Markets & Finance

Duke Energy Slides on Subpoena News


Nextel Communications (NXTL) is seen higher as a SEC filing shows directors were buying shares last month. S&P keeps avoid. Morgan Stanley reportedly raised estimates.

Jefferies downgraded Lowes (LOW) to hold from buy.

Zale Corporation (ZLC) now sees lower than expected $0.14-$0.17 Q4 EPS from operations on comp store sales growth of about 1%-2%, citing recent challenging trends in an external environment.

Visx (EYE) posted $0.11 (pro forma) Q2 EPS on a 25% revenue decline and sees second half 2002 EPS of $0.15-$0.18. BoA downgraded; S&P keeps sell.

Doubleclick (DCLK) posted $0.02 Q2 EPS (pro forma) on a 26% revenue rise and sees a $0.01 loss to $0.01 EPS for Q3 on $67M-$73M revenue. SoundView downgraded to neutral from outperform. S&P keeps hold.

Mentor (MNTR) and (INAMED ) IMDC are lower as House GOP leaders asked for information on complications in women with breast implants two days after an FDA panel heard makers say additional surgeries after getting implants is not uncommon.

Titan (TTN) will exit the international telecom business; and sees up to $200M Q3 in charges, as well as $0.09 Q2 EPS from continuing operations. Titan doesn't see any profit from Titan Wireless for the rest of 2002 or 2003. Wachovia and CIBC World cut estimates.

Visx (EYE) posted $0.11 vs. $0.21 (pro forma) Q2 EPS on a 25% revenue decline and sees lower than expected second half 2002 EPS of $0.15-$0.18. Banc of America downgraded. S&P maintains sell.

Duke Energy (DUK) received a subpoenas from the U.S. Commodity Futures Trading Commission and the Houston office of the U.S. attorney regarding its trading activities. S&P downgrades to hold.

UBS Warburg upgraded American Eagle (AEOS) to strong buy from buy. S&P reiterates accumulate. On Thursday the company posted 3.9% lower June consolidated comp sales, and cut the Q2 EPS guidance to $0.14-$0.17.

Goldman added Rayonier (RYN) to recommended list; was rated market outperform.

FEI (FEIC) agreed to be acquired by Veeco Instruments (VECO) in a $1 billion deal. Terms: 1.355 Veeco shares for each FEI share. Both companies expect to meet Q2 guidance. S&P maintains hold on FEI.

General Electric (GE) posted $0.44 vs. $0.39 Q2 EPS on a 3.6% revenue rise, meeting estimates, and reconfirmed its $1.65-$1.67 2002 guidance. Merrill reiterates near term and long term buy.

AOL Time Warner (AOL) is searching for a new CEO for its America Online division, fueling uncertainty about the future of COO Robert Pittman, who is running the AOL division, according to The Wall Street Journal.

Dell Computer (DELL) upped Q2 guidance to $0.19 EPS on revenue of $8.3B from previous guidance of $0.18 EPS on $8.2B revenue. S&P reiterates hold. SoundView upgraded to outperform from neutral. Lehman also upgraded.

Doubleclick (DCLK) posted $0.02 Q2 EPS (pro forma) vs. a $0.07 loss on a 26% revenue rise and sees a $0.01 loss to $0.01 EPS for Q3 on revenue of $67M-$73M. SoundView downgraded to neutral from outperform.

Morton's Restaurant (MRG) says despite Carl Icahn's sweetened $17 per share offer, it remains committed to its binding pact with Castle Harlan for $16.00 cash per share.

Avery Dennison (AVY) sees Q2 EPS of at least $0.72, which is higher than its previous projection of $0.66-$0.71, and above the consensus estimate of $0.68.

Merrill reportedly downgraded Home Depot (HD) to near term neutral from strong buy.


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