Markets & Finance

Cisco Shares Drop after Estimates Cut


Cisco Systems (CSCO) shares fell after Wachovia cuts estimates. The firm rates the stock hold. Cisco was unavailable for comment.

Freemarkets (FMKT) moved higher entered into a long-term deal with Best Buy for the company's FullSource solution to source goods and services for the electronics retailer's operations. Wedbush Morgan reportedly reiterated its buy rating and added Freemerkets to its focus list.

Tweeter Home Entertainment (TWTR) shares plunged after the company cut its flat second quarter comparable store sales forecast to down 9%. The company sees $0.10-$0.12 second quarter EPS vs. $0.20 last year. Tweeter cites a slowdown in store traffic.

Western Wireless (WWCA) posted a narrower than expected $0.65 fourth quarter loss per share vs. $0.81 EPS despite 21% higher revenue. The company expects to more than double domestic free cash flow in 2002. ABN Amro reportedly upgraded its rating. Soundview reiterated its strong buy opinion.

Optimal Robotic (OPMR) posted $0.01 vs. $0.01 fourth quarter EPS, excluding tax liability. The company set a buyback of up to 4.8% of its Cl.A shares. It also said Gap Inc. will buy 60 U-Scan self checkout systems. RW Baird downgraded the shares to outperform from strong buy.

Catapult Communications (CATT) shares were higher after CIBC World upgraded thye stock to strong buy from buy based on valuation and Catapult's long-term prospects.

Integrated Defense (IDE) shares climbed in their first day of public trading. The IPO of 7 million shares was priced at $22.

Fusion Medical (FSON) agreed to be acquired by Baxter International (BAX) for $157 million in Baxter stock.

ST Robinson Humphrey upgraded Ariba (ARBA) to outperform from neutral. JP Morgan reportedly upgraded the stock.

Clear Channel Communications (CCU) posted 46% lower fourth quarter EBITDA on 8% lower revenues. Wachovia downgraded the shares to buy from strong buy.

Shares of ImClone Systems (IMCL) moved sharply higher after the company said that it, along with its partners, met with the U.S. Food and Drug Administration to discuss a letter refusing to file ImClone's BLA for Erbitux in treatment of irinotecan-refractory colorectal cancer, and will seek guidance on how to proceed.

Gap Inc. (GPS) posted a $0.04 fourth quarter loss per share vs. $0.31 EPS on 16% lower same-store sales, a decline in gross margin, a $15 million charge for sub-lease losses, and the planned closure of distribution facilities. It sees February Gap sales below projections. The company intends to offer $1 billion in convertible notes. Robertson Stephens says the outlook remains challenging. UBS Warburg cut its estimate. S&P keeps its avoid opinion.

TRW Inc. (TRW), responding to Northrop Grumman's (NOC) $47 per share buyout bid, says it will consider the proposal "promptly and in an orderly manner."

Tweeter Home Entertainment (TWTR) shares plunged after the company cut its flat second quarter comparable store sales forecast to down 9%. The company sees $0.10-$0.12 second quarter EPS vs. $0.20 last year. Tweeter cites a slowdown in store traffic.

ICN Pharma (ICN) posted $0.40 fourth quarter EPS from operations vs. a $0.02 loss on a 25% revenue rise.

According to a press report, American International Group (AIG) says it will give more information to analysts, including having regular conference calls when it releases its quarterly EPS.

Accenture (ACN) set a $100 million share buyback.


Hollywood Goes YouTube
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