Markets & Finance

PeopleSoft Remains Lower


Ontrack Data (ONDI) agreed to be acquired by Kroll (KROL) in a deal valued at about $140M. Terms: $12.50 in Kroll stock for each Ontrack Data share.

Noven Pharmaceuticals (NOVN) reported favorable results of a phase III clinical trial of its once-daily MethyPatch system for the treatment of attention deficit hyperactivity disorder, or ADHD.

Stillwater Mining (SWC) says it is engaged in talks with the SEC concerning the company's methodology for calculating its probable ore reserves.

RBC Capital downgraded Cablevision Systems (CVC) to sector perform from outperform.

American Airlines (AMR) announced its March systemwide traffic fell 12.1% from March 2001.

Maximus (MMS) sees $0.30 Q2 EPS vs. $0.42 prior consensus, citing a loss on an East Coast project. Maximus sees $1.80 for fiscal 2002 EPS. Adams Harkness and Jefferies downgraded.

Tuesday Morning (TUES) sees better than expected $0.11 Q1 EPS on 11% higher same store sales, and 21% higher total sales. SWS Securities reiterates strong buy.

UBS Warburg upgraded Charlote Russe (CHIC) to buy from hold.

PeopleSoft (PSFT) shares were sharply lower after the company said it sees $0.14 first quarter EPS on $130-$135 million in license revenue. The company says license revenue reflects a "cautious economic environment." CS First Boston and Goldman downgraded the shares. S&P maintains hold.

Qwest Communications (Q) announced a potential goodwill writedown of $20-$30 billion in its second quarter. The company filed a Form 10-K with the Securities and Exchange Commission reflecting a $0.01 adjustment to previously released fourth quarter results. Bear Stearns keeps it neutral rating; S&P keeps avoid.

Bristol-Myers (BMY) reportedly says in an SEC filing that wholesale inventories of its drugs are too high, and that reducing them will hurt future EPS by an undisclosed amount.

Best Buy (BBY) reported fourth quarter EPS of $1.62, vs. $0.89 a year ago. The electronics retailer sees $0.30-$0.32 first quarter EPS on 3%-4% same store sales growth. It continues to expect $3.15-$3.25 fiscal year 2003 EPS on 17%-20% revenue growth.

Goldman cuts estimates for Microsoft (MSFT) and Siebel Systems (SEBL), but keeps the stocks on its recommended list. The brokerage also reduced estimates for IBM (IBM), Sun Microsystems (SUNW), and EMC (EMC).

CIBC World downgraded Gemstar-TV Guide (GMST) to hold from buy.

Luminex (LMNX) sees a $0.20-$0.23 first quarter loss per share on revenue of $2.2-$2.7 million. Stephens downgraded the shares to neutral from outperform.

E.piphany (EPNY) sees lower than expected $22 million first quarter revenue. JP Morgan reportedly downgraded the shares. Robertson Stephens put its model under review.

Continental Airlines (CAL) says that based on current fuel price and revenue trends, achieving profitability in the second quarter will be challenging.

American Power Conversion (APCC) says its 10-K contains audited financials reflecting adjustments to its net income and balance sheet due to error in accounts payable transaction processing module -- resulting in a $0.01 reduction to previously reported 2001 EPS.


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