Markets & Finance

IBM Falls on Accounting Concerns


King Pharmaceutical (KG) posted $0.31 vs. $0.24 Q4 EPS on a 44% revenue rise and remains comfortable with projected ranges for estimated net sales of Altace, as well as total revenue and EPS from operations for 2002.

NVIDIA (NVDA) dropped further. On Friday the company said it was reviewing recording of reserves and the timing of recording costs. NVIDIA also posted $0.43 Q4 EPS.

Honeywell (HON) will appoint David Cote as CEO.

Southwest Airlines (LUV) add 4,000 people to its payrolls in 2002 to meet demand.

Revlon (REV) appointed Jack Stahl as president and CEO, effective immediately, and notes Mr. Stahl is the former president and COO of Coca-cola Co.

Ceradyne (CRDN) expects 2002 shipments to increase by as much as 30%-40% over 2001 levels.

According to a recent Form 8-K filed with the SEC, American Spectrum (AQQ) announced Arthur Andersen has resigned as the company's auditor.

Commerzbank reportedly downgraded Deutsche Bank (DB) to hold from accumulate.

Intervoice-Brite (INTV) says it is unable to establish its Q4 loss until certain previously announced cost cutting measures are completed; related charges could be $20M-$30M. SWS Securities downgrades to neutral.

Omnivision Technology (OVTI) Robertson Stephens remained cautious on the company's near term outlook, and reiterates market perform.

Digene (DIGE) agreed to be acquired by Cytyc for $28.81 in cash and stock.

Gerard Klauer believes Circuit City's (CC) remodeling costs may exceed previous forecasts.

Protein Design (PDLI) is seen lower on concerns over Zenapax psoriasis data.

AES Corp. (AES) announced additional capital expenditures and other spending cuts. Also, AES will divest certain assets. S&P says the divestitures are probably near low valuations, but he upgraded to hold.

UAL Corp. (UAL) and the machinists union reached a tentative deal, averting a possible strike.

Sabre Holding plans to make a $23 per share cash tender offer for all shares of Travelocity.com (TVLY) it does not own. Sabre currently has about a 70% stake.

CS First Boston downgraded Boeing (BA) to buy from strong buy on valuation.

Sharper Image (SHRP) posted better than expected $0.92 vs. $1.00 Q4 EPS on 6% lower total company revenue.

Triad Hospitals (TRI) posted $0.19 vs. $0.11 Q4 EPS from continuing operations on a sharp revenue rise, and restated upward Q1, Q2, and Q3 EPS due to the pro forma impact of appraisals and allocations. Triad says it's comfortable with previous $1.40-$1.48 2002 EPS guidance.

ONI Systems (ONIS) agreed to be acquired by Ciena in a deal valued at about $900M. Terms: 0.7104 Ciena share per ONI share.

IBM Corp. (IBM) plans to start releasing details of financial income that it previously recorded as offsets to its expenses, according to press reports. Prudential reportedly cut the price target to $100.

Analogic (ALOG) announced the resignation of president and CEO Thomas Miller.


The Good Business Issue
LIMITED-TIME OFFER SUBSCRIBE NOW

Sponsored Financial Commentaries

Sponsored Links

Buy a link now!

 
blog comments powered by Disqus