Markets & Finance

Goldman Removes Dynegy, Enron from Recommended List


Enron( ENE ) was down after Goldman removed the troubled energy company, along with peers Dynegy and Williams from the recommended list. Goldman now rates Enron and Dynegy market perform, and Williams at market outperform. S&P maintains hold.

Xerox (XRX) was up modestly after DB Alex Brown upgraded the stock to buy from market perform.

Guidant (GDT) was higher after the company said its multi-center automatic defibrillator implantation trial terminated due to improved total survival. Goldman upgraded. Bear Stearns upgraded Guidant and St. Jude Medical.

Goodyear Tire ( GT) was down, afer it released weak Oct. operating figures, including 10% decline in North American shipments of consumer replacement tires. S&P keeps sell, and says it could see breakeven 4Q vs. earlier profit forecast.

Gymboree (GYMB) was up after it posted $0.06 3Q EPS vs. $0.17 loss on 19% higher same store sales. Raised fiscal year 2002 EPS guidance by $0.02 to $0.12-$0.14. CIBC World raised estimates, reiterates strong buy.

Amgen Inc (AMGN), a biotechnology firm, expects earnings per share to rise 20% in 2002. The company sees a compounded annual growth rate in low-20% range for sales and EPS through 2005. Robertson Stephens raises estimates and reiterates buy.

Hotel casino operator Mandalay Resort (MBG) posted third quarter earnings per share $0.32 versus $0.38 on a 3.4% revenue decline. The company says it will report a loss in the fourth quarter. Robertson Stephens downgrades to a market perform from buy.

Microsoft (MSFT), the world's largest software company, is to record a pre-tax charge of about $550 million in the second quarter, resulting from a settlement of more than 100 class action lawsuits. Salomon Smith Barney downgrades to neutral from outperform.

Retail operator Saks Inc. (SKS) posted a third quarter loss of $0.17 versus $0.01 earnings per share from operations on 7.3% same-store sales decline and declines in Saks Fifth Ave. Enterprises business.

Integrated circuit maker Analog Devices (ADI) posted fourth quarter earnings per share of $0.08 versus $0.54 EPS from operations on a 47% revenue decline. The company sees a 5% first quarter sequential revenue decline. S&P cuts estimates but maintains accumulate rating on the stock.

Bookstore operator Borders Group (BGP) posted a third quarter loss per share of $0.04 versus $0.06 loss from continuing operations on 1.8% higher total sales. The company sees fourth quarter earnings per share in the $1.21-$1.29 range.


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