Noticias USA (28/01/2005)

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1/28/2005 9:00:28 AM After closing higher in the two previous sessions, the U.S. stock markets took a breather on Thursday, with the major averages ending the session mixed. While the Dow ended the session in negative territory, the Nasdaq and the S&P 500 managed to hold onto modest gains.

The Nasdaq and the broader market could see some further upside on Friday following the release of better than expected quarterly results from software giant Microsoft (MSFT). Shares of Microsoft are moving higher in pre-market trading, with the technology bellwether currently up more than 2 percent.

The upward momentum for Microsoft comes after the company reported fiscal second-quarter earnings that more than doubled, beating Wall Street estimates. The company also reported sales growth for the quarter, citing strong sales of server software and its Halo 2 video game.

Additionally, the company also raised its full year guidance, saying it now expects to earn $1.09 to $1.11 per share on revenue of $39.8 billion to $40 billion. This compares to Microsoft's previous guidance of earnings of $1.07 to $1.09 per share on revenue of $38.9 to $39.2 billion.

Procter & Gamble To Acquire Gillette For $57 Billion

Shares of Gillette (G) are also showing a strong upward move in pre-market trading, benefiting from news that it has agreed to be acquired by Procter & Gamble (PG) in a deal valued at approximately $57 billion. The proposed acquisition would combine two of the nation's largest consumer products makers.

Under the terms of the deal, Gillette shareholders will receive 0.975 shares of P&G common stocks for each share of Gillette held. Based on the stocks' closing prices on Thursday, the deal represents an 18 percent premium to Gillette shareholders.

The companies said that the transaction is expected to close in the fall of 2005, subject to certain conditions including approval by Gillette's and P&G's shareholders and regulatory clearance.

Additionally, P&G said that as a result of the proposed acquisition, it has raised its annual sales growth target to 5 to 7 percent from its previous target of 4 to 6 percent growth. The company also said that it expects to cut 6,000 jobs through the elimination of management overlaps and the consolidation of business support functions.

After the close of trading on Thursday, P&G released its second quarter financial results, reporting earnings that increased from last year and beat analyst estimates on higher sales. The company also forecast third quarter earnings in line with analyst expectations.

U.S. Economy Grows Less Than Expected In Q4

Friday morning, the Department of Commerce released its advanced report on the fourth quarter Gross Domestic Product, showing weaker than expected growth in the U.S. economy.

The report showed that the GDP rose at an annual rate of 3.1 percent in the fourth quarter compared to the 4 percent growth seen in the third quarter. Economists had expected a more modest slowdown to about 3.5 percent growth.

The Commerce Dept. said that the deceleration in GDP growth was primarily due to a downturn in exports and an acceleration in imports. This comes even though the recent weakness in the value of the dollar has made U.S. exports more competitive overseas.

The report also showed that a deceleration in consumer sending on durable goods also contributed to the slowdown in economic growth. The Commerce Dept. noted that this was partly offset by an upturn in private inventory investment.

The Commerce Dept. also said that its price index for personal consumption expenditures excluding food and energy rose at an annual rate of 1.6 percent. The increase for the index, which is said to be a favorite inflation indicator of Federal Reserve Chairman Alan Greenspan, compares to the 0.9 percent increase reported for the third quarter.

Real-Time Bid, Ask, Trades and News for MSFT


The Futures Are Mixed Going Into The Open [$COMPX]

1/28/2005 8:53:40 AM The Futures are currently mixed going into the open of Friday's session. The S&P Futures are up 1.50 points, the Dow Futures are down 3 points and the Nasdaq Futures are up 7.50 points.

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1/28/2005 9:00:22 AM Tidewater Inc. (TDW) revealed net income for the third quarter of $19.8 million or $0.34 per share, compared to $18.3 million or $0.32 per share in the same period last year. Analysts expected earnings of $0.32.

Quarterly revenues rose to $187.6 million from $169.4 million last year. Analysts expected revenues of $174.59 million.

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1/28/2005 8:58:02 AM Friday before the bell, McDonald's Corp. (MCD), an operator of restaurants, released its fourth quarter financial results reporting higher earnings, excluding items, that came in below estimates, despite an increase in revenues.

Excluding items, earnings per share for the quarter was $0.45 compared to $0.35 in the prior year quarter. On average, 19 analysts polled by First Call/ Thomson Financial estimated earnings for the quarter of $0.46 per share.

