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Applied Materials (AMAT
) expects first quarter orders to be about 35% lower than fourth quarter levels, worse than the previous guidance of at least a 20% sequential decline. AG Edwards restarted its coverage with hold. S&P reiterates sell.
Walt Disney (DIS
) posted 17 cents vs. 15 cents first quarter earnings per share (excluding items) on a 6% revenue rise. Analysts were expecting an average of 15 cents earnings per share. The media company continues to target earnings per share from operations growth of 25% to 35% this year, and similar growth in fiscal 2004. S&P and SoundView raised estimates.
Columbia Sportswear (COLM
) posted $0.72 vs. $0.61 fourth quarter earnings per share on 1.4% revenue rise. The retailer believes 2003 earnings per share growth of up to 2% is achievable. RBC Capital cut its estimates.
MicroStrategy (MSTR
) posted 40 cents fourth quarter earnings per share (adjusted) vs. a $2.61 loss despite 4% lower revenue. The company sees six cents to 12 cents first quarter earnings per share (adjusted) on $33 million to $37 million in revenue; and $1.00 to $1.40 2003 earnings per share (adjusted) on $150 million to $160 million in revenue. Pacific Growth keeps overweight. Friedman Billings upgraded to outperform from market perform.
Cerus (CERS
) posted a 99-cent fourth quarter loss vs. an 86-cent loss as higher R&D costs offset a 60% revenue rise. Merrill, Prudential, and J.P. Morgan downgraded.
Merrill Lynch keeps neutral on QLogic (QLGC
), but says news that Fujitsu is reportedly looking to sell its hard disk drive operations creates uncertainty for QLogic's future earnings.
Bear Stearns upgraded XM Satellite (XMSR
) to peer perform from underperform. On Wednesday the company closed a deal to get $475 million in funding from General Motors.
S&P upgraded AstraZeneca (AZN
) to accumulate from hold.
Websense (WBSN
) posted 28 cents vs. seven cents fourth quarter earnings per share on a 54% revenue rise. The company says the current quarter includes an eight cents tax benefit. Websense sees 13 cents to 14 cents first quarter earnings per share. Wells Fargo downgraded to hold from buy.
Airborne (ABF
) posted 25 cents fourth quarter earnings per share vs. a two-cent loss (excluding a one-time credit) on a 12% revenue rise. Airborne says for the first quarter, revenue will likely adjust down reflecting a seasonal ramp-up in the fourth quarter. The company expects 2003 volumes to be down year over year. S&P upgraded to hold.
Wendy's (WEN
) posted 44 cents vs. 42 cents fourth quarter earnings per share on 11% higher systemwide sales growth, and 16% higher total revenue.
Honeywell (HON
) posted 50 cents vs. 55 cents fourth quarter ongoing earnings per share on flat revenue. The company sees $1.60 to $1.70 2003 earnings per share, including the negative impact of 36 cents due to a pension expense.
Avid Technology (AVID
) posted 15 cents vs. five cents fourth quarter earnings per share on an 8% revenue rise. Avid posted 28 cents earnings per share from operations. Roth Captial reportedly upgraded to buy from netural.
Coca-Cola (KO
) will cut 1,000 jobs as it consolidiates its three main business units in North America.
Boeing (BA
) is in a deal to make 22 additional Next-Generation 737-800s for Ryanair. The Irish airline also increased its options by a further 78.
The FDA approved Biogen's (BGEN
) Amevive for the treatment of adult patients with moderate-to-severe chronic plaque psoriasis who are candidates for systemic therapy or phototherapy.
Aflac (AFL
) posted 42 cents vs. 34 cents fourth quarter operating earnings per share on an 11% revenue rise. The company sees 2003 and 2004 operating earnings per share growth of 15%. Aflac plans to raise its quarterly dividend from six cents to seven cents.
Sports Authority (TSA
) sees fourth quarter earnings per share from normal operations of 46 cents to 49 cents vs. the prior guidance of 50 cents to 53 cents. The retailer says soft consumer spending during the holiday season resulted in a 4.5% same store sales decline for the fourth quarter.
Zoran (ZRAN
) posted one cent fourth quarter earnings per share vs. a 26-cent loss (GAAP) on a 12% revenue rise. The company posted 24 cents earnings per share (pro forma). Zoran expects one cents to three cents first quarter earnings per share (pro forma) on an 8% to 10% first quarter sequential revenue decline. CIBC World and SG Cowen downgraded.
Pre-Paid Legal (PPD
) received a subpoena from the office of the U.S. Attorney for the Southern District of New York requesting information relating to certain trading activities. Pre-Paid says the SEC also is conducting an informal inquiry into the same subject.
Starbucks (SBUX
) posted 9% higher January same store sales, and 25% higher total sales.
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