Markets & Finance

Broadvision Sees Loss, Cuts Workforce


Broadvision (BVSN) sees a $0.14-$0.16 Q1 loss (pro forma) on $85M-$90M revenues, citing customers' delayed purchases. Broadvision will reduce its workforce by about 15%. The firm revised downward 4Q and 2000 results. Goldman cut estimates, JP Morgan downgraded and S&P maintains hold.

Best Buy (BBY) posted $0.89 vs. $0.78 Q4 EPS on 27% higher sales and expects same store sales to increase modestly in the coming fiscal year. Best Buy sees annual EPS growth of about 16%-18%, resulting in $2.15-$2.20 fiscal 2002 EPS. DB Alex Brown upgraded to buy from market perform.

Ariba (ARBA) sees a $0.20 Q2 loss from operations on about $90M revenues. Robertson Stephens and Banc of America downgrade. Wit SoundView upgrades to strong buy from hold. The software firm will cut about 1/3 of its workforce, and ended a pact to buy Agile Software (AGL).

Wachovia upgraded Dollar General (DG) to strong buy from buy.

UBS Warburg reportedly downgraded XO Communciation (XOXO) to hold from strong buy.

DB Alex. Brown reportedly cut the price targets for Global Crossing (GX), Tycom (TCM) and Level 3 Communications (LVLT).

CS First Boston downgraded Sherwin-Williams (SHW) to hold from buy.

Tucker Anthony downgraded American Tower (AMT) to buy from strong buy.

Concord Communications (CCRD) sees a $0.18-$0.20 Q1 loss (pro forma) on $20M-$21M revenue, citing recent delays due to the widespread economic slowdown.

Flir Systems (FLIR) sees Q1 EPS exceeding Q4 2000 and sees $0.85-$0.95 2000 EPS on $210M revenue. Although the firm restated its 1998 and 1999 results, reclassifications will have no impact on EPS.

Merrill downgraded SAP AG (SAP) to near-term accumulate from buy.

Redback Networks RBAK

sees a $0.15 Q1 loss (pro forma, excluding charges) on revenues of $85M-$90M. The firm will lay off about 12% of its workforce and take restructuring charges in Q1 and Q2.

Inktomi Corp. (INKT) sees a $0.23-$0.25 Q2 loss (pro forma) on revenue of $36M-$38M and plans to reduce its workforce by about 25% through a combination of attrition and management action. Merrill downgraded and Goldman cut estimates.

Zoll Medical (ZOLL) sees $25M-$26M Q2 revenues, about flat with year-ago results. Zoll says EPS will fall "substantially" below the consensus of $0.30, and says the North American order rate was significantly lower than expected.

Documentum (DCTM) expects Q1 revenue of $43M-$46M, and license revenue of $19M-$21M. The firm will report a loss, citing delays and cancellations of customer orders that had been projected to close prior to 3/31.

E.Piphany (EPNY) sees a Q1loss from operations of up to $0.40 on about $38M revenues. The form cited longer sales cycles caused by economic uncertainty in North American markets. Earlier it was incorrectly reported the company sees $0.40 EPS from operations.

Electroglas (EGLS) says Q1 revenue will be 10%-12% below prior guidance of $42M-$44M, citing falling capacity utilization rates of semiconductor customers.

Xerox Corp. (XRX) will delay filing its 2000 10-K report due to an internal review that started last week of its accounting policies and procedures.

Entrust Technology (ENTU) sees a $0.32-$0.34 Q1 loss from operations on revenues of $31M-$32M, citing a significant reduction in expected software license sales. Goldman reportedly downgraded to market perform. Pacific Crest downgraded to market perform.

Lift Group plans to revise acquisition proposal for Cascade Corp. (CAE) due to complications attributable to environmental litigation against Cascade. Lift says there's no assurance an agreement will be completed.

Alcatel (ALA) will reduce its U.S. workforce by approximately 1,100 positions.

Rainbow Technology (RNBO)sees a $0.07-$0.10 Q1 loss, citing a continued slowdown in the Internet infrastructure industry.

Equity Marketing (EMAK) sees $1.05-$1.40 2001 EPS on revenues of $185M-$215M. Equity says sales from its largest client, Burger King, are expected to decline by about 30%-40% in 2001.


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