Markets & Finance

Oracle Earnings Top Forecasts


After the close of the bell Tuesday, Oracle (ORCL) said fourth quarter earnings fell 23%, topping forecasts. Net income was $0.12, vs. $0.15 a year ago, on a 16% revenue drop to $2.77 billion.

After the close of the bell Tuesday, Apple Computer cut its third quarter guidance to $0.08, down from $0.11, citing customers' reluctance to spend on computers. Apple also forecast lower sales of $1.4 billion.

After the close of the bell Tuesday, Advanced Micro Devices (AMD) said it expects a "substantial" second quarter operating loss amid weak PC sales. AMD now sees revenues in the $620 million to $700 million range, off from earlier guidance of $820 million to $900 million. Analysts surveyed by First Call had on average predicted a loss of about $0.09.

Lehman says Tuesday Morning's (TUES) sales for the quarter to date are tracking slightly below plan.

Pacific Growth reiterates buy on Zoran Corp. (ZRAN), saying strength in the DVD market is positive for Zoran, which is expected to see 90% of its revenues from DVD sales.

Inspire Pharmaceutical (ISPH) says a Phase III trial of its INS365 Ophthalmic for treatment of dry eye showed statistically significant results on primary endpoint.

Morgan Stanley cut second quarter, 2002, and 2003 revenue estimates for IBM (IBM) due to weak hardware spending.

Best Buy (BBY) posted $0.22 first quarter EPS, vs. $0.17 (pro forma) a year ago, on 5.7% higher same-store sales. The electronics retailer sees $0.30-$0.32 in second quarter EPS (after investments) on 4%-5% same-store sales growth. It maintains $2.10-$2.17 fiscal year 2003 EPS guidance.

Circuit City Group (CC) reported first quarer EPS of $0.08, vs. $0.05, on a 13% total sales rise.

Multimedia Games (MGAM) shares fell after one of the company's tribal customers received notice that it is violating the Indian Gaming Regulatory Act and NIGC regulations for continuing to run MegaNanza; other tribes are expected to get similar notices.

UnitedHealth Group (UNH) agreed to acquire AmeriChoice, a health care benefits and services provider for state Medicaid beneficiaries, for a total of about $560 million in stock and debt assumption.

JM Smucker (SJM) reported $0.37 fourth quarter EPS on 9% revenue rise. It notes Crisco sales were about $30 million below what the company expected. It sees $1.84-$1.94 fiscal year 2003 EPS on revenue of $1.3 billion.

Isle of Capri (ISLE) posted $0.70 vs. $0.37 fourth quarter EPS from operations on 8.7% revenue rise. Dresdner reiterates buy.

New York Times (NYT) says based on continuing improvement and strong cost measures, it believes second quarter EPS will come in near the upper end of previous $0.47-$0.52 guidance. The publishing company reported 2.4% lower May advertising revenue.

Jack in the Box (JBX) raised its third quarter EPS estimate to $0.60, and from $2.27 for fiscal year 2002 EPS to $2.39. The company cited favorable resolution of tax matter and the increase in restaurant conversions to franchisees.

Morgan Stanley upgrades Broadcom (BRCM) to overweight from equal-weight. br />

Imation (IMN) raises EPS guidance to about $0.40 in the second quarter and $1.50-$1.55 in 2002. It cites continued strong demand across all data storage market sectors globally, market share gains, recent settlement of litigation.

ESS Technologies (ESST) increases second quarter guidance to $84 million in revenues and $0.34 EPS. S&P maintains accumulate.

Northeast Utilities (NU) says the Connecticut Dept. of Public Utility Control's decision that precludes the increase in generation service charge makes reaching higher end of previous $1.40-$1.65 2002 EPS guidance unachievable.

Sangstat Medical (SANG) reaffirms second quarter guidance of $0.06-$0.07 EPS on $28-$30 million in revenues. Also announces study of its RDP58 allowed dose escalation, improved effectiveness of chemotherapy in mice.


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