Eastman Kodak Rises After Reporting Results
Eastman Kodak (EK) posts a third-quarter loss of 13 cents, vs. $3.18 loss (GAAP) a year ago, as lower costs and the absence of a $778 million charge offset a 10% sales decline. The photography company sees $400-$660 million 2006 GAAP loss from continuing operations excluding interest, other income, and income taxes on a 6% sales decline.
IAC/InteractiveCorp (IACI) posts third-quarter adjustsed EPS of 35 cents, vs. 32 cents, on a 11% revenue rise. S&P reiterates strong buy.
Avanir Pharmaceuticals (AVNR) says the FDA indicated that additional safety and efficacy data will be required before the FDA approves Zenvia, the company's treatment for involuntary emotional expression disorder. Wedbush Morgan downgrades the stock to sell from hold.
Martha Stewart Living Omnimedia (MSO) posts a third-quarter loss of 13 cents per share (excluding a litigation reserve), vs. 51 cents loss a year ago, on a 48% revenue rise.
Omnicare (OCR) posts third-quarter adjusted EPS of 63 cents, vs. 64 cents, as higher SG&A costs offset a 9.6% sales rise. S&P downgrades the stock to hold from buy.
Sirna Therapeutics (RNAI) agrees to be acquired by Merck (MRK) for $13 per share in cash, or $1.1 billion.
Alnylam Pharmaceuticals (ALNY) shares are sharply higher on the heels of news that Merck offered to buy ALNY peer Sirna Therapeutics for a 102% premium to its Oct. 30 closing price. Needham says the offer validates efforts of Alnylam and Nastech Pharmaceutical (NSTK).
Visteon (VC) posts wider-than-expected third-quarter loss of $1.38 per share, vs. $1.64 loss a year ago, on a 40% sales decline. It plans to reduce its workforce by 900 people, and take a $65 million fourth-quarter related charge.
Qwest Communications (Q) posts third-quarter EPS of 9 cents, vs. 8 cents loss, as lower operating expenses offset slight revenue drop. It notes year-ago revenue included $52 million from a large government contract.
Under Armour (UARM) posts third-quarter EPS of 32 cents (including a 5 cents benefit), vs. 20 cents a year ago, on a 48% sales rise. It raises 2006 net income guidance to $38.5-$39.5 million, and net revenue outlook to $410-$420 million.
Procter & Gamble (PG) posts first-quarter earnings per share of 79 cents, vs. 77 cents a year ago, on a 27% sales rise. The consumer products giant sees 81-83 cents second-quarter EPS on a 5%-8% sales rise. It raises fiscal year 2007 EPS view to $2.97-$3.02 on a 9%-11% sales rise (4%-6% organic growth). S&P reiterates strong buy.
Biogen Idec (BIIB) posts third-quarter EPS (non-GAAP) of 60 cents, vs. 36 cents, on an 18% revenue rise. It sees 2006 non-GAAP EPS above $2.20.
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