The Bear Stearns Companies Inc. (BSC: chart) reported before market open Wednesday that its quarterly earnings improved 32%, citing strength in fixed income, investment banking and trading businesses. The New York-based financial services company turned in net income of $361.1 million, or $2.57 a share, for its fiscal 2004 first quarter, compared with net income of $274.3 million, or $2.00 a share, in the corresponding period of fiscal 2003. Analysts had expected the brokerage to earn $2.03 per share, on average. Bear Stearns posted revenue of $1.73 billion for the quarter ended February 29, a 14% rise from $1.52 billion, in the year-earlier period. Analysts were looking for revenue of $1.51 billion in the quarter. The company said that its fixed-income net revenue climbed 4% to $822.3 million, while investment banking net revenue surged 35% to $253.2 million, from $187.8 million a year ago. Bear Stearns added that first-quarter net earnings and revenue hit record levels.

Bear Stearns shares closed Wednesday up 74 cents, or 0.84%, at $88.74.

FedEx Corporation (FDX: chart) of Memphis, Tennessee, posted before the bell Wednesday a 41% rise in its quarterly profit, aided by the company’s cost-cutting efforts. The delivery giant announced net earnings of $207 million, or 68 cents a share, for the third quarter of fiscal 2004, in contrast to net earnings of $147 million, or 49 cents a share, in the same quarter of the previous year. Excluding items, FedEx said it had a profit of $216 million, or 71 cents a share, in the quarter ended February 29, beating the mean estimate of analysts for earnings of 67 cents a share. The company recorded revenue of $6.06 billion in the quarter, up 9.3% from $5.55 billion, last year, on growth in international priority shipments. FedEx said results also benefited from its acquisition of copy shop chain Kinko's in February.

For the fourth quarter, FedEx said it expects earnings before items of $1.15 to $1.25 a share.

The stock rose 4.62% to $71.59 at market close Wednesday.

Biomet, Inc. (BMET: chart) said Wednesday that it earned $86.6 million, or 34 cents a share, in the third quarter of fiscal 2004, up 19% from net income of $72.6 million, or 28 cents a share, in the comparable period a year ago. The Warsaw, Indiana-based maker of medical devices topped by a penny the consensus estimate of analysts. Biomet attributed the results to strong demand for its reconstructive, spinal hardware and bone cement products.

Biomet shares closed Wednesday unchanged at $39.20. The stock dropped a penny to $39.19 in after-hours trading.

Darden Restaurants, Inc. (DRI: chart) of Orlando, Florida, announced Wednesday that its quarterly earnings jumped 26%, boosted by a reduced tax rate and lower food costs. The restaurant chain operator rolled out a third-quarter net profit of $77.9 million, or 46 cents per share, compared with $61.8 million, or 35 cents per share, generated in the prior-year period. Darden said quarterly sales were up 5% to $1.24 billion, driven by strong performance at its Olive Garden chain.

The stock gained 66 cents on Wednesday to $24.99. Darden shares slipped 0.16% to $24.95 in after-market trade.

GameStop Corp. (GME: chart) reported Wednesday net income of $39.6 million, or 67 cents a share, for its fourth quarter, a 25% increase from net income of $31.6 million, or 52 cents a share, in the prior-year equivalent. The Grapevine, Texas-based video-game retailer said results were due to strong sales, which advanced 20% to $625.4 million, from $520.4 million a year ago. Quarterly earnings were in line with analysts’ projections.

GameStop shares shed 30 cents to $16.87 at market close Wednesday.

Jabil Circuit, Inc. (JBL: chart), the St. Petersburg, Florida-based contract electronics manufacturer, said Wednesday that its quarterly profit almost quadrupled, driven by improving demand for its equipment. The company posted net income of $40.0 million, or 19 cents per share, for its second quarter, against net income of $10.1 million, or 5 cents per share, a year ago. Revenue jumped to $1.49 billion in the quarter, from $1.15 billion a year earlier.

The stock rose 2.85% to close Wednesday at $28.16. Company shares added 34 cents to $28.50 in after-hours trading.

Vivendi Universal S.A. (V: chart) announced Wednesday a smaller loss for fiscal year 2003, on fewer charges. The France-based world’s No.3 media company said it had a net loss of €1.14 billion ($1.40 billion) in 2003, compared with a net loss of €23.30 billion, a year earlier. On operating basis, Vivendi posted a profit of €3.31 billion ($4.06 billion) in 2003, up 61% from a year ago.

Vivendi shares closed Wednesday at $26.54, up 86 cents, or 3.35%.

BASF AG (BF: chart) posted Wednesday a net profit of €910 million ($1.12 billion), for 2003, a 39% decline from a net profit of €1.5 billion in 2002. The world’s top chemical company blamed high prices on raw materials and the weak dollar for the results. Germany-based BASF said 2003 sales rose to €33.36 billion ($40.93 billion), from €32.22 billion in the prior year.

The stock gained $1.28 on Wednesday to $52.10.

Planar Systems, Inc. (PLNR: chart) of Beaverton, Oregon, said Wednesday its quarterly earnings will fall short of expectations, citing higher costs in its medical business unit and weaker revenue in its commercial business unit. The maker of flat-panel monitors forecast a profit of 5 cents to 10 cents per share, for the second quarter, on sales of $55 million to $60 million. Analysts expected earnings of 22 cents a share, on average.

Planar shares dropped 9 cents to close Wednesday at $15.25. The stock plummeted 17.05% to $12.65 in after-market trade.

The Clorox Company (CLX: chart) repeated Wednesday that it sees a profit of 55 cents to 57 cents a share for the third quarter. The Oakland, California-based consumer products company also confirmed that it expects fourth-quarter earnings in the range of 82 cents to 85 cents a share.