Yahoo! Rises on Earnings; Big Mo Falls on Court Ruling

Author:
Publish date:

Yahoo!

(YHOO)

shares galloped up 6 to 173 in after-hours trading following its strong second-quarter earnings report. The company made 11 cents a share, topping the 21-analyst

First Call

estimate by 3 cents and moving ahead of the year-ago 1 cent.

TheStreet.com

reported on the news in an earlier

piece .

Philip Morris'

(MO) - Get Report

stock slipped to 37 7/8 in late composite trading from a New York close of 40 15/16 on news of a Florida court ruling that could cost the tobacco industry billions of dollars in damages. In the first class-action suit brought by smokers ever to go to trial, a jury found that cigarette makers are liable for producing a defective product that causes emphysema, lung cancer and other illnesses.

General Electric's

(GE) - Get Report

NBC

network and

GE Equity

unit raised their stake in

ValueVision

(VVTV)

to 39.9% by exercising warrants to buy $175 million in stock.

In other postclose news (earnings estimates from First Call; earnings reported on a diluted basis unless otherwise specified):

Earnings/revenue reports and previews

Airborne Freight

(ABF)

said it sees second-quarter earnings of 45 cents to 55 cents a share, lower than both the 12-analyst prediction of 62 cents and the year-ago 66 cents. The company cited a lack of growth in domestic shipments.

American Eagle Outfitters

(AEOS)

said its June same-store sales hopped up 26.3%.

A&P

(GAP)

posted 50 cents a share, 2 cents ahead of the five-analyst estimate and a repeat of the year-ago figure.

Bergen Brunswig

(BBC) - Get Report

said it expects to report third-quarter earnings of 25 cents to 27 cents a share, below the 14-analyst forecast of 31 cents. The company, which made 27 cents in the year-ago period, attributed the expected shortfall to negative industry trends hurting its PharMerica long-term care unit.

broadcast.com

(BCST)

recorded a second-quarter loss of 5 cents a share, 4 cents narrower than the five-analyst estimate and narrower than tthe year-ago loss of 11 cents.

Centura Banks

(CBC)

reported second-quarter earnings of $1 a share, 2 cents above the 11-analyst forecast and higher than the year-ago 87 cents.

Champion

(CHA) - Get Report

said it will report second-quarter earnings above both the year-ago 33 cents a share and the 13-analyst forecast of 17 cents. The company attributed stronger markets for its wood products and domestic uncoated freesheet papers business.

Computer Horizons

(CHRZ)

said it expects to report second-quarter earnings of 23 cents to 25 cents a share, which would be below both the six-analyst forecast of 31 cents and the year-ago 34 cents. The company blamed a greater-than-expected market slowdown.

Epicor Software

(EPIC)

said it expects to post break-even results or a slight loss in the second quarter, citing continuing merger-related sales performance issues and a general slowdown in demand for resource planning software. The two-analyst view called for earnings of 12 cents a share vs. the year-ago 19 cents.

Gymboree

(GYMB)

said it expects to post a second-quarter loss of 20 cents to 25 cents a share and that its quarter revenue will be flat to 2% below year-ago figures. The 13-analyst prediction called for a loss of 2 cents vs. the year-ago loss of 3 cents. The company, which said its June same-store sales fell 33%, also said it will take a $13.5 million charge in the second quarter after revamping its brand and updating its stores.

Kellstrom Industries

(KELL)

said it expects to record a second-quarter charge of 8 cents a share to cover costs of settling a lawsuit brought by the estate of its former co-chairman.

Minntech

(MNTX) - Get Report

said it expects to post first-quarter earnings of 16 cents to 18 cents a share due to flat revenue. The three-analyst view called for 24 cents vs. the year-ago 21 cents.

99 Cents Only

(NDN)

said its second-quarter same-store sales rose 2.4%.

Pepsi Bottling

(PBG)

reported second-quarter earnings of 32 cents a share, ahead of the 10-analyst view of 25 cents and the year-ago 15 cents.

Mergers, acquisitions and joint ventures

Intel

(INTC) - Get Report

agreed to acquire privately held

Softcom Microsystems

for an undisclosed amount.

Ivax

(IVX)

said it won't buy a minority stake in

go2pharmacy.com

or sell its products through the Internet pharmacy as previously announced.

Offerings and stock actions

Merrill Lynch

priced

Interliant's

(INIT:Nasdaq) 7 million-share IPO mid-range at $10. The company is a Web site management company.

Miscellany

FlashNet

(FLAS)

named Scott Leslie CEO, replacing Lee Thurburn.

Lehman Brothers

(LEH)

said it hired nine employees from

Merrill Lynch

(MER)

for its financial services investment banking team.

A federal judge denied

Mylan Laboratories'

(MYL) - Get Report

motion to dismiss charges the company violated antitrust laws by raising prices up to 3,200% but the judge dismissed some state charges.

As originally published this story contained an error. Please see

Corrections and Clarifications.