Staples Posts Profits; Stock Hits New High

Shares of Staples Inc. (SPLS) hit a new 52-week high after the office retailer posted higher profits that narrowly beat expectations and raised its annual dividend by nearly a third. The stock closed at $24.54, up $1.47.

Shanda Shares Drop on Cloudy Outlook

Shanda Interactive Entertainment Ltd. (SNDA) were targeted by analysts who were concerned about the absence of information about subscribership for its EZ Pod entertainment platform. The stock lost $3.37 to close at $13.55.

Elan Corp. plc To Suspend Trading for Up to Two Days

Elan Corp. plc (ELN) will suspend trading of its securities (ADRs and ordinary shares) on March 7 until the completion of a scheduled U.S. Food and Drug Administration Advisory Committee meeting to review Tysabri. The stock fell $1.25 to $12.70.

Apollo Group Slashes Outlook

Apollo Group Inc. (APOL), a for-profit education company, cut its 2nd quarter earnings and revenue forecast and suspended its previously lowered 2006 outlook. The stock fell $9.09 to $49.38.

Google CFO Warns About Slow Growth

Shares of Google (GOOG) tumbled as much as $51 to $338 after the search engine company's CFO warned about slowing growth and the need to find other revenue sources.

Heinz Posts Higher Revenues and Lower Profits

H.J. Heinz Co., one of the world's largest food producers, posted higher revenues, but lower profits due to high costs from downsizing and spin-offs. The stock slipped 11 cents to $37.49.

Staples Posts Higher Profits, Narrowly Beats Estimates

Staples, the nation's largest office products retailer, reported higher earnings that beat estimates. The company enjoyed higher sales, but high shipping costs hurt margins. The stock added 93 cents to $24.

Merrill Lynch Announces Stock Buyback

Merrill Lynch & Co. (MER) said it would increase its share repurchase program by $6 billion. Shares of the financial services company jumped $1.30 to $78.06.

Armor Holdings Acquires Stewart & Stevenson Services

Shares of Armor Holdings Inc. (AH) leaped $4.15 to $59.61 after it said it will buy fellow defense products maker Stewart & Stevenson Services Inc. (SVC) for $35 per share. Shares of Stewart & Stevenson surged $7.22 to $34.32.

Cablevision Returns to Profitability

Cablevision Systems Corp. (CVC) reported a profit of $54 million versus year-ago losses due to an abandoned satellite TV venture. The stock jumped $1.26 to $26.46.

Disney Gets A Lift From Apple

A Barron's report suggested that The Walt Disney Company (DIS) may be the target of Apple Computer (AAPL) since Apple's founder is now Disney's largest individual shareholder. Disney shares rose 43 cents to $38.41 while Apple shares slipped 21 cents to $71.25.

Lowe's Reports Higher Profits

Home improvement retailer Lowe's Cos (LOW) posted better than expected 4th quarter profits and issued bullish guidance for the year. The stock surged as high as $69.36, up $3.84.