Markets & Finance

Level 3 Posts a Wider Loss


Level 3 (LVLT) posted a $1.45 Q1 loss vs. a $0.77 loss as higher costs offset a sharp revenue rise. Level 3 sees about a $7.25 2001 loss ($0.25 narrower than previous guidance), and about a $330M 2001 EBITDA loss.

Interwoven (IWOV) posted $0.02 Q1 EPS vs. a $0.02 loss on sharp revenue rise. CS First Boston reiterates strong buy. Tucker Anthony reiterates buy.

Dain Rauscher reiterates strong buy on Ciena (CIEN) and has a $150 target.

Celestica(CLS) posted $0.39 vs. $0.20 Q1 EPS on a 67% revenue rise. CS First Boston maintains strong buy. S&P maintains hold.

Storage Networks (STOR) posted a $0.34 Q1 loss vs. a $1.09 loss and posted a narrower EBITDA loss on a sharp revenue rise. Raymond James reiterates strong buy and narrows loss estimates.

UAL Corp. (UAL) posted a $5.82 Q1 loss vs. $0.84 EPS on 2.7% lower revenues. Based on current revenue trends, the year-over-year decline in Q2 unit revenue will be considerably worse than the Q1 decline; UAL sees a Q2 loss.

General Motors (GM) posted $0.50 vs. $2.80 Q1 EPS from operations on a 10% revenue decline and says its comfortable with approximately $0.95 Q2 consensus estimate.

AT&T (T) says it will issue 1.176 shares of AT&T Wireless Group tracking stock in exchange for each share of AT&T common validly tendered, not withdrawn.

Coca-Cola (KO) posted a $0.35 Q1 EPS vs. $0.02 loss on 4% higher worldwide unit case volume. Coke takes a more conservative outlook, and now expects unit case volume growth of 5%-6% in 2001.

Gillette (G) posted $0.17 vs. $0.24 1Q EPS on 7% lower revenues. S&P downgraded to hold.

Veritas Software (VRTS) posted $0.21 vs. $0.12 Q1 EPS (pro forma) on 58% revenue rise. Veritas lowered its 2001 revenue growth range to 35%-50% from 40%-50%. S&P maintains hold. CS First Boston and Merrill cut estimates. Salomon downgraded.

Storage Networks (STOR) posted a $0.34 Q1 loss vs. a $1.09 loss, and a narrower EBITDA loss on sharp revenue rise. Raymond James reiterates its strong buy and narrows loss estimates.

Celestica (CLS) posted $0.39 vs. $0.20 Q1 EPS on a 67% revenue rise. S&P maintains hold.

RF Micro Device (RFMD) posted a $0.04 Q4 loss vs. $0.08 EPS on a 35% revenue decline and expects a $0.05-$0.06 Q1 loss on a 20% sequential revenue rise. Dain Rauscher upgraded to buy from neutral. Banc of America raised its price target.

Dain Rauscher upgraded Nortel Networks (NT) to buy from neutral.

Intel Corp. (INTC) posted $0.16 vs. $0.43 Q1 EPS from operations on 16% revenue decline. Intel sees $6.2B-$6.8B Q2 revenue. S&P maintains hold. Banc of America and Prudential upgrade. S&P maintains hold.

Hewlett-Packard (HWP) sees $0.13-$0.17 Q2 EPS (including $150M in one-time charges), and a sees 2%-4% Q2 sequential, year-over-year revenue decline. HP cited the worldwide IT spending slowdown.

Texas Instrument (TXN) posted $0.18 vs. $0.28 Q1 EPS on 8% revenue decline and expects Q2 revenue to be down about 20% sequentially. Texas Instrument will lay off 6% of its workforce. S&P maintains hold.

Knight Trading (NITE) posted $0.21 vs. $1.07 Q1 EPS on 56% revenue drop. Absent any economic catalyst, Knight believes self-directed investors will continue to remain cautious as the market cycle bottoms out.

Tyco Intl. (TYC) posted $0.65 vs. $0.50 Q2 EPS from operations on 26% revenue rise.

AOL Time Warner (AOL) posted 20% higher 1st quarter EBITDA, $0.23 vs. $0.19 cash EPS on 9% higher revenues.

Teradyne (TER) posted $0.33 vs. $0.52 Q1 EPS from operations on slight sales decline. Teradyne says its current Q2 plan is to ship between $425M-$450M, and work to lower expenses to breakeven at that volume.

Pfizer (PFE) posted $0.33 Q1 EPS from operations vs. a $0.03 loss (reflecting a payment from Warner-Lambert to American Home Products to terminate a merger deal) on 6.8% revenue rise.

Rational Software (RATL) posted $0.22 vs. $0.18 Q4 EPS (pro forma) on 34% revenue rise. S&P maintains accumulate.

Sysco (SYY) posted $0.21 vs. $0.15 Q3 EPS on 13% revenue rise.

Washington Mutual (WM) posted $1.15 vs. $0.83 Q1 EPS on 25% higher net interest income. The current quarter includes partial quarter results from two acquisitions. The firm set a 3-for-2 stock split.

Tycom (TCM) posted better than expected $0.13 vs. $0.16 Q2 EPS on 12% revenue drop, and raised its $0.69 fiscal 2001 EPS guidance to $0.71-$0.73.

Electronics For Imaging (EFII) posted $0.23 vs. $0.44 Q1 EPS from operations on 7% revenue decline. S&P maintains accumulate.

Cadence Design (CDN) posted $0.16 vs. $0.01 Q1 EPS from operations on 34% revenue rise, and expects 15% Q2 revenue rise, 18% for 2001. Cadence withdrew its IPO registration for Tality. S&P maintains accumulate.

RealNetworks (RNWK) posted $0.02 vs. $0.05 Q1 EPS (pro forma) on 5.8% revenue decline. S&P maintains accumulate. CS First Boston cuts estimates and maintains hold. Hambrecht maintains hold.

Hutchinson Tech (HTCH) posted a $0.46 Q2 loss vs. a $0.38 loss from operations on a 17% revenue decline and expects Q3 sales of $80M-$95M, with gross margins of 4%-7% resulting in a loss of $0.50-$0.70 per share.


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