Tuesday: Navy Doles Out Almost $3 Billion in Contract Goodies - TheStreet

Tuesday: Navy Doles Out Almost $3 Billion in Contract Goodies

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Publish date:

Compiled by John J. Edwards III
Staff Reporter

Wednesday brings the first test of whether the new federal budget deal and its capital-gains tax cut will spur a wave of knee-jerk selling or a cool, collected celebration. Enjoy some post-close tidbits while you get ready (earnings estimates from

First Call

):

The

Navy

awarded a $2.93 billion contract to

Lucent

(LU)

and units of

AT&T

(T) - Get Report

,

Bell Atlantic

(BEL)

and

GTE

(GTE) - Get Report

. The contract, for voice, video and data modernization of the Navy's base-level infrastructure, is expected to be completed by July 2007.

Iomega

(IOM)

filed a patent- and trademark-infringement suit against

SyQuest Technology

(SYQT)

, charging that SyQuest infringed on patents covering Iomega's Read/Write Protection Scheme and the design of its Jaz cartridge.

Republic Industries

(RII:NYSE) inked a definitive pact to buy privately held

Silver State Disposal Service

in a $378 million stock deal. Republic said Silver State, based in Las Vegas, had $126 million in revenue last year.

Revlon

(REV) - Get Report

reported second-quarter operating earnings of 18 cents per share, blasting past the eight-analyst consensus estimate of 9 cents and the year-ago 3 cents.

Yahoo!

(YHOO)

formed a global alliance with

Visa International

, issuing 466,321 common shares to Visa and restating its second-quarter results to reflect a one-time, noncash charge of $21.2 million. Yahoo and Visa said they plan to "aggressively extend their commerce-related activities on the Internet." Yahoo also set a 3-for-2 stock split.

SCI Systems

(SCI:NYSE) reported fourth-quarter earnings of 94 cents per share, a nickel better than the 14-analyst outlook and up from the year-ago 77 cents.

Symantec

(SYMC) - Get Report

reported first-quarter earnings of 32 cents per share, 2 cents better than the six-analyst expectation and up from the year-ago 8 cents.

Papa John's International

(PZZA) - Get Report

reported second-quarter earnings of 22 cents per share, in line with the seven-analyst view and up from the year-earlier 15 cents.

For information on Tuesday's market activity, see the

Market Roundup.