Wholesale drug supplier
said fourth-quarter earnings climbed more than 40%, due to rising demand for drugs and savings from a merger. Excluding unusual items, Amerisource said it earned 88 cents a share, topping Wall Street estimates, and up from 64 cents a share last year. Analysts were expecting the company to earn 85 cents a share. Operating revenue for the quarter rose to $10.4 billion from $5.5 billion. Amerisource also offered an upbeat forecast for 2003, saying it expects earnings growth of about 20% and revenue growth between 11% and 14%, excluding charges. The shares ended the session down 4.4% at $68.81
( PIXR) said third-quarter earnings soared past analysts' estimates due in part to the success of
home video sales. The company also raised its 2002 earnings estimate. The company earned $46.9 million, or 87 cents a share, compared with $6.2 million, or 12 cents a share, in the comparable quarter. Analysts were expecting 75 cents a share. Looking to 2002, the company expects to earn $1.50 to $1.55 a share, up from its original expectation of $1.25 to $1.35 a share; analysts expect $1.42 a share. Pixar traded down 1.5% to $54.69
( POSS), a maker of cardiovascular medical devices, soared 16.3% to $13.70 after the company announced that its first-quarter earnings would top Wall Street estimates, citing increased sales volume and lower costs. The company said it expects to earn between 10 cents and 12 cents a share, up from its previous forecast of 6 cents to 8 cents. Analysts were looking for a profit of 7 cents.
, already one of the biggest security custodians in the world, expanded the business overseas Tuesday with the $1.5 billion purchase of Deutsche Bank's Global Securities Services unit. State Street is buying Deutsche Bank's Global Custody segment, a unit with about 2.2 trillion euros of assets; its Global Fund Administration Services; its Agency Securities Lending; the Global Performance Measurement unit and its Benefit Payments businesses. About 3,200 employees will transfer in the transaction. State Street will make an initial payment of $1.2 billion and the rest of the price will subsequently be determined by the unit's performance. The deal is expected to dilute State Street's 2003 earnings by 1 cent to 3 cents a share, and add roughly the same amount to 2004 earnings. Shares closed up 0.8% at $43.60.
, a maker of car windshields and building windows, plunged 14.1% to $10.31 after warning that it would not meet its financial targets for fiscal 2004 citing weak commercial construction activity, saying it would be "difficult" to match 2003 results.
Shares of financial services giant
were under pressure after Merrill Lynch lowered its investment rating on the stock to neutral from buy, citing its valuation and overall weakness in the economy. Merrill noted that American Express, a Dow component, is trading at a 98% relative P/E to the market based on 2003 earnings forecasts, compared with the firm's objective of a market multiple on 2003 earnings. The stock is up more than 41% since hitting a 52-week low of $26.55 on Oct. 7. The stock finished lower by 2.5% at $36.60.
Circuit City Stores
warned of a third-quarter loss, citing slower sales of digital satellite systems and mobile phones. The electronics retailer said it expects a loss of 5 cents to 8 cents a share. It previously had expected a small profit. Analysts were expecting a loss of a penny a share. Circuit City said it expects quarterly same-store sales to grow in the upper single-digit range. The retailer also said it is taking a "more cautious" view of the fourth quarter, due to a weak economy and recent sales trends. Shares fell 13.2% at $8.85.
third-quarter results were worse than expected as a change in Medicare rules took a greater-than-expected toll on its bottom line. The outpatient surgery provider, which stunned investors in August with a warning that annual cash flow would be $175 million less than predicted because of Medicare changes, earned $53.6 million, or 13 cents a share, in the latest quarter, down from $79.1 million, or 20 cents a share, last year. Excluding a gain from debt prepayment, earnings were $38.3 million, or 10 cents a share. On that basis, the company was expected to earn 21 cents a share. The warning led to an
investigation of both the announcement and certain stock sales by the company's chairman, Richard Scrushy. Shares slipped 16.6% to $4.07 on the news.
( ION), which makes water treatment systems, plummeted 20.5% to $19.46 after the company said it would restate its first-quarter and second-quarter results in order to accurately reflect transactions with its money-losing French subsidiary. The company also reported a steep drop in third-quarter earnings, also blaming the French arm, which will undergo a series of drastic changes including the downsizing, discontinuing, and consolidation of its operations.
dropped 9.2% to $19.15 after the company posted a third-quarter loss, citing reduced revenue from its discovery tools and services business. The company lost $33.5 million, or 44 cents a share, compared with a loss of $13.5 million, or 18 cents a share, in last year's quarter. Analysts were expecting the company to lose 30 cents a share. For the full year, the company expects to lose between $100 million and $110 million, compared with prior guidance of a loss of $80 million to $90 million. Analysts expect the company to lose $1.16 a share. The company also lowered its expectations for full-year 2003 earnings.