Markets & Finance

Symantec Shares Hacked by Earnings Warning


Symantec Corp. (SYMC) 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.

Fluor (FLR) 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.

Merck (MRK) 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.

Schering-Plough (SGP)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.

Tektronix (TEK) 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.

Metro-Goldwyn (MGM) 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.


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