) have continued to disappoint, and adjusted estimates. Merrill also cut estimates for Children's Place (PLCE
), Gymboree (GYMB
), Intimate Brands (IBI
), Limited Inc. (LTD
), Tiffany & Co. (TIF
) and TJX Cos. (TJX
CIBC World cut estimates and the price target on
Research In Motion (RIMM
Interactive Commerce (IACT
) agreed to be acquired by Sage Group PLC for $12 per share cash.
CIBC World downgraded C-Mac Indus (EMS
) to buy from strong buy, and cut the target. National Bank cut the estimates and target, and maintains focus buy.
Robertson Stephens believes Cisco's (CSCO
) stock has significant downside potential based on
valuation, and cut the $0.59 fiscal 2001 EPS estimate to $0.50 and the $0.55
fiscal 2002 estimate to $0.27. Robertson Stephens maintains its market
) posted $0.02 vs. $0.03
3Q EPS (pro forma) as higher expenses offset a 73% revenue rise. The company
sees a $0.08 Q4 loss on $300M-$315M in revenues. Robertson Stephens, Merrill
Lynch and S&P downgraded.
) sees continued
sales growth in business at this time. CS First Boston trimmed estimates.
Merrill Lynch downgraded to near-term neutral from accumulate.
Nortel Networks (NT
) says Q1
results will be below previous expectations. Nortel now sees a $0.10-$0.12
1Q loss on $6.1B-$6.2B in revenues. S&P maintains hold, but Merrill Lynch
downgraded. CS First Boston cut its estimates and target price.
Walt Disney (JDSU
) will reportedly
cut 4,000 jobs from its global workforce.
Netscout Systems (NTCT
$0.01-$0.03 Q4 EPS on $20M- $22M in revenues, citing constraints in IT
purchasing. Dain Rauscher downgraded the rating to neutral from buy.
Teco Energy (TE
) now expects Q1 EPS
to exceed $0.50, more than 15% higher than in the same period last year.
Teco says 2001 EPS growth is now expected to exceed the 10% previously
Arch Coal (ACI
) sees $0.10-$0.15 Q1
EPS vs. consensus' $0.04 estimate, citing high profit margins on coal sold
in the spot market, and depletion-related income tax benefits.
Microsoft selected Conexant Systems' (CNXT
) CX25871 video encoder solution to connect its Xbox video
game system to digital and analog televisions worldwide.
Merrill Lynch downgraded JDS Uniphase (JDSU
) to near term neutral from accumulate. CS First Boston cut
its estimates and target price.
) expects its worldwide
unit case volume to grow in a range of 4%-5% during Q1.
ADC Telecomm (ADCT
) further lowered
Q2 guidance to $0.10-$0.15 loss (pro forma) on $650M-$700M sales. The
company cited the slowing economy and further slowdown in capital spending
by communication service providers.
Public Service NM (PNM
$1.45-$1.65 vs. $0.45 Q1 EPS, citing continuing high prices in the wholesale
Newark Resources (NR
) sees better
than expected $0.10 Q1 EPS on revenues approaching $100M, citing increased
sales of its new composite mat system.
) confirmed guidance for
Q1 EPS of $0.45-$0.46, and 2001 EPS in the low $1.90s. The firm sees
$85M-$95M 2001 royalty revenue as a result of patent expirations and its
dispute with Schering-Plough on its royalty obligations.
MDC Holdings (MDC
) says Q1 EPS should
exceed high end $1.01 estimates. The company cited record Q1 home closings,
continued higher home selling prices and increased options sold by design
SES Global will acquire General Electric's (GE
) GE American Communications unit for $5 billion, consisting
of $2.7B cash and 15.4M SES Global shares.