) is trading sharply lower after cutting its Q1 guidance to $0.39-$0.47 Q1 cash EPS on sales of $225M-$235M. S&P maintains buy. Salomon SB downgraded. Lehman says avoid shares.
Merrill downgraded Korn/Ferry International (KFY
) to near-term reduce from neutral, and maintains its long-term accumulate rating.
Gap Inc. (GPS
) says its goal is to reduce positions by 5%-7% from year-end levels; reserve costs in Q2, with the likely range of $10M-$20M pre-tax.
Robertson Stephens and JP Morgan downgraded.
Robertson Stephens downgraded Ann Taylor (ANN
) and Men's Wearhouse (MW
) to market perform from buy.
) Merrill downgraded to near-term reduce from accumulate, and maintains long-term neutral.
Silicon Valley Banc (SIVB
) sees $0.45-$0.50 Q2 core EPS, and says the decrease is due to a continuing decline in deposit balances. Dain Rauscher downgraded to buy from strong buy.
UBS Warburg downgraded AFLAC Inc. (AFL
) to hold from strong buy.
CS First Boston upgraded Mesa Air Group (MESA
) to buy from hold.
Charles River Lab (CRL
) is trading lower after filing to offer eight million shares.
) lowered its $0.77-$0.79 Q2 EPS and $3.12-$3.18 2001 guidance, citing a negative foreign-exchange impact and lower Vioxx sales. Analysts expected Merck to report $3.20 EPS for 2001. DB Alex. Brown and Tucker Anthony downgraded. S&P upgraded to accumulate from hold.
Micron Technology (MU
) posted a $0.50 Q3 loss from continuing operations (including a pre-tax inventory write down) vs. $0.50 EPS on 47% lower sales. S&P and Lehman cut estimates.
)says new FDA inspection reports indicate ongoing, additional deficiencies concerning compliance with Good Manufacturing Practices at Schering-Plough's New Jersey and Puerto Rico facilities.
Manugistics Group (MANU
) posted $0.03 Q1 EPS vs. an $0.01 loss (adjusted) on a 78% revenue rise. Merrill and DB Alex. Brown downgraded. CS First Boston cut estimates.
Research In Motion (RIMM
) posted $0.05 Q1 EPS vs. breakeven on a sharp revenue rise.
Datalink Corp. (DTLK
) expects Q2 revenue to be about $26M-$30M, and sees a loss of $0.06-$0.11.
Darden Restaurant (DRI
) posted $0.50 vs. $0.43 Q4 EPS from operations on a 6.9% sales rise.
Bed Bath & Beyond (BBBY
) posted $0.10 vs. $0.08 Q1 EPS on 4.4% higher same store sales, and 25% higher total sales. S&P maintains accumulate. Lehman says Bed Bath & Beyond remains its top pick.
Banc of America downgraded General Motors (GM
) to underperform from market perform.
Merrill reportedly downgraded Williams Communications (WCG
) to near-term neutral.
DMC Stratex Networks (STXN
) sees a lower than expected $0.04-$0.08 Q1 loss from operations on $75M-$80M revenue, citing customer delays in network buildouts and internal organizational changes.
) posted $0.37 vs. $0.32 Q4 EPS, and sees a 15%-20% Q1 sales decline. S&P maintains hold.
Cyberoptics ( CYBE
) expects near or at breakeven Q2 net (excluding goodwill, amortization) on revenues of about $11M-$11.5M, and says a major OEM customer told the company to suspend shipments during the first two months of Q3.
) sees a $30M-$35M Q2 EBITDA loss, and a $0.27-$0.29 per share loss on $265M-$270M sales. MGM says two theatrical releases did not meet expectations.
Due to a problematic retail environment, Kenneth Cole (KCP
) sees $0.17-
$0.19 Q2 EPS on sales of $81M-$83M.
Georgia Gulf (GGC
) says lack of demand in vinyl resins and aromatics will cause a Q2 loss of up to $0.10 per share.
Cutter & Buck (CBUK
) posted $0.03 vs. $0.55 Q4 EPS on slightly lower sales, and narrowed gross margins, and expects flat to very modest sales growth for fiscal 2002.
Midway Games (MWY
) says it is discontinuing its coin-operated videogames business in light of declining demand.