Apple Shares Fall

Refco hit with class action suit; Harley earnings rise; plus more of Wednesday's stocks in the news

Apple (AAPL ) shares moved lower Wednesday after the company posted 50 cents vs. 13 cents fourth quarter earnings per share (GAAP) on a 57% revenue rise. It sees $4.7 billion first quarter sales, and GAAP earnings per share of about 46 cents. S&P says fourth quarter iPod and desktops are below its model, keeping a hold opinion on the stock. Credit Suisse First Boston sees a buy opportunity.

Federman & Sherwood says it has filed a securities class action lawsuit against Refco(RFX ), alleging a series of material misrepresentations that artificially inflated the stock's price during the class period Aug. 11, 2005 thru Oct. 7, 2005.

Titanium Metals (TIE ) raised its $123 million to $138 million 2005 operating income guidance to $155 million to $165 million on higher revenue of $740 million to $760 million. It cited higher selling prices and lower-than-expected raw material costs.

Portalplayer (PLAY ) was seen lower in sympathy with Apple's disappointing iPod sales. The company's decoder chip is used in the iPod.

Audiovox (VOXX ) posted 16 cents third quarter loss from continuing operations vs. breakeven on a 7.3% sales decline. It says the unexpected declines in satellite radio and the ongoing shift in the mobile video category negatively impacted its results.

Harley-Davidson (HDI ) posted 96 cents vs. 77 cents third quarter earnings per share on a 10% revenue rise. It sees 5% to 9% long-term annual wholesale unit growth and annual earnings per share growth of 11% to 17%.

Advanced Micro Devices (AMD ) posted 18 cents vs. 12 cents third quarter earnings per share on a 23% sales rise. It expects fourth quarter microprocessor sales to grow 7% to 13% sequentially. S&P reiterated its hold on the stock.

Titan (TWI ) received an offer from One Equity Partners, a private equity affiliate of JPMorgan Chase (JPM ), indicating One Equity's interest in acquiring Titan for $18.00 per share cash.

Pfizer (PFE ) was seen higher on reports that a U.K. court decision stops the early launch of generic Lipitor.

Medtronic (MDT ) upped its $2.10 to $2.15 fiscal year 2006 earnings per share guidance to $2.18 to $2.23, its $2.37 to $2.47 fiscal year 2007 guidance to $2.45 to $2.55, and its $2.70 to $2.90 fiscal year 2008 guidance to $2.78 to $2.98. S&P raised its estimates but kept a hold on the stock.

Apollo Group (APOL ) posted 65 cents vs. 52 cents fourth quarter earnings per share from operations (pro forma) on a 20% revenue rise. It set an additional $300 million stock buyback.

Oneok (OKE ) Inked a deal to sell certain natural gas gathering and processing assets in Texas to Eagle Rock Energy, a privately held company, for $528 million.

Monsanto (MON ) posted 47 cents fourth quarter $0.47 Q4 loss vs. $0.16 loss despite 3.3% sales rise. The company raised fiscal 2006 growth projections and now sees $2.35-$2.50 EPS.

Applied Industrial Technologies (AIT ) posted 54 cents vs. 43 cents first quarter earnings per share on a 7.3% sales rise. It sees second quarter earnings per share of 43 cents to 49 cents on sales of $440 million to $450 million. It raises fiscal year 2006 earnings per share guidance to $2.05 to $2.15 on sales of $1.85 billion to $1.89 billion.

Research In Motion (RIMM ) said it plans to provide its BlackBerry Connect support for new NOKIA E-series devices, enabling E-series users with BlackBerry wireless services. It set a 9.5 million share buyback.

Martha Stewart (MSO ) and KB Home (KBH ) are in collaboration on the design of new homes. The first community will feature approximately 650 homes in Cary, NC. S&P reiterated a strong sell.

Conn's (CONN ) posted 11% higher September same-store sales and 21% higher total sales. It noted that as of Oct. 10, 2005 the company has resumed normal operations at normal locations.

Endwave (ENWV ) is unsure if it will continue with its proposed follow-on public offering as planned. It cited recent developments, including the disclosure of Wood River's 40% ownership of the company and a lawsuit filed by Lehman against Wood River.

Advo (AD ) said it sees $1.25 to $1.29 fiscal year 2005 earnings per share (GAAP), $1.32 to $1.36 non-GAAP. It cited product mix shifts towards lower margin products, lighter weight preprint circulars, and increased bad debt expense.

Conmed (CNMD ) cut its $153 million to $156 million third quarter sales growth guidance to $150 million. It sees 25 cents to 26 cents GAAP earnings per share. It noted domestic sales growth is slower than expected amid rising raw material costs. It sees $163 million to $166 million fourth quarter sales and non-GAAP earnings per sahre of 36 cents to 40 cents.

California Pizza Kitchen (CPKI ) posted 7.1% higher third quarter same-store sales and 17% higher total sales. Based on better-than-expected comparables, it now sees 33 cents to 34 cents third quarter earnings per share, up from previous guidance of 32 cents to 33 cents.

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