Early Stocks in Motion
Paychex (PAYX) reported net income of $101.4 million, or 27 cents a share, for the fourth quarter ended May 31, compared with $61.4 million, or 16 cents a share, a year ago. The business-solutions provider said revenue for the quarter increased 15% to $379 million from $330.4 million last year. Analysts expected earnings of 24 cents a share on revenue of $369.6 million, according to Thomson First Call. For fiscal 2006, the company said it expects net income growth of 18% to 20% and total revenue growth of 11% to 12%, assuming no change in interest rates. The stock was up 78 cents, or 2.6%, to $30.80 on Instinet.
Wyeth (WYE) raised its 2005 full-year earnings guidance to $2.80 to $2.90 a share, citing high single-digit revenue growth, lower-than-expected growth in several expense items and favorable tax developments. Analysts expected earnings of $2.82, according to Thomson First Call. The stock was unchanged at $43.
IBM (IBM) announced that it has received notification of an informal investigation by the Securities and Exchange Commission concerning IBM's disclosures relating to its first-quarter earnings and expensing of equity compensation. The stock was down 88 cents, or 1.2%, to $73 on Instinet.
Kemet (KEM) announced that it will incur a special charge of $4 million in the June quarter related to the reduction of 150 jobs worldwide; the majority of the cuts will occur in the U.S. The company said the restructuring will result in annual savings of $8 million. The stock was unchanged at $6.12.Phazar Corp (ANTP) announced that its wholly owned subsidiary, Antenna Products Corp., received a $1.7 million subcontract from BAE Systems for the installment of low-band and high-band antenna matching unit assemblies in Alaska. The installation work is scheduled to be completed by Nov. 1. Antenna Products said its backlog of orders as of June 27 was approximately $6.4 million, as a result of this order. The stock was up $1.39, or 6.82%, to $21.76 on Instinet.
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