The Oak Brook, Illinois-based company posted net income of $397.9 million or $0.31 per share, compared to net income of $125.7 million or $0.10 per share in the year-ago quarter.

Operating income for the quarter rose 68% to $617.3 million from operating income of $367.5 million in the corresponding quarter last year.

Quarterly revenues were registered at $5.0 billion, climbing from revenues of $4.5 billion in the comparable quarter last year. 11 analysts had a consensus revenue estimate of $4.86 billion for the quarter.

For the full year 2004, McDonald's recorded net income of $2.2 billion or $1.79 per share, in comparison with net income of $1.5 billion or $1.15 per share in 2003. Analysts expected the company to report earnings of $1.93 per share for the year.

Fiscal 2004 operating income climbed 25% to $3.5 billion from $2.8 billion in the previous year.

Revenues for full year 2004 were reported at $19.06 billion, increasing 11% from revenues of $17.14 billion in the previous year.

MCD closed Thursday's regular trading session at $32.12.

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1/28/2005 8:55:02 AM Friday morning, Engineered Support Systems Inc. (EASI), a holding company for 11 wholly owned subsidiaries, announced that it has received its fifth contract order valued at $1.4 million for 63 Multi-Purpose Decontamination Systems and accessories from the US Marine Corps Albany Logistics Base that would be fielded to US Army and US Marine Corps Chemical units.

The company stated that the order was received by its Engineered Air Systems (EASI) subsidiary in St. Louis. The order brings the total number of Multi-Purpose Decontamination Systems (MPDS) fielded to date to 440 systems throughout the Department of Defense and US Coast Guard, the company said.

Engineered Support further said that including training, field maintenance services and support, contractor Logistical Support (CLS) for MPDS under EASI's existing multi- year CLS contract would continue to be provided by the company's Radian Inc. subsidiary.

EASI closed Thursday's trade unchanged at $57.90 per share.

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1/28/2005 12:15:46 AM Late Thursday, OSI Systems, Inc. (OSIS), a provider of security and inspection systems, revealed its financial results for the second quarter, reporting earnings that decreased from last year but matched analysts' estimates on higher revenues. The company also provided the outlook for the third and fourth quarters.

The Hawthorne, California-based company reported net income for the quarter of $2.5 million or $0.15 per share, compared to $3.0 million or $0.20 per share in the same quarter last year.

Excluding Spacelabs-related acquisition charges, non-GAAP net income was $3.14 million or $0.19 per share for the second quarter of 2005.

On average, 4 analysts polled by First Call/Thomson Financial expected the company to earn $0.19 per share for the quarter.

Quarterly revenue rose 101% to 102.5 million from $51.1 million reported in the year-ago quarter. Four analysts had a consensus revenue estimate of $97.50 million for the quarter. Spacelabs' acquisition contributed to a greater extent for the revenue growth, the company noted.

For the quarter, revenue from Security Group was $32 million, up 11% from last year, revenue from Healthcare Group rose to $54 million from $3.3 million, revenue from Optoelectronics & Manufacturing Group was $16.5 million, down 12% from prior year-quarter.

For the first half of 2005, OSI Systems posted net income of $3.8 million or $0.23 per share, compared to $4.3 million or $0.29 per share in the comparable period of fiscal 2004.

Revenue for the six-month period was $190.2 million, an increase of 112% from $89.7 million in the corresponding period of last year.

Looking ahead, OSI Systems projects third quarter earnings, including Spacelabs-related retention and amortization expenses, to be break even and anticipates revenue between $92 and $94 million for the quarter.

Analysts expect the company to earn $0.20 per share on revenue of $97.90 million for the third quarter.

Moreover, for the fourth quarter, OSI Systems forecasts earnings, including items, to be in the range of $0.08 - $0.10 per share and revenue in the range of $96 to $98 million.

On Thursday, OSIS closed the trading session at $19.60, up $0.11.

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Cisco Upgrades Internet Routing Solution For Chunghwa Telecom`s HiNet To Help Reduce Capital And Operating Expenses - Update [CSCO]

1/28/2005 12:12:17 AM Thursday evening, Cisco Systems, Inc. (CSCO) said it has been chosen to upgrade the Internet protocol network of HiNet, the data communications business of Taiwan-based Chunghwa Telecom, to consolidate traffic of all its services.

