of Wednesday's stocks in the news

Harley-Davidson (HDI ) posted 77 cents, vs. 68 cents first-quarter earnings per share on a 6% revenue rise. It notes first-quarter U.S. retail sales of motorcycles fell short of expectations. The company cuts its 339,000 2005 unit shipment forecast to 329,000 units, and mid-teens earnings per share growth forecast to 5% to 8%. The shares moved sharply lower Wednesday.

Two top investment bankers at Morgan Stanley (MWD ), Joseph Perella and Terry Meguid, plan to resign from the firm. A pension-fund group agreed to weigh in on Morgan Stanley's management struggle, as it approved a labor-dominated board, according to the Wall Street Journal.

ImClone Systems (IMCL ) and Bristol-Myers Squibb (BMY ) are to file supplemental BLA for Erbitux use as a single agent, with radiation in Squamous Cell Carcinoma of Head & Neck before 2005-end, later than expected. S&P and CSFB downgrade.

CIBC World says eBay's (EBAY ) slowing U.S. growth is causing a sell-off and reiterates sector outperform. The analyst says long-term themes are intact.

Inamed Corp. (IMDC ) says the FDA's General and Plastic Surgery Advisory Panel votes 5 to 4 for non-approval of Inamed's premarket approval application to market gel-filled breast implants in the U.S. CIBC World cuts to sector perform from outperform.

Elan Corp. (ELN ) and Biogen Idec (BIIB ) say two-year data from their Affirm Phase III monotherapy trial showed that treatment with Tysbari (for MS) led to a significant reduction in disability progression, rate of clinical relapses, and brain lesions.

Foundry Networks (FDRY ) sees lower-than-expected 6 cents to 7 cents first-quarter earnings per share on revenue of about $84 million, vs. a previous forecast of $100 million to $110 million. The company cites a slowdown in U.S. Federal Government orders and lower-than-expected sales to North American enterprise customers.

Imclone Systems (IMCL ) and Bristol-Myers Squibb (BMY ) plan to file a supplemental Biologics License Application with the FDA for Erbitux use as a single agent, in combination with radiation in Squamous Cell Carcinoma of Head and Neck before 2005-end, later than expected.

IT consulting company Analysts International (ANLY ) is to merge with equal Computer Horizons (CHRZ ). Terms of the deal give 1.15 Computer Horizons shares for each Analysts International share. Current Computer Horizons shareholders will own 52% of combined company, and Analysts International shareholders will own 48%.

Computer Associates (CA ) doubles its annual dividend to 16 cents per share, to be paid out in quarterly installments of 4 cents per share. It sets a $100 million stock buyback.

Compuware Corp. (CPWR ) sees 6 cents to 8 cents fourth-quarter earnings per share on revenue of about $316 million, including software new license revenue of about $85 million.

Mentor Corp. (MNT ) is to an present FDA panel with up to 12 years of evidence supporting integrity of its Memory Gel silicone gel-filled breast implants today. The FDA panel has recommended non-approval of Inamed's silicone gel-filled breast implants.

Intermix Media (MIX ) sees better-than-expected fourth-quarter revenue of about $23.5 million. The online media company expects to post a slight profit for the fourth quarter, excluding additional gain arising in connection with Redpoint Ventures' investment in MySpace, Inc. It sees fiscal 2006 earnings per share of 17 cents.

Burlington Coat Factory (BCF ) posted $1.49, vs. 81 cents third-quarter earnings per share on 8.4% higher same-store sales, and 14% higher total sales.

California Pizza Kitchen (CPKI ) posted 9.3% higher first-quarter same-store sales and 12% higher total sales. The company raises first-quarter earnings per share guidance to 21 cents to 22 cents.

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