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

).


Soul Searcher
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

Sponsored Financial Commentaries

Sponsored Links

Buy a link now!

 
blog comments powered by Disqus