This is not the first time the two companies are coming together. Since 2001, HiNet has deployed the Cisco 12000 Series Routers for its broadband infrastructure, and would now use the Cisco 12800 Series Router, a routing solution that can double the capacity of large IP Multiprotocol Label Switching (MPLS) networks without a complete equipment upgrade.

Cisco said it took less than two month's time to complete the major installation of the Chunghwa Telecom (CHT) IP network. The company believes that the new IP network with its added services would enable CHT to reduce capital and operating expenses, while helping it to cater to over three million customers, inclusive of existing 2.5 million broadband ADSL users.

ADSL is the acronym for Asymmetric digital subscriber line, a new technology that allows more data to be sent over existing copper telephone lines.

CHT said the new Internet routing solution would facilitate the consolidation of the traffic of all HiNet offerings.

CSCO ended Thursday's regular trade at $18.18, up 9 cents. In the after hours of trading, the stock further gained 2 cents and closed at $18.20.

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 PRAECIS PHARMACEUTICALS INC. (PRCS) reported its fourth quarter net loss of about $13.42 million or $0.26 per share, compared to a loss of $16.05 million or $0.31 per share in the same quarter last year. Analysts expected a loss of $.27 per share.

The company said it generated revenues for the quarter of about $780 thousand, while there were no revenues in the corresponding period last year

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 IDEXX Laboratories Inc. (IDXX) posted net income for the fourth quarter at $16.9 million or $0.49 per share, compared to net income of $12.4 million or $0.34 per share in the prior year quarter.

On average, 4 analysts polled by First Call/ Thomson Financial estimated earnings for the quarter at $0.48 per share.

Fourth quarter revenues were up 16% to $144.3 million from $124.8 million in the previous quarter last year.

Looking ahead, the company expects full year 2005 earnings to be in the range of $2.20 to $2.25 per share, on revenues of $630 to $640 million. last year

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Friday before the bell, Aceto Corp. (ACET), a distributor of chemically-derived pharmaceuticals, biopharmaceuticals, specialty chemicals and agrochemicals, announced its preliminary earnings for its second quarter ended December 31, 2004.

In a statement, the Lake Success, New York-based Aceto said that it expects to report second quarter earnings of about $0.10 per diluted share, before any non-cash impairment costs associated with the sale of its discontinued Institutional Sanitary Supplies business.

On average, 2 analysts surveyed by First Call/Thomson Financial currently expect the company to earn $0.14 per share.

The company noted that non-cash impairment costs are expected to reduce its December quarter earnings by about $0.02 per diluted share.

Aceto's earlier second quarter earnings outlook was, which announced before taking the decision to discontinue the Institutional Sanitary Supplies business, in the range of $0.12 to $0.15 per diluted share, after 3-for-2 stock dividend.

The company attributed the lowered earnings guidance to competitive pricing on certain mature, tight production demand in China, costs associated with the Company's various new business initiatives and an unanticipated bad debt expense.

Aceto also said that it plans to release its second quarter results on Thursday February 3, before the stock market opens.

ACET closed Thursday's regular trading session at $11.76. In the pre-market hours, the stock is currently down $1.06 or $9.01 percent, at $10.70

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Friday before the bell, Delta Apparel Inc. (DLA), manufacturer of branded apparel, announced second quarter results, reporting net earnings compared to loss last year, on higher revenues.

For the quarter, the company posted net income of $1.2 million or $0.27 per share, compared to net loss of $0.1 million or $0.02 per share in the same quarter of last year. The operating income rose $2.7 million from $0.7 million reported in the year-earlier quarter.

Delta Apparel reported quarterly net sales of $49.2 million, a 7.8% rise from $45.6 million in the comparable quarter of prior year. The company attributed the revenue rise mainly to organic growth in its core business.

Gross margins for the quarter increased 250 basis points to 22.0%, compared to 19.5% in the prior year's quarter. The company's operating margin improved 390 basis points to 5.5% from 1.6% revealed in the year-earlier quarter.

For the six-month period, Delta Apparel reported net income of $2.6 million or $0.61 per share, compared to net earnings of $0.5 million or $0.12 per share in the same period year-ago. The net sales for the six-month period rose 35.4% to $103.5 million from $76.4 million recorded in the comparable period year-earlier.

