Markets & Finance

Oracle CEO Confirms Guidance


Oracle (ORCL) CEO Larry Ellison reportedly reaffirmed $0.12 Q4 guidance.

Deutsche Bank upgraded AdvancePCS (ADVP) to strong buy from buy.

S&P maintains avoid on Williams (WMB) following a report that the FERC announced a threat to revoke Williams' power trading license for failing to properly respond to a probe of trading practices in western U.S.

A California senator accused Perot Systems (PER) of conspiring to manipulate the price of power in that state. The company says it provided services to CalPx, but not to Reliant Energy, nor did it provide energy trading services to any California market participant or reveal or sell any confidential information.

Lehman reiterates buy on Reebok (RBK).

S&P reiterates avoid on Insituform Tech (INSUA). The company says it still expects its Florida pipebursting project to impact results for Q2 and the rest of the year.

Technitrology (TNL) sees $0.02-$0.03 Q2 EPS on $94M-$99M revenues, and is seeing modestly improving market conditions in its electronic components and contact products businesses.

Albertsons (ABS) raised its $2.28 fiscal 2003 guidance to $2.31, citing strong momentum in its turnaround strategy.

Smithfield Foods (SFD) posted $0.22 vs. $0.45 Q4 EPS as lower live hog prices and weak fresh pork demand offset a 30% sales rise.

Corning (GLW) has begun implementing a major portion of its restructuring plans; by the end of tehe week will have eliminated 1,500 jobs. Corning offered early retirement to some 600 employees.

Manugistics (MANU) sees a $16M-$18M Q1 loss from operations (adjusted) on $71M-$73M revenues, and plans to cut jobs due to slowing sales. Goldman reportedly downgraded to market perform from market outperform. CS First Boston cut estimates.

Tibco Software (TIBX) sees a $0.18-$0.23 Q2 loss (GAAP basis) on $63M-$65M revenues, citing a poor environment for enterprise software. CS First Boston cut estimates.

eFunds (EFDS) sees lower than expected $0.11-$0.18 Q2 EPS from operations on $130M-$134M revenue, and says it is presently unable to quantify an expected Q2 restructure charge. Jefferies downgraded to hold from buy.

Deutsche Bank upgraded John Hancock (JHF) to buy from market perform.

Deutsche Bank upgraded AIG (AIG) to buy from market perform.

A number of state attorneys-general are suing Bristol-Myers (BMY) , claiming it illegally delayed generic competition to its Taxol drug, according to press reports.

FERC threatened to revoke right of Avista (AVA) and other power producers to sell power at market based rates. The agency accused electricity traders of stonewalling an investigation of a possible market manipulation in California, according to press reports.

IBM Corp. (IBM) sees a $2B-$2.5B charge, primarily in Q2, as a result of various actions to improve its position, including the sale of its disk drive unit and realignment of its Microelectronics unit. S&P keeps accumulate.

Tyco (TYC) agrees to sell its spinal implant business of its Surgical Dynamics unit to Stryker for $135 million in cash.

Imclone Systems (IMCL) confirmed that a House of Representatives committee has scheduled a hearing for Thursday, June 13 regarding the development of the company's Erbitux drug.


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