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Sycamore Networks Beats Analysts' Estimates by a Penny

Also, Saks Holdings warns it will fall short of analysts' expectations in its fourth-quarter earnings.
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Sycamore Networks


reported second-quarter earnings of a penny, beating the seven-analyst break-even estimate and up from the year-ago three-cent loss. The company also said it filed with the

Securities and Exchange Commission

for a 15 million-share secondary offering.

Saks Holdings


warned investors that it would post fourth-quarter earnings of 98 cents a share, missing the 18-analyst estimate of $1.08 a share. Chairman and CEO R. Brad Martin blamed lower-than-expected same- and new-store sales and a 200 base-point gross-margin-rate drop for the disappointing earnings. Prior to the earnings warning, the company said it would assume a $20 million charge in the fourth quarter.

In other postclose news (earnings estimates from

First Call/Thomson Financial

; earnings reported on a diluted basis unless otherwise specified):

Mergers, acquisitions and joint ventures



said it would join its two baby businesses under its


brand. eToys said the merge, which calls for a workforce reduction, would keep the BabyCenter headquarters in San Francisco. eToys also said that BabyCenter's founders Matt Glickman and Mark Selcow would depart from the division, leaving Glickman's seat on the eToys board vacant.



said negotiations with

Student Loan Corp.


involving a possible acquisition of Student Loan have ended. Last year, Student Loan established a special committee to review Citicorp's offer to buy all of its outstanding shares for $45 a share.

Northwest Airlines


said it negotiated with

China Airlines

on possible "commercial cooperation." Northwest rejected a Taiwanese newspaper report that it plans to acquire an interest in China Air.

Earnings/revenue reports and previews



said it would assume a first-quarter $10.9 million charge due to an amendment to a warrant agreement with the

University of Michigan

. The amendment enables the university to buy 340,000 shares of the company at an earlier-than-expected date. Aviron set the warrant agreement in exchange for exclusive intellectual property rights on influenza viruses that were used to create its flu remedy FluMist.

Birmingham Steel


posted second-quarter loss of 68 cents a share, which included charges. The year-ago report was a 17 cent loss. The six-analyst estimate expected Birmingham to report a 6 cent profit, which excludes extraordinary items.

Ingram Micro


reported fourth-quarter earnings of 51 cents share, which includes gains and expenses. The year-ago report was a 49 cent profit. The eight-analyst estimate forecasted the company to post an 8 cent profit.

Offerings and stock actions

Brocade Communications


said it set a 2-for-1 stock split.



said it set a 2-for-1 stock split.



said it set a 3-for-1 stock split.


Ohio Casualty


said that it has tapped Vice Chairman William Woodall as its new president and CEO, following the resignation of Lauren Patch. The company said the management changes were effective immediately.

For a look into this evening's after-hours trading action, please check out's

The Night Watch.