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Markets & Stocks
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Stocks to watch Thursday
Sports Authority raises full-year outlook following solid 4Q results. Planar shares falter on INET.
March 17, 2004: 5:50 PM EST

NEW YORK (CNN/Money) - The Sports Authority Inc. may be a stock to watch Thursday as the sporting goods retailer boosted its full-year forecast after posting a fourth-quarter profit that beat consensus estimates.

The Englewood, Colorado-based company earned $28.3 million, or $1.08 a share, for the quarter, excluding integration costs relating to its merger with Gart Sports Company.

Analysts, on average, expected Sports Authority to earn $1.06 per share for the quarter without the charges.

For the current year, Sports Authority forecast earnings per share, excluding merger integration costs, of $2.57 to $2.62, up from its prior forecast for earnings per share of $2.55 to $2.60.

Sports Authority (TSA: Research, Estimates) shares closed at $39.90 on the New York Stock Exchange.

News that business integration software maker TIBCO Software Inc. (TIBX: Research, Estimates) posted a higher first-quarter profit sent its shares 4.6 percent higher to $8.13 on INET electronic brokerage. The stock closed at $7.77 on the Nasdaq.

Net income for the quarter jumped to $8.5 million, or 4 cents a share, on revenues of $74.4 million from $1.7 million, or 1 cent a share, on revenues of $63.7 million a year earlier.

Excluding items, the company posted earnings of 5 cents a share, compared with 2 cents a share a year earlier. On that basis, analysts surveyed by Reuters Research had expected TIBCO to post earnings of 3 cents a share and revenue of $69.8 million.

Shares of Jabil Circuit Inc. (JBL: Research, Estimates), which provides electronic manufacturing services, edged nearly 2 percent higher to $28.70 on INET after the company said its second-quarter profit nearly quadrupled. Its shares closed at $28.16 on the New York Stock Exchange.

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Net income for the quarter soared to $40.0 million, or 19 cents per share, versus $10.1 million, or 5 cents, in the year-earlier period while revenues came in at $1.49 billion versus $1.15 billion for the same period last year.

Excluding items, the St. Petersburg, Fla.-based Jabil posted a $49.7 million, or 24 cents a share, profit that edged analysts forecasts for a 22 cents per share profit on revenue of $1.39 billion.

Planar Systems Inc. (PLNR: Research, Estimates), a maker of flat-panel display systems, warned its second-quarter results would miss Wall Street's expectations, knocking its shares 16.8 percent lower to $12.69 on INET following their $15.25 Nasdaq closing price.

The Beaverton, Ore.-based Planar said higher-than-expected costs in the company's medical business unit, shortfalls in its commercial business unit and an unusual item relating to an investment are expected to result in quarterly net income of 5 cents to 10 cents per share on sales of $55 million to $60 million for the quarter ending March 26.

Analysts surveyed by Reuters Research had been expecting earnings per share of 22 cents.

The earnings parade continues Thursday with Morgan Stanley (MWD: Research, Estimates), Barnes & Noble (BKS: Research, Estimates), Nike (NKE: Research, Estimates) and Adobe Systems (ADBE: Research, Estimates) presenting their quarterly results.

No earnings reports are scheduled for Friday.  Top of page


--from staff and wire reports




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