Early Stocks in Motion
Electronic Arts (ERTS) fell 9% after saying fourth-quarter earnings slid 91% from a year ago and guiding the current quarter to an unexpected loss. EA expects to lose 22 cents to 28 cents a share on a GAAP basis in its current quarter on sales ranging from $300 million to $340 million. For the full year, the company forecast GAAP earnings of $1.55 to $1.70 a share on revenue of between $3.4 billion and $3.5 billion. Wall Street had predicted a profit of 4 cents a share on a non-GAAP basis on $450.2 million in revenue in EA's current quarter. For the company's fiscal full year, analysts were calling for pro forma earnings of $1.73 a share on revenue of $3.39 billion.
Nanogen (NGEN) soared 20% after reporting a loss of $8.3 million, or 17 cents a share, for the first quarter ended March 31, vs. a loss of $5.4 million, or 20 cents a share, a year ago. Revenue for the quarter was $3.2 million. Analysts expected a loss of 17 cents a share on revenue of $3 million, according to Thomson First Call. The stock gained 50 cents to $3.17 after the company affirmed its 2005 revenue forecast.
Macromedia (MACR) reported a loss of 2.3 million, or 3 cents a share, for the fourth quarter ended March 31, versus a profit of $13.5 million, or 19 cents a share a year ago. Revenue for the quarter was $116 million. Excluding certain charges, the company earned $18.2 million, or 23 cents a share. Analysts expected earnings of 21 cents a share on revenue of $111.8 million, according to Thomson First Call. The stock was up 27cents to $38.27 Wednesday.
Empire Resorts (NYNY) announced that the New York Court of Appeals upheld the position of the state attorney general regarding the validity of gaming laws passed by the New York Legislature in 2001. The ruling also upholds the validity of video lottery terminals at racetracks in New York State. The stock was up 47 cents to $4.74.MetLife (MET) said it earned $987 million, or $1.33 a share, for the first quarter ended March 31, vs. $598 million, or 79 cents a share, a year ago. Revenue for the quarter was $7.1 billion. Excluding certain items, the company earned $821 million, or $1.11 a share. Analysts expected profits of 86 cents a share, according to Thomson First Call. The company also said it now expects 2005 earnings between $3.90 and $4.05 a share, up from its previous guidance of $3.50 to $3.65 a share. Analysts expected earnings of $3.60, according to Thomson First Call. The stock was up $3.86, or 10%, to $42.70 Wednesday.
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