) strongly denied a published report that it might soon face liquidity problem due to outstanding commercial paper. Earlier, CS First Boston said it expects the consensus EPS to fall below its $0.07 Q1 loss and $0.11 2001 EPS estimates due to continued weakness in three of Motorola's key businesses.
PG&E Corp. 's (PCG
) Pacific Gas & Electric unit filed for Chapter 11 bankruptcy. Shares were halted at $11.36. S&P maintains avoid.
Salomon SB put Intel's (INTC
) estimates under review, saying the firm's non-microprocessor business may come in significantly lower than expected.
) and Ambac Financial (ABK
) shares are seen lower due to their exposure to insured debt obligation of Pacific Gas & Electric and Edison International.
) expects Q4 EPS of breakeven to a $0.03 loss from operations on $60M-$62M revenues. Dain Rauscher downgraded to buy from strong buy. Salomon SB cut estimates.
Columbia Labs (COB
) requested its licensee, Serono, to voluntarily recall some batches of Crinone 4% and 8%, gel for the treatment of infertile women, due to a drug application problem.
) says based on orders so far, it expects Q2 revenue to be below $2.9B and aays it's no longer able to provide meaningful fiscal 2002 guidance. S&P, Lehman and CS First Boston cut estimates.
Remedy Corp. (RMDY
) sees a $0.05-$0.07 Q1 loss (basic) from operations on $64M-$65M revenues, citing a slowing economy and delayed IT spending.
Sycamore Networks (SCMR
) sees a $0.16-$0.19 Q3 loss (pro forma) on $50M-$60M revenues and says it will not provide future guidance until Q3 results are released. Robertson Stephens downgraded to long-term attractive. Salomon SB also downgraded.
Boston Scientific (BSX
) says a lawsuit filed by Medinol, alleging effort by Boston Scientific to defraud the FDA and Medinol, relies on false accusations and baseless claims. Goldman and Prudential downgraded. S&P maintains neutral.
) sees $0.29 Q1 EPS on sales of $772M vs. previous guidance of $0.35-$0.38 EPS on $830M-$865M sales, citing reduced and deferred spending by major communications carriers late in Q1. Merrill cut estimates.
Marvell Technology (MRVL
) sees $0.04 Q1 EPS (pro forma) on about $64M revenue; $0.22-$0.25 FY 02 EPS on $280M-$290M revenue. Marvell cited a slowdown in the U.S. economy and purchasing delays. Goldman cut estimates.
Extreme Networks EXTR
) sees a $0.06-$0.08 Q3 loss (pro forma) from operations on $110M-$115M revenue, and cut 10% of its workforce. S&P and CIBC World cut estimates and target.
) sees $0.31-$0.33 Q1 EPS vs. year ago's $0.34. RadioShack sees 7%-10% 2001 EPS growth, and posted 7% higher March comparable store sales. DB Alex Brown downgraded.
) posted 5% March higher same-store sales and says its on track to achieve aggressive growth goals of $0.91-$0.93 fiscal 2001 EPS.
Silverstream Software (SSSW
) sees a $0.60-$0.65 Q1 loss (adjusted) on $22M-$23M revenues.
SL Industries (SL
) will cut its workforce within its Condor D.C. Power Supplies unit by about 28%. SL expects to record a related charge in Q2 of about $1.3M. As a result, it's likely that that SL will report a Q2 loss.
) and Westech Korea entered into a worldwide license pact whereby Qualcomm has granted Westech Korea a license under Qualcomm's CDMA technology and patents.