Markets & Finance

Ciena Shares Slide Lower


DB Alex. Brown cuts estimates on Ciena Corp..

Hoak Breedlove upgraded Travelocity.com (TVLY) to strong buy from buy.

SignalSoft (SGSF) signed a contract with Radiolinja, a Finnish wireless carrier. SignalSoft also launched Access Manager, a location-based services software product. CS First Boston reiterates buy.

Microsemi (MSCC) Banc of America upgraded to strong buy from buy. The company noted analyst's comments.

Oracle (ORCL) posted better than expected $0.15 vs. $0.15 Q4 EPS from operations on a 3% revenue decline. S&P reiterated its accumulate rating. CS First Boston upgraded the stock to strong buy. Merrill Lynch upgraded the shares to long-term buy from long-term accumulate. Salomon upgraded to outperform from neutral.

Lehman Bros. (LEH) posted $1.57 vs. $1.39 Q2 EPS from operations on a 15% revenue rise. Merrill upgraded to near-term accumulate from near-term neutral.

Superconductor Technologies (SCON) forecasted its unaudited Q2 net

commercial revenues to be about $2.9M vs. $1.2M a year

ago. The company expects gross commercial product revenues for

Q2 will increase about 120%.

Atlas Air (CGO) sees breakeven Q2, and $0.90-$1.10 2001 EPS from operations. Atlas Air will reduce its ground-staff workforce by about 200, and will decrease fleet service levels by up to six aircraft. Atlas also will take a $40M-$50M Q2 charge.

Bruker Daltonics (BDAL) believes shares are lower in sympathy with its direct mass spectrometry competitor Waters Corp.

Waters Corp. (WAT) cut the Q2 guidance to $0.29 EPS on

sales growth before currency effects of 7%-10%. JP

Morgan downgraded to long-term buy. S&P maintains

hold.

Right Manage (RMCI) says Q2 results are expected to substantially exceed market expectations, and sees Q2 EPS above $0.50 on revenues in excess of $70M.

Raymond James upgraded Sonus Networks (SONS) to buy from market perform.

Salomon upgraded Siebel Systems (SEBL) to outperform from neutral.

CNB Financial Corp. (CNBF) agreed to be acquired by NBT Bancorp Inc. (NBTB) in a $140M deal. Terms: 1.2 NBT shares for each CNB share.

DB Alex. Brown downgraded Level 3 Communications (LVLT) to

market perform from buy. On Monday the company forecast

$2.1B for 2001, $2.5B-$2.6B for 2002, and $3.5B-$3.6B for 2003 communications cash revenue.

On Assignment (ASGN) sees $0.18-$0.19 Q2 EPS on flat revenues and sees $0.82-$0.85 2001 EPS. The company raised its buyback program to 10% of stock, and plans to remain independent. CS First Boston cut the estimates and target.

Needham upgraded Juniper Networks (JNPR) to buy from hold.

Trex Co. Inc. (TWP) sees $24M-$26M Q2 revenue vs.

a year ago's $36.5M. BB&T Capital downgraded to hold

from strong buy.

CS First Boston upgraded Charlotte Russe (CHIC ) to buy

from hold. On Monday the company forecast Q3 comps in the

negative mid-single digit area, and Q3 EPS at least flat

vs. year ago but less than expected.

Lehman says Sirius Satellite's (SIRI) analyst meeting boosts confidence, and reiterates strong buy.

CS First Boston downgraded Exodus Communications (EXDS) to

hold from buy.

Identix Inc. (IDX) gets contracts from two major airports to assist them in meeting compliance terms of the Airport Security Improvment Act of 2000; they will install the systems by June 30, 2001.

Amtran Inc. (AMTR) entered a pact whereby the 28% of its

stock not owned by Chariman J.G. Mikelsons will be

converted into the right to receive $23 cash per share.

Champion Enterprises (CHB) sees $420M Q2 sales, and reduced the

loss estimate to the range of $0.02-$0.05.

Robertson Stephens downgraded TTM Technologies (TTMI) to market perform from buy.

Datum Inc. (DATM ) sees $0.10-$0.13 Q2 EPS on revenues of $27M-$29M. Datum says in the first half of June, the company

began to notice more pronounced weakness in the wireless

division.

Dean Foods (DF) sees $0.40-$0.43 Q4 EPS from operations vs. $0.64 consensus, and $2.25-$2.28 fiscal 2001 (May). The company cites weakness in its Specialty Foods and National Refrigerated Product segments.

Suiza Foods (SZA) says it's comfortable with consensus $1.11 Q2 EPS estimate and still thinks a Dean-Suiza merger will create significant shareholder value.

Qwest Communications (Q) reiterated its 12%-13% Q2 revenue growth forecast and $21.3B-$21.7 billion 2001 revenue, along with $8.5B-$8.7B 2001 EBITDA guidance, citing strong service demand.

Solectron (SLR) posted $0.12 vs. $0.30 Q3 cash EPS despite a 9% revenue rise, and sees $0.05-$0.09 Q4 EPS on $3 to $3.5 billion revenues. Solectron plans to file for a $3 billion universal shelf offering. S&P maintains hold. Lehman cut estimates. Banc of America maintains strong buy.

CS First Boston upgraded Citrix Software (CTXS) to buy from hold.

Entegris Inc. (ENTG) posted $0.14 vs. $0.19 Q3 EPS from operations on a 11% revenue decline, and sees a 25%-35% Q4 sequential revenue decline.

Gucci Group ( GUC) posted $0.55 vs. $0.46 Q1 EPS on a 5.5% revenue rise. Gucci cut the $2.6 billion fiscal 2002 revenue projection to $2.45 billion, and cut the $3.40 EPS forecast to $3.00. Gucci notes lower U.S. interest rates, which will reduce net interest income.

First Consulting (FCGI) sees Q2 revenues at the lower end of the $69M-$71M projection, and says it has experienced slowdown in some units.

Pier 1 Imports (PIR) posted $0.13 vs. $0.17 Q1 EPS despite a 2.8% same-store sales rise, noting lower margins due to greater

promotional sales and higher advertising expenses as

percentage of sales.

Cyberonics Inc. (CYBX) says net sales for ten months ended April 27 totaled $43.4 million vs. the $37.7 million posted for the year ago; the loss was $1.27 per share vs. a $0.14 per share loss. The company sees greater than 9% growth for fiscal 2002 worldwide sales.

Advanced Power ( APTI) expects Q2 revenue to finish within the low end of $11 to $11.9 million guidance given on April 19 and sees Q3 revenue of $8.2 to $9 million. The company will institute wage freeze and graduated pay reductions for domestic workers.

Eaton Vance (EV) will be added to S&P MidCap 400 Index at close of trading

on date to be announced, replacing True North Communications,

which is being acquired.

Surmodics (SRDX) will be added to S&P SmallCap 600 Index after the close of trading on a date to be announced, replacing Eaton Vance, which is being added to S&P MidCap 400 Index.

Financial Fedderal (FIF) will be added to S&P SmallCap 600 Index after the close of trading on a date to be announced, replacing M.S.Carriers, which is being acquired.


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