Markets & Finance

Dell Shares Slip after Downgrade


Bear Stearns cut its estimates for DELL Computer (DELL).

DB Alex Brown downgraded Univision Communication (UVN) to buy from strong buy.

Prudential says high valuation of BEA Systems (BEAS) shares pose risk due to slowing software IT spending. The firm cuts its $100 price target on the stock to $85.

Roche AG, DNA to co-develop, market OSI Pharmaceuticals' (OSIP) OSI-744 experimental cancer treatment. Lehman says terms better than expected and believes the company's shares are down with its sector.

Applied Films (AFCO) reportedly sees lower than expected Q2 revenues, EPS in line with estimates.

Robinson Humphrey reportedly downgraded Check Point Software (CHKP) shares to outperform from buy.

DB Alex Brown expects further weakness at Yahoo Inc (YHOO) following Q4 results and thinks co. will focus on outlook for 2001 and could see new lows and disappointment which could put pressure on other Internet issues.

Tripos Inc (TRPS) sees $0.43-$0.50 Q4 EPS on about $12 million in revenues, cites strong performance on all fronts. Sets 2-for-1 stock split.

New Era of Networks (NEON) Sees $0.35 4Q loss on revenues of about $40M. Cites postponed, deferred purchases. To record 4Q restructuring charge... Bear Stearns downgrades to neutral from buy.

Fairchild Semiconductor (FCS) sees Q1 sales about 5%-8% below the expected Q4 range of $468M-470M. The company continues to sees short term inventory correction, expects revenues to rebound slowly in Q2.

VerticalNet (VERT) named co-founder Michael Hagen as president and CEO, replacing Joseph Galli, who will become the new head of Newell Rubbermaid (NWL).

New York Times (NYT) will cut 17% of the workforce at its Internet unit.

Josephthal downgraded ADC Telecommunications (ADCT) shares to buy from strong buy, cuts $45 12-month target to $28.

Global Crossing Ltd. (GX) sees about $2-$2.1 billion 2001 earnings before interest, taxes, depreciation and amortization (adjusted) and $7.1 billion to $7.2 billion cash revenue from operationss (35%-40% EBITDA, 30% revenue growth). The company and Computer Sciences announced a contract worth $150 million in revenue to GX.

Salton Inc. (SFP) expects Q2 sales to be about 10%-12% the below the year ago's $292.8 million.

Barron's reported that it seems investors have embraced the notion that with any number of customers at Cisco Systems (CSCO)seriously ailing, prospects for CSCO are likely dimming.

Alcoa Inc. (AA) posted $0.45 vs. $0.44 Q4 EPS on a 54% revenue rise.

AMR Corp.'s (AMR) American Airlines unit is close to deal to acquire Trans World Airlines (TWA) and agreed to purchase significant assets from US Airways (U), according to a Wall Street Journal report.

SAP (SAP) sees Q4 revenue up about 27% over last year, better than expected. It also sees operating income, before charges for employee stock appreciation rights program, up more than 40%. ABN Amro reportedly upgraded its rating on SAP shares.

Bear Stearns reportedly cut estimates on Dell Computer (DELL).

New Era of Networks (NEON) sees a $0.35 Q4 loss per share on revenues of about $40M. The company cites postponed and deferred purchases by customers. NEON will record a Q4 restructuring charge.

Hispanic Broadcasting (HSP) sees lower than expected Q4 revenues of about $60M and $24.5M-$25M broadcast cash flow. The company notes an increase in promotion and marketing expense, as well as operating losses from its Internet division.

Grupo Iusacell (CEL) says Grupo Peralta, one of its principal holders, and other individuals have agreed to sell their 34.5% equity stake in the company to Vodafone (VOD) for $973M.

Robertson Stephens downgraded its rating on shares of Tricon Global (YUM) to long term attractive from buy. On Jan. 6, the company posted 6% lower Dec. total U.S. blended same store sales.

Energen (ENE) sees 25%-30% 2001 EPS growth due to high energy prices, as well as its hedge position on oil and gas production.

Corning (GLW) will utilize Incyte's (INCY) gene sequence databases and gene patent portfolio for microarrays commercialization.

Neurocrine (NBIX) announced positive Phase I and II results in evaluation of NBI-34060 for insomnia in about 500 patients.

eBay (EBAY) agreed to acquire a majority stake in Internet Auction Co. Ltd., Korea's largest auction-style Web site.

Krispy Kreme (KREM) filed to offer 2 million shares.


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