Markets & Finance

First Horizon Slides on a Warning


Merrill downgraded Elan (ELN) to long term neutral from strong buy. On Monday S&P Ratings put Elan's corporate credit rating on CreditWatch with negative implications.

Netflix (NFLX) says it ended the second quarter with 670,000 total subscribers, up sharply from a year-ago's 308,000 level. USB Piper reiterates outperform.

Quanta Services (PWR) cut the second quarter EPS from operations to $0.03-$0.05, and trimmed the 2002 EPS to $0.45-$0.55, citing weakness across the board. S&P reiterates sell. Friedman Billings downgraded to sell.

Prudential downgraded Tyson Foods (TSN) to hold from buy.

Audiovoxx (VOXX) posted $0.20 second quarter EPS vs. a $0.38 loss on 10% higher sales. The company continues to expect sales and profits to improve over third quarter, fourth quarter, and for new products in both wireless and consumer electronics companies to fuel that improvement.

Credit Suisse First Boston downgraded Advent Software (ADVS) to hold from strong buy. Late Monday the stock was halted, as the company forecast $38M-$39M second quarter revenue, vs. earlier $48M guidance. Advent announced that its CFO, Irv H. Lichtenwald, delayed his retirement. The company set an additional two million share buyback.

Morgan Stanley cut KLA-Tencor (KLAC) estimates and targets, as well as several other semiconductor equipment names including Applied Materials (AMAT), Cymer (CYMI) and Novellus (NVLS).

Tyco (TYC) announced the pricing of its $4.6 billion spinoff of CIT Group (CIT) below its range at $23 per share. A total of 200 million shares will be offered on the New York Stock Exchange. S&P reiterates avoid.

Vivendi Universal (V) shares tumbled in Europe on a Le Monde article that said there were new disclosures about Vivendi's accounts.

Ameripath (PATH) says third quarter and fourth quarter EPS will be reduced by $0.03-$0.04 per quarter due to higher than expected malpractice insurance premiums. Ameripath says if proposed revisions to Medicare payments pass, the company would see up to a $10M revenue reduction.

First Horizon (FHRX) sees lower than expected breakeven-$0.02 second quarter EPS on $25M-$26M revenues, citing greater than expected erosion from knock-off products that compete with existing products.

Anadigics (ANAD) says while its second quarter outlook remains on track, the company sees a worse than expected $0.33 third quarter loss on revenue of about $21M. WR Hambrecht and Goldman reportedly downgraded.

Rational Software (RATL) sees lower than expected $0.03-$0.04 first quarter EPS (pro forma) on revenue of $150M-$154M.

Supervalu (SVU) posted $0.57 vs. $0.43 (restated) first quarter EPS despite a 16% sales decline, and reaffirmed fiscal 2003 EPS guidance of $2.20-$2.35.

Watson Pharmaceutical (WPI) received final approval from the FDA on its Abbreviated New Drug Application for Lisinopril Tablets UPS, and its application for Lisinopril and Hydrochlorothiazide Tablets.

Herman Miller (MLHR) posted a $0.05 fourth quarter loss from operations vs. $0.43 EPS on a 37% sales decline. The company sees $0.01-$0.04 first quarter EPS from operations on sales of $330M-$350M.

Aquila (ILA) agreed to sell its 16.58% stake in Lockport Energy to Fortistar Capital for $37.5 million cash.


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