Markets & Finance

Wyeth Tumbles on a Warning


USB Piper downgraded Nautilus (NLS) to outperform from strong buy.

Metro One Telecommunications (MTON) says it will discontinue service for Cingular Wireless in the states of California, Nevada and Washington. RBC Capital downgraded to sector perform from outperform. S&P keeps avoid.

Baird downgraded Flowserve (FLS) to underperform from outperform.

Wyeth (WYE) sees $2.22-$2.32 pro forma 2002 EPS (excluding a gain on the exchange of Immunex stock for Amgen shares, and a litigation charge). Banc of America downgraded to market perform.

Salomon downgraded Chubb (CB) to underperform after the CFO resigned to assume the top post at Allegheny.

Lowe's (LOW) says third quarter same store sales are tracking within 3%-5% guidance and is comfortable with the upper end of the $0.39-$0.40 third quarter EPS guidance, and $1.74-$1.75 for fiscal 2003. Lowe's expects to increase EPS by 19%-20% annually over the next two years.

Procter & Gamble (PG) says it is comfortable with first quarter fiscal 2003 EPS sales growth guidance. CIBC World initiated with sector outperform.

Philip Morris (MO) cut its 2002 earnings per share growth guidance to 3%-5% due to lower than anticipated volume and additional promotional spending at Philip Morris U.S.A. The tobacco manufacturer sees $1.26 third quarter earnings per share.

SBC Communications (SBC) plans to cut its workforce by another 11,000 and reduce capital expenditures in response to a continued weak economy and outmoded regulation that could threaten the future viability of its telecom networks. S&P downgraded.

Callaway Golf (ELY) sees lower than expected $0.13-$0.15 third quarter earnings per share on revenue of $155M-$160M, citing general softening in its golf equipment business.

ATMI (ATMI) sees a $0.05-$0.10 third quarter loss, excluding special charges, on a 5%-8% sequential revenue decline.

Lehman downgraded General Electric (GE) to equalweight, and cut its price target to $35. S&P reiterates hold.

Children's Place (PLCE) says September same store sales declined 30% month-to-date, and 22% quarter-to-date vs. last year. The retailer sees a breakeven third quarter, and does not expect to meet the Street's fourth quarter estimates.

New Century Financial (NCEN) reaffirmed the $1.95 third quarter earnings per share forecast, and sees fourth quarter equal to or better than the third quarter's. The company raised its $6.35-$6.55 2002 earnings per share forecast to $6.75-$6.85.

Rent A Center (RCII) expects to exceed the high end of its previously announced third quarter guidance of $1.10 by about $0.02, citing stronger than expected revenues and cost controls.


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