The company's gross margin improved 460 basis points to 21.6% from 17.0% in the prior year period. Operating margin increased 330 basis points to 5.7% from 2.4% in the corresponding period of previous year.

Delta Apparel expects continued growth in sales and gross margins in the second half of 2005 due to a strong spring selling season for its core business divisions.

On Thursday, DLA climbed 12 cents and closed at $25.72.

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Friday morning, Smith International Inc. (SII), a provider of services to oil exploration industry, announced its fourth quarter financial results, reporting increased earnings that came in line with estimates, on higher revenues.

The Houston, Texas-based company posted its consolidated non-GAAP net income for the quarter of $58.23 million or $0.57 per share, compared to $41.00 million or $0.41 per share in the year-ago quarter. On average, 24 analysts polled by First Call/ Thomson Financial expected the company to earn $0.57 per share.

Including items, the company reported its fourth quarter net income of $58.23 million or $0.57 per share, in comparison with $38.01 million or $0.38 per share in the same prior year quarter.

Total revenues for the quarter increased to $1.22 billion from $983.54 million in the corresponding quarter of 2003, Smith noted. While 11 analysts had a consensus estimate of $1.17 billion revenue for the quarter.

Quarterly revenues from M-I SWACO improved 6% to $597.2 million from the year-ago quarter, the company added.

For the full year, Smith posted its non-GAAP net income of $202.88 million or $1.98 per share, compared to $126.47 million or $1.26 per share in the last year. While analysts anticipated the company to report $1.98 per share. Annual revenues rose to $4.42 billion from $3.59 billion in the prior year, the company said.

SII closed its trading session on Thursday at $59.50, up 54 cents.

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Friday morning, the Department of Commerce released its advanced report on the fourth quarter Gross Domestic Product, showing weaker than expected growth in the U.S. economy.

The report showed that the GDP rose at an annual rate of 3.1 percent in the fourth quarter compared to the 4.0 percent growth seen in the third quarter. Economists had expected a more modest slowdown to about 3.5 percent growth.

The Commerce Dept. said that the deceleration in GDP growth was primarily due to a downturn in exports and an acceleration in imports. This comes even though the recent weakness in the value of the dollar has made U.S. exports more competitive overseas.

The report also showed that a deceleration in consumer sending on durable goods also contributed to the slowdown in economic growth. The Commerce Dept. noted that this was partly offset by an upturn in private inventory investment.

The Commerce Dept. also said that its price index for personal consumption expenditures excluding food and energy rose at an annual rate of 1.6 percent. The increase for the index, which is said to be a favorite inflation indicator of Federal Reserve Chairman Alan Greenspan, compares to the 0.9 percent increase reported for the third quarter.

Despite the weaker than expected fourth quarter growth, the report showed that GDP for full year 2004 rose at annual rate of 4.4 percent. This compares with an increase of 3.0 percent in 2003, and is the strongest rate of growth since 1999.

After the report, most economists expect that the Federal Reserve is still likely to raise interest rates by a quarter percentage point at its next meeting. The Fed is next scheduled to make a decision on interest rates at a two-day meeting starting February 1.

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Gilead Sciences Inc. (GILD) reported fourth quarter EPS of $0.25 after the bell on Thursday, which topped the consensus estimate of $0.23. Revenues increased to $369.58 million, from the $263.52 million reported last year. Full year EPS came in at $0.96, which beat the consensus estimate of $0.94.

Gilead Sciences Inc. gapped open lower Thursday morning, but traded in a range for the bulk of the session, to close down by 0.58 at $32.59. The stock closed near the lower end of a 2 1/2 week range.

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Eli Lilly And Boehringer Ingelheim Say Lilly Withdraws FDA Application For Duloxetine For Treatment Of Stress Urinary Incontinence - Quick Facts [LLY]

1/28/2005 9:30:44 AM Eli Lilly (LLY) and Boehringer Ingelheim Pharmaceuticals jointly revealed that Eli Lilly has withdrawn the U.S. FDA application for Duloxetine hydrochloride for treatment of stress urinary incontinence.

The companies noted that the withdrawal was based on the FDA's refusal to grant approval for Duloxetine for treatment of the SUI patient population based on the data package submitted.