Business Briefs - Tuesday

ENERGY

PetroQuest tops on higher prices

The independent petroleum producer's Q1 EPS rose 27% to 28 cents, beating views by 2 cents. Revenue rose 20% to $76.8 mil, above views. PetroQuest Energy PQ said its average selling price for oil soared 57% to $94.08 a barrel, and average price for natural gas climbed 18% to 9.48 per thousand cubic feet equivalent. It boosted its projected spending on drilling to $230 mil-$260 mil. It surged 8.2% to 23.25.

Cimarex Energy beats on prices

The natural gas and oil producer said its Q1 EPS more than doubled to $1.76, beating views by 14 cents. Revenue rose 55.5% to $477.1 mil. Cimarex Energy XEC said increased production and higher commodity prices helped the result. Its average gas price rose 25% while oil prices shot up 71%. It rose 7.3% to 67.98.

W&T Offshore profit, sales beat

The offshore oil and natural gas drilling company said its Q1 EPS rose 279% to $1.10 ex items, beating views by 20 cents. Revenue rose 45% to $356.5 mil, above views. W&T Offshore WTI said soaring oil and natural gas prices helped the result. The average oil price rose to $92.52 per barrel from $51 per barrel a year ago. Shares rose 6.3% to 45.35.

Clayton Williams Energy CWEI, an oil and gas producer focused on the Southwest, swung to a Q1 profit of 62 cents a share, up from a loss of $1.09. Revenue rocketed 89% to $136.9 mil. It motored 7% to 70.76. Unit Corp. UNT, an oil and gas driller, said Q1 EPS jumped 19% to $1.65, meeting estimates. Revenue climbed 16% to $321.4 mil, above forecasts. It rose 4.5% to 68.10. Spectra tops on higher prices

The company, which stores natural gas and oversees more than 17,000 miles of gas pipelines, said its Q1 EPS rose 53% to 58 cents, beating views by 11 cents. Revenue climbed 14% to $1.6 bil, above views. Spectra Energy SE said higher commodity prices and a strong Canadian dollar helped the result. It also approved a share buyback program of up to $600 mil and hiked its annual dividend by 2 cents to $1 a share. It rose 3.3% to 26.70.

James River Coal JRCC, a mining firm, said its Q1 loss widened to 78 cents, missing views by 28 cents. Revenue rose 4.4% to $138.2 mil, below views. Shares surged 10.3% to 28.68. TECHNOLOGY

Yahoo bounces on mixed signals

The Internet giant climbed 5.5% to 25.72 on heavy volume, retracing some of the 15% drop it suffered Mon. after Microsoft MSFT withdrew its buyout offer. Citi Investment Research upgraded Yahoo YHOO to hold a day after downgrading it to sell because its stock fell below its $26 target. BMO Capital Markets noted "renewed speculation that Yahoo and Microsoft may reach an agreement," although there was no confirmation. More on A4

Advanced Micro Devices AMD, a chipmaker, surged 9% to 7.12 after an analyst said Intel may be willing to pay a cash settlement to get AMD to drop its antitrust suit. Intel rose 1.4% to 23.58. TELECOM

Sprint, Clearwire near $12 bil pact

Wireless phone company Sprint Nextel S and Clearwire CLWR agreed to a $12 bil joint venture to provide high-speed wireless Internet access for mobile phones and laptop PCs, a published report said. The deal would merge Sprint's wireless broadband unit with Clearwire, and the new company will be backed by Intel INTC, Comcast CMCSA, Time Warner Cable TWX and Google GOOG. Sprint rose 5.4%. Clearwire gained 8.5%.

MEDICAL

Teva tops on Protonix demand

The world's largest generic drug maker said its Q1 EPS rose 52% to 64 cents, beating views by a penny. Revenue rose 24% to $2.6 bil, also above forecasts. Teva Pharmaceutical TEVA said North American sales rose 28%, helped by demand for the generic acid reflux drug Protonix, and European sales climbed 18%. Teva sees '08 EPS of $2.60-$2.75 vs. views of $2.71. It fell 1.3% to 46.71.

Perrigo beats, falls on concerns

The drug maker said Q3 EPS jumped 96% to 47 cents ex items, a nickel better than views. Revenue leapt 39% to $503.7 mil, topping forecasts. Perrigo PRGO forecasts '08 EPS of $1.55-$1.60, the midpoint below views of $1.59. Analysts raised concerns that its tax rate was higher than expected. It fell 16% to 35.49.

Simcere Pharmaceutical SCR, a Chinese generic-drug maker, said Q1 EPS jumped 79% to 25 cents, beating views by 7 cents. Revenue rose 26% to $56.3 mil, below forecasts. Shares rose 1.4% to 13.70. FINANCE

Cost cuts, volume power NYSE

The stock exchange operator said Q1 EPS rose 94% to 91 cents ex items, beating views by 8 cents. Revenue gained 28% to $1.19 bil, above views. NYSE Euronext NYX credited cost cuts and market volatility that boosted trading revenue. Shares rose 7.2% to 72.95.

Banco Itau ITU, a Brazilian bank, said Q1 net profit rose 7.5% to $1.2 bil, topping forecasts. Return on equity averaged 28.1%, down from 31.3% last year. It fell 3.7% to 28.85. AEROSPACE

TransDigm beats, boosts outlook

The aircraft parts maker's Q2 EPS rose 28% to 68 cents ex items, beating views by 8 cents. Revenue grew 21% to $175.3 mil, above forecasts. TransDigm Group TDG credited two recent acquisitions as well as organic growth. It hiked its '08 EPS outlook to $2.69-$2.75, above views of $2.54. It rose 7.7% to 42.39.

Precision Castparts PCP, an aircraft engine maker, said its Q4 EPS rose 17.4% to $1.89 ex items, missing views by 3 cents. Sales rose 16.2% to $1.79 bil. It climbed 6.8% to 128.20. CHEMICALS

Arch tops views, guides down

The specialty chemicals maker said Q1 EPS fell 18% to 23 cents, a dime better than views. Revenue grew 9% to $347.1 mil. Arch Chemicals ARJ credited gains in its industrial biocides and water products units. It sees Q2 EPS of $1.30-$1.40, below views of $1.59, and '08 EPS of $2.55- $2.65 vs. $2.55. It rose 6.7% to 37.37.