Cisco Shares Fall
Shares of Cisco Systems (CSCO ) fell Wednesday after the computer networking gear maker posted fourth quarter earnings per share (GAAP basis) of 24 cents, vs. 20 cents one year earlier, on 11% sales rise. The company guided October-quarter sales flat to down moderately on a sequential basis. S&P downgraded the shares to buy from strong buy.
Baidu.com (BIDU ) shares were seen higher on reports Yahoo (YHOO ) is close to paying $1 billion, plus its China operations, for a 35% stake in Alibaba.com, China's second largest e-commerce operator behind Baidu.com.
Disney (DIS ) posted third-quarter earnings per share of 41 cents, vs. 29 cents, on a 3% revenue rise.
Carl Ichan plans to lead an investor group that intends to push media giant Time Warner (TWX ) into selling a big chunk of its cable TV unit, and possibly spinning off its publishing operations, according to a Wall Street Journal report.
Delphi (DPH ) shares advanced after JP Morgan upgraded its rating on the stock to overweight from neutral.
Trading in Whirlpool WHR ) and Maytag (MYG ) was halted Wednesday pending news. On Wednesday, Whirlpool submitted a revised bid to acquire Maytag for $21 per share. Earlier Wednesday, the New York Times reported that an investor group led by Ripplewood Holdings indicated it will raise its offer for Maytag.
American International Group (AIG ) posted second quarter earnings per share of $1.53, vs. $1.01, on higher net investment income.
Click Commerce (CKCM ) shares rebounded Wednesday after a sharp decline Tuesday after the company posted second quarter earnings per share of 33 cents (non-GAAP).
Morgan Stanley reportedly upgraded its investment rating on American Express (AXP ) to equal-weight from underweight.
Wet Seal (WTSLA ) CFO Douglas Felderman resigned for personal reasons.
Magna International (MGA ) posted second quarter earnings per share of $2.06, vs. $1.93, on a 15% revenue rise. The company sees a continued impact from negative conditions in the automotive industry. It sees 2005 earnings per share (excluding items) lower than 2004.
Gilead Sciences (GILD ) says its HIV treatment combining active ingredients of two drugs failed to work as it hoped. Gilead says it is now proceeding with the evaluation of up to 3 new formulations based on bi-layer technology.
Panera Bread (PNRA ) posted second quarter earnings per share of 33 cents, vs. 21 cents, on a 33% revenue rise.Th eocmpany narrowed its 2005 earnings per share guidance to $1.57-$1.59, and assumes system-wide comparable-store sales growth at 6.2%-7.8%, somewhat higher than previous targets.
Tupperware (TUP ) is near a deal to purchase Sara Lee's (SLE ) direct-selling operation for between $500 million to $600 million, according to a Wall Street Journal report.
Jack In The Box (JBX ) posted third quarter earnings per share of 66 cents, vs. 56 cents, on a 9% revenue rise. It sees fourth quarter earnings per share of 63 cents. Italso raised its $2.46 fiscal 2005 earnings per share forecast to $2.52, due primarily to a non-recurring reduction in its tax rate in the third quarter.