Markets & Finance

Kronos Takes a Hit


RBC Capital cut estimates on Cisco Systems (CSCO).

Citrix Systems (CTXS) sees $0.15-$0.16 Q1 EPS (adjusted) on revenue of $141M-$143M. Thomas Weisel downgraded to attractive from buy. CS First Boston cut estimates. S&P reiterates buy.

On April 12, 2002, Cobalt Corp. (CBZ) plans to discuss its turn-around, and several recent positive developments affecting the company's profitability; Cobalt also plans to revise its Q2 guidance.

Kronos (KRON) sees $0.26-$0.27 Q2 EPS on revenue of $79M-$80M. The company says it closed only one order in excess of $1M this quarter.

Lands' End (LE) says total revenue for the first eight weeks of fiscal year 2003 vs. the same period in the prior year is up 10%, exceeding management's plan. The catalog retailer believes it may exceed fiscal year 2003 EPS forecast.

Compaq (CPQ) expects to meet or beat current analyst expectations for the first quarter, with revenue of about $7.7 billion, above prior guidance of $7.6 billion. S&P maintains hold.

Nortel Networks (NT) sees lower than expected $2.9 billion in first quarter revenues, $0.14 pro forma loss per share from continuing operations, and a $0.26 loss per share from continuing operations including acquisition related costs. The charges are primarily for workforce reductions.

Robertson Stephens cuts estimates EMC Corp. (EMC), saying while the storage market remains a high growth area in the long term, recent trading in storage sector reflects slower growth expectations for the balance of 2002.

JDA Software (JDAS) sees first quarter EPS from operations of $0.19-$0.20. USB Piper, SWS Securities raise estimates.

Phillips Petroleum (P) sees a slight first quarter loss, noting lower marketing margins as prices for petroleum products did not keep pace as crude oil prices began to recover, below average refining margins.

Verizon (VZ) sees $0.72 first quarter EPS (adjusted), in the range of analysts' expectations. The telecom services company expects to take a $2.5 billion special non-cash charge, primarily for write-downs associated with goodwill and other investments.

Dollar Thrifty (DTG) says it expects first quarter EPS to significantly exceed analysts' estimates due to significant reductions in capacity throughout the industry, higher industry prices, improving travel trends, and cost reductions.

Abbott Laboratories (ABT) posted $0.54 vs. $0.47 first quarter EPS on an 18% sales rise. The company set $0.53 second quarter EPS from operations guidance, and confirms its $2.24-$2.26 2002 EPS from operations guidance.

ImClone (IMCL) says preclinical findings from a study of its monoclonal antibody Erbitux in combination with a three-drug chemotherapy regimen show that the drugs significantly inhibited growth of xenografts and enhanced anti-tumor activity.

Merrill Lynch (MER) says it is confident that a review of the facts will show that the firm conducted research with independence and integrity. On Apr. 8, the New York Attorney General's office ordered Merrill to overhaul its corporate ratings.

Salomon Smith Barney upgraded Eastman Kodak (EK) to outperform from neutral.

Borland (BORL) says that while first quarter EPS (pro forma) are still expected within the previous range of $0.07-$0.09, revenue of $56-$58 million will be below its previous guidance of $59-$61 million.

Wendy's (WEN) sees EPS of $0.39 for the first quarter and $1.85-$1.90 for all of 2002. The company cites "outstanding" March same-store sales and good cost controls. Lehman raised its estimates.

Microchip Technology (MCHP) sees better-than-expected $0.19 fourth quarter EPS on sales of about $148.5 million. The company raised its first quarter guidance to $0.21 EPS on sales of $156 million. S&P maintains buy.

Citrix Systems (CTXS) sees $0.15-$0.16 first quarter EPS (adjusted) on revenue of $141-$143 million.

OSI Systems (OSIS) sees third quarter revenue exceeding $32 million, vs. analysts' $30.5 million estimate, and $0.14-$0.16 EPS, vs. $0.12 expectations.

Abercrombie & Fitch (ANF) posted 2% higher March same-store sales and 29% higher total sales. Year-to-date, says Abercrombie, same-store sales declined 3%.


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