Markets & Finance

Comerica Dives after Earnings Warning


Comerica (CMA) posted $1.21 vs. $1.08 Q1 EPS from operations on 6% higher net interest income. S&P downgraded the shares, noting that the company guided the 2001 EPS consensus downward based on the weak outlook for investment advisory businesses, lower fiduciary fees, and a reduced level of assets under management.

Chesapeake Energy (CHK) expects $0.40-$0.42 Q1 EPS vs. $0.46 consensus and sees $0.27-$0.29 Q2 EPS. The firm also sees $1.43-$1.48 EPS for 2001 and $1.10-$1.15 EPS for 2002.

Huffy Corp. (HUF) posted $0.10 Q1 EPS vs. an $0.11 loss from continuing operations, despite a 19% sales drop.

Il Fornaio (ILFO) says it's in negotiations to amend the terms of its merger agreement with Manhattan Acquisition Corp, and expects the merger consideration payable to Il Fornaio stockholders to be reduced from $14 a share.

Cognizant Technology Solutions (CTSH)posted $0.28 vs. $0.17 Q1 EPS on a 60% revenue rise.

Skechers USA (SKX) says Q1 EPS should exceed consensus estimates of $0.29 by at least 20%. Sidoti & Co. raised its estimates and reiterates buy.

Polaris Industries (PII) posted $0.44 vs. $0.41 1Q EPS on 5.4% sales rise, and notes ATV sales to dealers declined from Q1 2000.

Excite@Home (ATHM) sees aa $0.14-$0.15 Q1 loss from operations vs. a year ago's $0.01 loss, on revenue of $140M-$145M. Excite says the weakening ad eenvironment adversely affected its narrowband media business.

Unisys Corp. (UIS) posted $0.22 vs. $0.34 Q1 EPS (pro forma) despite 6% revenue rise. Expects Q2 EPS to be about half of the year ago's level. Unisys will not divest Federal business unit. S&P maintains hold. SG Cowen downgraded to neutral from strong buy.

Luminex Corp. (LMNX) sees a $0.14 Q1 loss on revenues of about $3.9M. Luminex says in the final weeks of Q1, the company saw anticipated orders slip from Q1. Lehman put the EPS and target under review. First Union remains upbeat.

JP Morgan initiates coverage of Global Crossing (GX) with buy and a $29 target.

Goldman downgraded Millenium Chemical (MCH) to market perform from market outperform.

Caterpillar (CAT) posted $0.47 vs. $0.73 Q1 EPS on 2% lower sales and sees flat 2001 sales with 5%-10% lower profit.

Ericsson (ERICY) is expected to announce at least 6,000 fresh job cuts this week as it steps up its drive to slash costs in face of slower market growth, according to the Financial Times. CS First Boston reiterated its buy rating on price weakness.

Jabil Circuit (JBL) was delayed at 25.12. JP Morgan upgraded Symbol Technologies (SBL) and Solectron Corp. (SLR) to buy from long-term buy, and thinks Cisco inventory write-down is positive for these stocks.

Clorox Co. (CLX) was delayed at 32.58. Prudential downgraded to sell from hold.

Cognex Corp. (CGNX) posted $0.12 vs. $0.34 Q1 EPS from operations on 19% revenue decline. Cognex sees $0.02-$0.06 Q2 EPS on $37M-$40M revenue. Adam Harkness cuts estimates.

Philip Morris (MO) posted $0.94 vs. $0.87 Q1 EPS on a 12% revenue rise.

CR Bard (BCR) received FDA clearance to market Bard Memotherm Endoscopic Biliary Stent for the treatment of malignant biliary obstructions.

Sprint (FON) posted $0.35 vs. $0.48 Q1 EPS from continuing operations on slight revenue decline.

Cisco Systems (CSCO) sees Q3 revenue 30% below Q2's $6.7B, EPS (pro forma) in "very low" single digit range; and sees Q4 sequential revenue flat to down 10%. Cisco will cut 8,500 jobs. S&P, Merrill, CS First Boston and Robertson Stephens cut estimates. Salomon SB maintains buy.

Computer Associates (CA) sees $0.47 Q4 EPS from operations on $1.44B revenues. The firm ties the favorable outlook to the success of its eBusiness strategy and customer-centric Business Model. CS First Boston and CIBC World maintain buy. S&P maintains hold.

Actuate Corp. (ACTU)posted $0.06 vs. $0.03 Q1 EPS from operations on 89% revenue

rise. Actuate sees $0.03 Q2 EPS on revenues of $32.5M, and $0.20 2001 EPS on revenues of $143M, citing delays in prospective deals. CS First Boston cut estimates.

Vitesse Semiconductor (VTSS) posted $0.10 vs. $0.13 Q2 EPS (pro forma) despite 20% revenue rise. Vitesse says near-term visibility weak and it does not see the trend reversing in Q3. Needham upgraded the shares. Lehman keeps buy. S&P expects to cut estimates. Earlier it was incorrectly reported that Lehman downgraded the shares.

Lone Star Tech (LSS) posted $0.55 vs. $0.29 Q1 EPS on a 15% revenue rise.

Yahoo! (YHOO) will appoint Terry S. Semel as new chairman and CEO, effective May 1.

Eastman Kodak (EK) posted $0.52 vs. $0.93 Q1 EPS despite 4% sales decline. Kodak will take about an $375M-$450M restructuring charge, primarily in Q2. As a result, Kodak recounted the $4.50-$4.90 202001 EPS guidance, and sees $1.00-$1.30 Q2 EPS.

Philips Electronics (PHG) posted EUR 0.08 vs. EUR 0.86 Q1 earnings per share on slight sales decline. Both quarters include gains. Phillips expects a Q2 loss and will cut 6,000-7,000 jobs.

Finisar Corp. (FNSR) sees breakeven to $0.2001 Q4 EPS (pro forma) on revenues of $50M-$55M, and $0.12-$0.13 fiscal 2001 EPS. sees $275M-$325M fiscal 2002 revenue. Finisar cites rescheduling of existing orders by number of customers and a general economic slowdown. CIBC World cut estimates.

General Bearing (GNRL) says it terminated a merger pact signed on 1/19 with GBC Acquisition Corp.


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