) raised its third-quarter revenue guidance to $9.1 billion vs. $8.9 billion on earnings per share of $0.21 -- at the high end of its initial guidance range. Analysts' expected revenues of $8.91 billion on $0.21 cents earnings per share. Dell expects to save $1 billion due to cost-cutting, and says broad momentum remains strong, especially in server and storage equipment.
TTI Team Telecom (TTIL
) sees a $0.31-$0.38 third quarter loss on $11.5 million to $12.5 million revenues; and expects to return to profitability in 4Q. TTI cut 6% of its workforce. Goldman is still cautious. Salomon put its estimates under review.
Merrill downgraded TXU (TXU
) to neutral from buy.
) sees about $0.57 fourth quarter EPS, + or - $0.02, on $286 million to $288 million revenue. Wachovia reportedly downgraded to hold from buy.
Salomon downgraded Target (TGT
) to in-line from outperform. On Tuesday the company provided a business and financial overview.
Banc of America downgraded Flowserve ( FLS
) to market perform from buy, and sees balance sheet risk and difficult end markets.
Forest Labs ( FRX
) expects second quarter EPS will exceed the current consensus estimate of $0.57 by at least 30%. Banc of America upgraded to buy from market perform.
) posted $0.44 vs. $0.38 second quarter EPS as lower costs offset a 4.7% sales drop. The grocery chain sees $2.10-$2.20 fiscal 2003 EPS.
Morgan Stanley raised its estimates on Liz Claiborne (LIZ
). On Monday, the company agreed to acquire Ellen Tracy for $170 million, including $10 million in debt.
Morgan Stanley is more cautious on large-cap banks including US Bank (USB
), and says due to weaker than expected demand for commercial credit, and slower reductions in net charge-offs, it cut its EPS estimates on nine banks.
Morgan Stanley cut its price target on American Express (AXP
) to $30.
) sees $0.31-$0.33 third quarter EPS, and $0.30-$0.34 fourth quarter EPS. The company expects a mid-teens decline in October same store sales. Banc of America downgraded to market perform. Wachovia reportedly downgraded.