Bausch & Lomb Shares Fall Further

Harley-Davidson shares fall; Danaher to buy Sybron Dental; plus more stocks in the news Wednesday

Bausch & Lomb (BOL) shares dropped again Wednesday, extending the previous session's sharp decline. Wal-Mart (WMT) and a number of drug chains halted sale of ReNu products after Bausch suspended shipments due to safety concerns. First Albany keeps its neutral rating and notes that Bausch does not expect to meet filing deadline for 2005 annual report.

Circuit City Stores (CC) posts 80 cents vs. 45 cents fourth quarter EPS on a 12% same-store sales rise and 13% total sales rise. It sees 5% to 7% domestic same-store sales growth and 7% to 11% fiscal year 2007 total sales growth.

Avid Technology (AVID) shares dropped Wednesday after the company said it sees 2 cents to 5 cents first quarter GAAP EPS on $216 million to $218 million revenue. It cites lower-than-expected sales of playout servers, on-air graphics, add-on and local storage, and European consumer products. It sees 2006 revenue of $940 million to $970 million.

Harley-Davidson (HDI) shares were lower after the company posted 86 cents vs. 77 cents first quarter EPS on a 4% revenue rise. It sees a 5% to 9% 2006 wholesale unit growth rate and 11% to 17% EPS growth. Harley says its second-quarter shipment plan is 78,000 2006 model-year motorcycles. S&P keeps its buy rating, but views the second-quarter shipment guidance as as disappointing.

Sybron Dental Specialties (SYD) agreed to be acquired by Danaher (DHR) for $47 per share, for an aggregate price of about $2 billion.

Eli Lilly (LLY) says a study indicates that Evista did not increase or decrease a combined endpoint of non-fatal heart attack, fatal heart attack, hospitalized acute coronary syndrome. Preliminary data from the strudy show that Evista decreased the risk of invasive breast cancer over placebo.

California Pizza Kitchen (CPKI) posts a 6.4% first quarter same-restaurant sales rise and an 18% total revenue rise. Based on better-than-expected comparables and revenue, it now sees earnings per share (EPS) of 22 cents to 23 cents vs. previous guidance of 21 cents to 22 cents, both including stock-based compensation expense.

An investigation into ties between Treasury Department officials and IBM Corp. (IBM) shows the Treasury worked closely with IBM on pension issues, as well as provided information that was subsequently misused in the company's lobbying, according to the Wall Street Journal.

Mills (MLS) receives waivers of default from its bank group through Dec. 31, 2006. It cuts its quarterly dividend 60%.

Emulex (ELX) sees 20 cents to 21 cents third quarter EPS (non-GAAP) on revenue of $88 million to $89 million, below previous guidance of 27 cents to 28 cents EPS on revenue of $106 million to $108 million. It cites delayed product launch.

Genentech (DNA) posts 39 cents vs. 27 cents first quarter EPS (GAAP) on 39% higher total product sales and 36% higher operating revenue. It expects a 45% to 55% non-GAAP EPS increase for 2006, based primarily on revised internal forecasts for product sales and royalty revenue.

Tivo (TIVO) and DirecTV announced a 3-year extension to their Tivo-DIRECTV commercial agreement. Financial terms were not disclosed.

Bausch & Lomb (BOL) share prices fell after Wal-Mart Stores (WMT) and other drug chains halt the sale of ReNu products after Bausch & Lomb in recent days suspended shipments due to safety concerns.

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