Markets & Finance

Clorox Climbs on Stronger Profit Report


Clorox (CLX) posted $0.71 vs. $0.46 first quarter earnings per share from continuing operations, and sees $0.43-$0.45 second quarter earnings per share, and low-single-digit volume and sales growth. Clorox revised the fiscal 2003 earnings per share guidance to $2.18-$2.23.

Teva Pharmaceutical (TEVA) received approval from the FDA to market a generic version of its antibiotic, Augmentin. UBS Warburg raised estimates and USB Piper keeps strong buy.

Maxim Integrated (MXIM) posted $0.22 vs. $0.17 first quarter earnings per share on a 19% revenue rise. Prudential raises estimates. S&P keeps hold.

Mentor Graphics (MENT) posted $0.03 vs. $0.09 third quarter earnings per share, beating expectations, as higher operating costs offset a 15% revenue rise. Mentor reaffirmed fourth quarter revenue guidance. Wells Fargo upgraded to buy from hold. Needham maintains buy.

Morgan Stanley downgraded Baxter International (BAX) to underweight from equal-weight.

Kronos (KRON) posted $0.52 vs. $0.52 fourth quarter earnings per share (GAAP) as higher operating costs offset a 14% revenue rise. Kronos sees $0.30-$0.34 first quarter earnings per share on $84-88M revenue and $1.55-$1.65 for fiscal 2003. Needham reiterates strong buy.

Bowater (BOW) posted a $0.57 third quarter loss vs. a $0.04 loss. Prudential downgraded to sell from hold.

F5 Networks (FFIV) posted breakeven fourth quarter vs. a $0.10 loss (pro forma) on a 2% revenue rise. F5 sees $26 million to $27.5 million first quarter revenues and bottom line results at or slightly below breakeven.. Webush Morgan downgraded to hold.

Citigroup (C) announced the formation of a new business unit to include equity research and private client brokerage. The company appointed Sallie Krawcheck as chairman and CEO of the new unit.

Mentor Graphics (MENT) posted $0.03 vs. $0.09 third quarter earnings per share as higher operating costs offset a 15% revenue rise. Mentor reaffirmed its fourth quarter revenue guidance, which reflects the addition of all acquisitions done this year.

Activision (ATVI) posted $0.13 vs. $0.04 second quarter earnings per share on a 21% sales rise. The company raised its fiscal 2003 guidance for earnings per share from $1.25 to $1.29 and for revenue from $920 million to $934 million.

Lehman reportedly upgraded Masco (MAS) to equal-weight. On Oct. 29, the company announced it reached a preliminary accord in all suits relating to a wood coating product, which courts ruled caused excessive surface mildew.

Goldman removed Wal-Mart (WMT) from its recommended list, and now rates the stock market perform.

Prudential reportedly downgraded Hartford Financial (HIG) to hold from buy.

Darden Restaurants (DRI) says October same-restaurant sales rose 2%-3% at Olive Garden but fell 2%-3% at Red Lobster. It still sees 3%-5% fiscal 2003 combined same-restaurant sales growth. Darden sees $0.21-$0.22 second quarter earnings per share. CIBC World downgraded the shares.

Tommy Hilfiger (TOM) posted $0.67 vs. $0.53 second quarter earnings per share despite flat revenue. The company sees earnings per share from operations of $0.32-$0.42 in third quarter, $0.13-$0.23 in fourth quarter, and $1.15-$1.35 for all of fiscal 2003.

TXU (TXU) posted $0.92 vs. $1.72 third quarter earnings per share despite a 7.8% revenue rise. Results for the current quarter exclude its European operations.

Morgan Stanley downgraded St. Jude Medical (STJ) to underweight from equal-weight.

Allen Telecom (ALN) posted $0.05 third quarter earnings per share vs. a $0.06 loss per share on a 17% sales rise. The company sees $0.09-$0.12 fourth quarter earnings per share from operations on a 7%-12% sales rise.

United Auto Group (UAG) posted $0.54 third quarter earnings per share from continuing operations on a 37% revenue rise. The company says it is comfortable with analyst consensus estimates of $2.08 earnings per share for 2003, in the range of $2.00-$2.15.

United Surgical (USPI) posted $0.12 vs. $0.05 third quarter earnings per share on a 41% revenue rise. The company raised its earnings per share guidance for 2002 to $0.74-$0.76 and for 2003 to $0.92-$0.94.


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