Markets & Finance

CNA Financial Posts a Huge Loss


CNA Financial (CNA) posted a $9.61 Q2 loss vs. $1.80 EPS. The current quarter included charges. S&P put the estimates under review.

Intel (INTC) CEO Craig Barrett says the PC industry has bottomed and demand will rebound in the second half of 20001 on seasonal factors. S&P keeps hold, Banc of America reiterates buy and Lehman says the comments are negative.

American Financial Group (AFG) posted $0.35 Q2 EPS from operations. During Q2 the company says P&C Group experienced an increase in the

number and severity of asbestos claims, with the likelihood

for higher than expected payments.

Walgreen Corp. (WAG) posted a 13% July same-store sales rise and a 19% total sales rise. Salomon SB upgraded to buy from neutral.

Matrixone Inc. (MONE) posted $0.06 Q4 EPS from continuing operations

vs. breakeven on a 66% total revenue rise. USB Piper, Robertson Stephens and RW Baird downgraded.

Descartes (DSGX) posted preliminary $0.11 vs. $0.08 Q2 from operations and sees $0.27 second-half 2001 EPS from operations, citing reduced depreciation and amortization expenses. Banc of America downgraded to market perform from buy.

Oakley (OO) sees $0.21-$0.23 Q3 EPS on $114M-$118M revenues, and $0.13-$0.16 Q4 EPS on $95M-$100M revenues, citing much lower than expected orders from Luxoticca as well as poor visibility.

Dain Rauscher downgraded Praecis Pharmaceutical (PRCS) to hold from buy.

Dain Rauscher raised NetIQ Corp.'s (NTIQ) target on recent strength and potential catalysts.

Tucker Anthony upgraded Crown Castle (CCI) to strong buy from buy on price.

American Tower (AMT) posted a $0.54 Q2 loss vs. a $0.36 loss

as higher operating expenses offset a 57% revenue rise.

The company reaffirmed Q3 and Q4 guidance. Tucker Anthony says Q2 results were in line and reiterates buy.

Quidel Corp. (QDEL) received further patent protection for its Layered Thin Film technology to detect vaginal clue cells. Tucker Anthony reiterates buy, expects improvement in the second half after a mixed Q2 report.

USB Piper upgraded Powerwave (PWAV) to strong buy

from buy.

Robertson Stephens upgraded Sanmina (SANM) to strong buy from buy.

Loews Corp. (LTR) posted a $7.18 Q2 loss vs. $2.59 EPS on a 19% decline in insurance premiums, net investment income and a loss reserve related to CNA Financial (LTR owns 87% of CNA).

Avant Immunotherapy (AVAN) posted a $0.10 Q2 loss vs. a $0.05 loss as a "substantial" increase in R&D costs offset a sharp revenue rise. Dain Rauscher downgraded to buy.

CIBC World initiated coverage of 1-800 Flowers (FLWS) with

strong buy and a $17 target.

Espeed Inc. (ESPD) posted a $0.01 Q2 loss vs. a $0.18 loss

on a 51% revenue rise and continues to sees breakeven-$0.01 EPS for Q3 as well a $0.02-$0.04 for Q4. Lehman reiterates strong buy.

Manufacturing Services (MSV) posted better than expected $0.11 vs.

$0.15 Q2 cash EPS on a 11% revenue rise. Robertson

Stephens upgraded to buy from market perform.

Vysis (VYSI) received FDA approval to market its

UroVysion test for monitoring the recurrence of bladder

cancer.

Comcast (CMCSK) posted 16% higher Q2 operating cash flow on a 20% revenue rise. Comcast plans $1.75B capex in 2001, up from its previously planned $1.45B as a result of an accelerated

rebuild program and year-end customer targets.

Computer Science (CSC) posted $0.28 vs. $0.56 Q2 EPS despite a 10% revenue rise. Computer Science expects Q2 revenue growth to exceed 10%, with EPS in the high $0.30 to low $0.40 range. S&P maintains hold. DB Alex Brown upgraded to buy. S&P, CS First Boston rates hold. DB Alex Brown upgraded.

Robertson Stephens expects Tellabs (TLAB) to be pressured by a continuing challenging operating environment, and sees no meaningful improvement in demand for Tellabs' Titan products in the foreseeable future.

Global Crossing (GX) posted 33% higher Q2 recurring adjusted EBITDA on 26% higher continuing operating cash revenue. The company will eliminate 2,000 positions, and take a $250M-$325M Q3 non-recurring charge.

Revlon (REV) posted a narrower than expected $0.36 Q2 loss vs. a $0.31 loss on flat sales.

Lehman downgraded Oxford Health Plans (OHP) to buy from strong buy. On Wednesday Oxford posted $0.73 vs. $0.41 Q2 EPS from operations on a 8.8% revenue rise, and set a $250M share buyback.

Adept Technology (ADTK) posted a $1.14 Q4 loss vs. $0.08 EPS on 26% lower sales and expects Q1 fiscal 2002 revenues to to be down 10%-20% from Q4. Adept has limited visibility for

the following quarters.

Genrad (GEN) agreed to be acquired by Teradyne in a deal valued at about $260M (including $85M debt assumption). Terms:

0.1733 Genrad share per Teradyne share.

Tut Systems (TUTS) posted a $0.70 Q2 loss vs. $0.04 EPS on a sharp revenue decline. Robertson Stephens cut estimates.

Aether System AETH posted a $1.19 Q2 loss vs. a $0.30 loss despite a sharp revenue rise., and says total cash burn during Q2 was $78M, nearly half of $142M in Q1.

Evergreen (EVG) posted $0.57 vs. $0.14 Q2 EPS on a sharp revenue rise.

Descartes (DSGX) posted preliminary $0.11 vs. $0.08 Q2 from operations on a 4% revenue rise. The company sees $0.27 second half 2001 EPS from operations, citing reduced depreciation and amortization expenses.

PMC-Sierra (PMCS) will be added to the S&P 500 after close of trading Thursday, replacing Quaker Oats, which is being acquired by PepsiCo.


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