Markets & Finance

JDS Uniphase Will Slash 7,000 Jobs


JDS Uniphase (JDSU) posted a $0.36 Q4 loss excluding items vs. $0.14 EPS on a 6% sales decline. JDS says the fiscal 2001 loss was $50.6B, including write-downs and says it will restate Q3 results. WR Hambrecht downgraded. S&P maintains avoid. WR Hambrecht downgraded.

Allegheny Energy (AYE) posted $1.01 vs. $0.65 Q2 EPS on sharply higher revenue.

Interpublic Group (IPG) posted $0.31 vs. $0.54 Q2 EPS on 4.2% lower revenues and sees $1.05-$1.15 2001 EPS, exluding one-time charges.

Tucker Anthony (TA) says it is currently engaged in merger talks but based on the talks, a transaction that might result could be at per share value below its current trading ranges.

Intranet Solutions (INRS) posted $0.11 vs. $0.09 Q1 EPS (pro

forma) on a sharp revenue rise. USB Piper downgraded to buy from strong buy.

Columbia Sportswear (COLM) posted $0.16 vs. $0.09 Q2 EPS on a 25% sales rise, and thinks 22%-24% 2001 revenue growth, and 30%-34% net income growth targets are achievable. Goldman and Banc of America downgraded.

American Service Group (ASGR) posted a $4.2M Q2 EBITDA loss vs. $5.3M, excluding charges, and anticipates the expiration of three contracts. The company sees EBITDA in range of $4M for both Q3 and Q4.

RJ Reynolds (RJR) Morgan Stanley upgraded to outperform from neutral on valuation.

Resort Quest (RZT) posted $0.16 vs. $0.15 Q2 EPS on a 6% revenue rise and sees $0.27-$0.30 Q3 EPS, and $0.36-$0.40 for 2001, citing occupancy rate pressure, negative short-term booking patterns, and the weak real estate market.

International Rectifier ( IRF) posted $0.23 vs. $0.52 Q4 EPS from operations on a 20% revenue decline. The company sees 5%-10% Q1 sequential revenue decline, and sees fiscal 2002 revenue seen flat to down 10%.

Asyst Technology (ASYT) posted a $0.30 Q1 loss vs. $0.36 EPS from operations on a 45% revenue decline, and sees $50M-$55M Q2 revenue from ongoing business.

Qualcomm (QCOM) posted $0.22 vs. $0.27 Q3 EPS (pro forma) on a 10% revenue decline and sees $0.25 Q4 EPS on a 10% sequential revenue rise. Qualcomm expects the September quarter to be the trough with sequential improvement in the December quarter, partly helped by 1X shipments. CS First Boston maintains hold.

Amgen ( AMGN) posted $0.30 vs. $0.28 Q2 EPS on 6% higher worldwide product sales. S&P maintains accumulate.

LSI Logic (LSI) posted a $0.06 Q2 loss vs. $0.29 EPS from operations on a 28% revenue decline and sees a $0.31 Q3 loss from operations on a 10%- 15% sequential revenue decline. LSI anticipates Q4 revenue growth. S&P maintains hold.

FDA committee votes not to recommend Amylin Pharmaceutical's (AMLN) Symlin for treatment of type 1 and insulin-using type 2 diabetes.

Verisign (VRSN) posted $0.25 vs. $0.07 EPS from operations (pro forma) on a sharp revenue rise.

UnitedHealth (UNH) posted $0.68 vs. $0.50 Q2 EPS on 11% revenue rise and sees 2001 EPS increasing 30% over 2000, and a 15% increase in 2002 EPS over 2001.

National Fuel Gas (NFG) lowered the fiscal 2002 EPS forecast to the $4.10-$4.20 range and says the forecast does not anticipate any increases in commodity price, any future acquisitions, nor expansions similar to those repeatedly made in recent years.

Starbucks ( SBUX) posted $0.12 vs. $0.09 Q3 EPS on a 3% same store sales rise, and 19% total sales rise. Starbucks reiterates $0.46 fiscal 2001 EPS guidance and sees $0.56-$0.58 fiscal 2002 EPS. S&P maintains hold.

Advanced Fibre (AFCI) posted $0.03 vs. $0.12 Q2 EPS from operations on a 22% revenue decline.

Mentor Graphics (MENT) posted $0.27 vs. $0.18 Q2 EPS on a 8% revenue rise. The results exclude goodwill, charges. Mentor sees $135M Q3 revenue, $620M 2001, and $700M 2002. S&P upgraded and will accumulate from hold.

Sapient (SAPE) posted a $0.07 Q2 loss vs. $0.12 EPS (pro forma) on a 31% revenue decline.

Human Genome ( HGSI) posted a $0.16 Q2 loss from operations vs. $0.15 loss on flat revenue. S&P maintains accumulate.

California Micro (CAMD) posted a worse than expected $0.37 Q1 loss vs. $0.12 EPS on a 59% revenue decline. The company still has limited visibility with respect to near term demand; will provide guidance for Q2 in the latter part of August.

Manor Care ( HCR) posted $0.29 Q2 EPS vs. a $0.03 loss on a 14% revenue rise. Manor Care says Q2 was stronger than expected due to improving mix, high volume, and mproving rates. The company sees quarterly sales comparisons similarly impressive for rest of year.

Duane Reed (DRD) posted $0.36 vs. $0.27 Q3 EPS on 8.6% higher same store sales, and 20% higher net sales. Duane Reed sees $0.43-$0.44 Q3 EPS on 7.5%-8% same store sales growth.

Solutia (SOI) posted $0.12 vs. $0.32 Q2 EPS from operations on 12% lower sales and does not expect sequential improvement in Q3 EPS.

Great Lakes Chemical (GLK) posted $0.35 vs. $0.76 Q2 EPS from operations as higher operating costs offset a 4% sales rise.

Western Resource (WR) and Public Service New Mexico say they believe that, if recent orders by Kansas Corporation Commission (KCC) remain in effect, the proposed transaction and will combine their electric operations will be difficult to complete as currently structured.

Realnetworks (RNWK) will cut workforce by 15%. and does not see any change to its financial guidance for an anticipated restructuring charge of about $4M-$5M in Q3 to reflect costs

associated with implementing its plan.

Alpharma (ALO) got FDA approval and will market Cromolyn Sodium Nasal

Solution USP, the generic equivalent of Pharmacia

& Upjohn's Nasalcrom nasal spray.

Peoples Energy (PGL) posted $0.33 vs. $0.31 Q3 EPS on 22% operating revenue rise. The company maintains guidance for fiscal 2001 EPS near midpoint of $3.15-$3.25 range.


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