Early Stocks in Motion

McDonald's raises first-quarter earnings guidance.
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McDonald's

(MCD) - Get Report

expects to earn 46 cents a share before items in its first quarter, about 4 cents above the Thomson First Call consensus. The company cited strong same-store results, both in the U.S. and abroad. McDonald's expects to earn 56 cents a share on the bottom line, including a 13-cent gain from a tax benefit and 3 cents of options expense. The shares added more than 3% in premarket trading.

Chesapeake Energy

(CHK) - Get Report

announced that it has entered into four independent agreements with private sellers of oil and natural gas assets located in South Texas, East Texas and the Permian Basin for an aggregate of $686.4 million in cash. Chesapeake said it expects to acquire an estimated 566 billion cubic feet of natural gas equivalent. Current net production is an estimated 61 million cubic feet of natural gas equivalent production per day from 405 existing wells. The company plans to sell $400 million of convertible preferred stock to help fund the acquisitions. The stock was down 33 cents, or 1.59%, to $20.39 in after-hours trading.

Biogen Idec

(BIIB) - Get Report

and

Elan

(ELN)

said full results from a two-year trial of their drug Tysabri showed a significant reduction in disability progression in multiple sclerosis patients. Tysabri was pulled from the market in March after being linked to a nervous system disease. Biogen Idec was up 37 cents, or 1%, to $37.07 in after-hours trading, while Elan was up 65 cents, or 17.25%, to $4.42.

Compuware

(CPWR)

said it will earn 6 cents to 8 cents a share on revenue of $316 million in the fourth quarter ended March 31. Analysts were expecting 13 cents a share on revenue of $351 million, according to Thomson First Call. The company also said it has received the initial $20 million cash payment from its settlement with

IBM

(IBM) - Get Report

and that it will not have an impact on Compuware's fourth-quarter operating results. The stock was down 61 cents, or 8.96%, to $6.20 in after-hours trading.

Flowers Foods

(FLO) - Get Report

said it purchased 2.1 million shares of its common stock from an institutional holder for a total of $59.5 million. The shares were purchased in accordance with the share repurchase plan approved by the board in 2002. The company has now repurchased about 4.9 million shares for $134 million, an average of $27.43 per share. The stock was unchanged at $29.50.