Updated from 11:58 a.m. EDT
Earnings Reports & Outlooks
is conducting an internal review of its financial reporting from Jan. 1, 1998, through the current fiscal year, which ends April 30. The company launched the review in response to an investigation by the Securities and Exchange Commission, which has been looking into Gerber's inventory and reserve accounting practices and related disclosures. Based on the information Gerber has to this point, the company believes it will likely have to restate certain previous financial results. The company also said it expects to record a fourth-quarter pretax charge of about $12 million, primarily to write down inventory. The stock was down 11% to $6.98.
was gaining 9% to $12 after reporting first-quarter earnings of 10 cents a share, up from 2 cents in the year-ago period. Revenue rose to almost $10 million from $2.4 million a year earlier.
expects first-quarter earnings and revenue to come in below expectations, mainly because of shipment declines and delays. Shares of Stratasys, which makes rapid prototyping systems for a variety of industries, were down 16% to $6.07.
Prudential Securities raised its rating on
to buy from hold and increased its price target to $20 from $16. Prudential also believes BEA is on track to meet or exceed the consensus estimates for the first quarter. BEA was up almost 8% to $12.98.
Goldman Sachs added
to its recommended list, upgrading the company's stock from a market perform rating. Ensco is scheduled to report quarterly earnings Tuesday. The shares were recently up 6% to $28.99.
was up 37% to $13.52 after the company signed a drug development agreement with
. The companies will work on commercializing Adolor's alvimopan, a treatment for managing bowel paralysis after surgery and constipation caused by opioid use. Alvimopan is in late-stage clinical development. GlaxoSmithKline will pay Adolor an initial fee of $50 million, and clinical and regulatory milestone payments could reach up to $220 million.
CA Nacional Telefonos de Venezuela
, which Friday rose sharply following the ouster of Hugo Chavez from the nation's presidency, fell even more after he was reinstated to the post. The stock was recently down 22% to $14.90. On Friday, press reports out of Venezuela indicated that traders believed the stock would trade closer to its correct value with Chavez out of office. Apparently, investors believe the opposite is also true.
was up 13% to $29.90, a 52-week high. On Friday, the company said it signed a 15-year deal to supply iron ore pellets to
International Steel Group
. Cleveland-Cliffs also invested about $13 million in International Steel, which was formed when a buyout firm acquired the main steelmaking and finishing assets of bankrupt steel company
settled one patent lawsuit with
but said another will continue. The companies settled a lawsuit in Alabama, and as part of the agreement, Intel will pay Intergraph $300 million. The companies also signed a cross-license agreement, and Intergraph will sell certain unrelated patents to Intel. A lawsuit in Texas will continue, however, and a trial in that state is scheduled to start July 1. Shares of Intergraph were falling 9.4% to $15.31.
was sinking after giving shareholders their second dose of bad news in as many weeks. The Centers for Medicare and Medicaid Services is revoking Specialty's lab testing license and canceling the company's ability to receive Medicare and Medicaid payments because of alleged deficiencies at its clinical diagnostic testing labs. The agency is also imposing a civil penalty of $3,000 a day for each day the company is out of compliance with its standards. Specialty, which last week warned that disappointing financial results will likely continue throughout the year, plans to appeal the decision. The company's stock was down 24% to $8.75.