Markets & Finance

Macrovision CEO Steps Down


Dain Rauscher Wessels cuts October sales expectations for Chico's Fas (CHS) to a gain of 5%, compared with a previous rise forecast of 10%. The bank also trims Q3 EPS estimate.

Merrill Lynch downgrades Juniper (JNPR) to near term neutral from accumulate.

Openwave Systems (OPWV) posts a first-quarter loss of $0.03 per share compared with a $0.03 loss, despite a 45% revenues rise. Openwave sees a Q2 loss of $0.06-$0.19 (pro forma). CSFB, Goldman, Dain Rauscher downgrade the stock

Goldman Sachs removes Philip Morris (MO) from its recommended list and now rates the stock at market outperform.

Macrovision (MVSN) posts third-quarter EPS of $0.20 compared with $0.17 (pro forma) on a 13% revenue rise. CEO John Ryan relinquishes position and is replaced by William Krepick. USB Piper Jaffray downgrades the stock to a buy rating.

Health benefits management company Anthem Inc (ATH) shares were higher in their first day of trading on the NYSE. The company staged an initial public offering of 48 million shares at $36 each.

Cruise operator Royal Caribbean (RCL) posts better than expected Q3 EPS of $0.82 compared with $1.04 as higher operating costs offset a 16% revenues rise. The company says it is comfortable with Q4 consensus estimates.

CSG Systems International (CSGS) posts Q3 EPS of $0.54 compared with $0.41 on a 22% revenues rise. The company expects 2001 revenues at the low end of former $475M to $495M guidance. It sees 2002 EPS of $2.00 to $2.15. Legg Mason downgrades the stock while CSFB cuts its estimates.

Rehabcare Group (RHB) posts Q3 EPS of $0.44 compared with $0.36 on 21% higher operating revenue. The company sees $0.41-$0.42 in the fourth quarter and $1.69-$1.70 for 2001.

Ford Motor (F) board ousted President and Jacques Nasser. Chairman William Clay Ford Jr., great-grandson of auto maker's founder will succeed, according to press reports.

Verizon Communications (VZ) posted $0.75 vs. $0.73 3Q EPS on 3.7% higher consolidated revenue. Current quarter includes impact of September 11. The company now targets $0.77-$0.80 Q4 EPS on 3% revenue rise, including impact from September 11 restoration efforts, and EPS of $3.00-$3.03 for all of 2001.

The FDA cleared Bausch & Lomb's (BOL) 510(k) application allowing the company to sell its 25-Gauge Entry Site Alignment device in the United States.

CVS (CVS) posted $0.30 vs. $0.36 3Q EPS despite a 10% total sales rise. The company says it is disappointed in the results, and is undertaking a cost reduction program. CVS will take a $350M Q4 charge. Sees lower than expected $0.23-$0.28 4Q EPS from operations.

Procter & Gamble (PG ) posted $0.96 vs. $0.92 Q1 core EPS from operations despite 2% lower sales. The consumer-products giant sees Q2 EPS up in the low to mid-single digits, remains comfortable with $3.40-$3.50 fiscal year 2002 EPS.

CS First Boston cuts estimates and maintains a buy for Qualcomm (QCOM).


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