Markets & Finance

Sonus Networks Posts Sharp Revenue Rise


Sonus Networks (SONS) posted $0.01 Q2 EPS (adjusted) on a sharp revenue rise. Sonus also announced that BellSouth Corp. has chosen Sonus to provide

voice infrastructure solutions to supplement BellSouth's

existing voice network. CIBC World, First Union and Prudential reiterate buy.

SCI Systems (SCI) agreed to buy Nokia's repair and test operations at Camberley in the U.K. Merrill maintains near term neutral and long term buy.

Pharmacopeia (PCOP) says Q2 drug-discovery revenues were about $6.8M, and software revenues were about $19.5M-$20M and expects a pro forma loss in the $0.08-$0.10 range. The company is reviewing alternatives for its drug discovery business model.

Bear Stearns upgraded Agilent Technologies (A) to attractive from buy.

Idec Pharmaceutical (IDPH) says Q2 U.S. sales of Rituxan were $180M. Banc of America cut the estimates and target. S&P maintains accumulate.

Spain's Banco Bilbao Vizcaya Argentaria SA reportedly delayed a plan to purchase the rest of BBVA Banco Franc (BFR) shares it does not already own.

Sharper Image (SHRP) posted a 15% June same-store sales decline and a slight total sales decline. The company sees a $0.30-$0.33 2Q loss from operations.

SmartForce ADS (SMTF) posted $0.06 Q2 EPS from operations vs. a $0.15 loss from operations on a 82% revenue rise. The software company raised its $265M-$270M 2001 revenue guidance to $270M-$272M, and raised its $0.30 EPS estimate (pro forma) to $0.30-$0.32. SmartForce reaffirmed $0.72 2002 EPS guidance. Merrill reiterates near and long term buy.

Genstar Therapeutics (GNT) says following the treatment with its

MAX-AD FVIII in Phase I clinical trial, transient liver

chemistries and hematologic abnormalities were observed

from an analysis of initial patient's blood.

Based on current projections, Gymboree Corp. (GYMB) now expects July same-store sales to be 6%-9% above year ago and sees a Q2 loss to be in the $0.26-$0.28 range. Gymboree posted 8% higher June same-store sales and 16% higher total sales.

CS First Boston upgraded USFreightways (USFC) to strong buy from buy.

Intermet Corp. (INMT) posted $0.15 vs. $0.47 Q2 EPS on 19% lower revenues and expects Q3 to be challenging, and revenues to likely be less than current analysts' consensus.

CS First Boston upgraded Level 3 Communications (LLL) to strong buy from buy. Salomon SB upgraded to buy from outperform.

WR Hambrecht upgraded Vitesse Semiconductor (VTSS) and Altera (ALTR) to strong buy from buy.

Banc of America initiated coverage of Verisign (VRSN) with buy and a $62 12-month target.

Target Corp. (TGT) posted slightly higher June same-store sales and 7.1% higher total sales. S&P maintains accumulate.

Motorola (MOT) posted an $0.11 Q2 loss vs. $0.25 EPS (pro forma) on 19% sales decline. S&P maintains avoid. Motorola sees about a 5% Q3 and Q4 sequential sales rise, the loss of several cents in Q3, and slightly profitable Q4 (pro forma) results. S&P keeps avoid.

Yahoo! (YHOO) posted $0.01 vs. $0.11 Q2 EPS (pro forma) on a 33% revenue

decline and sees about breakeven Q3 EPS (pro forma), and $0.02-$0.06 EPS for 2001. USB Piper upgraded to buy from neutral. Merrill upgraded. S&P maintains hold.

Microsoft Corp. (MSFT) sees "somewhat" better than expected Q4 revenue of about $6.5B-$6.6B. The company will take a $3.9B Q4 pre-tax charge. CS First Boston upgraded to strong buy. S&P keeps hold. Pacific Crest also upgraded.

Ann Taylor (ANN) posted a 12% June same-store sales decline. Ann Taylor sees a 10%-12% Q2 same-store sales decline, $0.20-$0.24 Q2 EPS vs. the previous guidance of $0.28-$0.32 and $2.16-$2.20 fiscal 2002 EPS vs. previous guidance of $2.24-$2.28.

Talbots (TLB) posted slightly lower June same-store sales, and 4% higher total sales. Talbots remains comfortable with earlier guidance for Q2 EPS to be in the range of $0.25-$0.27.

First Data (FDC) posted $0.61 vs. $0.52 Q2 EPS on an 11% revenue rise, and remains confident in guidance for 13%-16% 2001 revenue growth, and 14%-17% EPS growth, or $2.44-$2.50 EPS.

NaPro Biotherapeutics (NPRO) says it was successful in opposing a European Patent issued to Bristol-Myers Squibb relating to methods of

administering paclitaxel, the active ingredient in Bristol-Myers' anticancer drug, Taxol, in Europe.

Atmel Corp. (ATML) sees breakeven Q2 on revenues of about $367M, and a sequential decline of about 30%, citing continued

weakness in the Flash market, the European Smart Card business and the North America distribution business.

Advanced Energy (AEIS) posted a $0.15 Q2 loss (pro forma) vs. $0.40 EPS on a 46% revenue decline, and sees a $0.16-$0.19 Q3 loss on revenue of $43M-$46M. Robertson Stephens downgraded to

market perform. Goldman cut estimates.

First Union (FTU) posted better than expected $0.66 vs. $0.73 Q2 EPS from

operations on 10% drop in net interest income.

Rowan Cos. (RDC) posted $0.36 vs. $0.12 Q2 EPS on 47% higher revenues. Rowan says the outlook for Q3 is uncertain, and believes EPS will be in the range of $0.30-$0.40, depending upon rig utilization and day rates. S&P reiterates accumulate, Banc of America downgraded to buy.

Genentech (DNA) posted $0.19 vs. $0.15 Q2 EPS from operations on a 24% total

revenue rise. S&P maintains hold. Dain Rauscher downgraded to neutral from buy.

Harley-Davidson (HDI) posted $0.38 vs. $0.29 Q2 EPS on

a 13% sales rise. Lehman raised the estimate and rates strong buy.

Abbott Labs (ABT) says FDA guidance on levothyroxine sodium products provides assurance its Synthroid will remain on

market and have no impact on its $1.88 2001 EPS from operations

guidance, or its 2002 guidance.

Tyco International (TYC) says it is comfortable that it will, at minimum, meet expectations for Q3 and fiscal 2001.

Redback Networks (RBAK) posted a $0.26 Q2 loss vs. $0.13 loss (pro forma) despite a 22% revenue rise.

Dollar General (DG) posted an 8.4% June same-store sales rise, and a 21% total sales rise. Dollar General sees 6%-8% July same-store sales rise, 7%-9%Q2 same-store sales rise.

Wal-Mart (WMT) posted 6.9% June same-store sales rise, and a 15% total sales rise.

The Limited (LTD) posted 3% June same-store sales decline, 7% total sales decline.


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