Markets & Finance

Macromedia Soars


Macromedia (MACR) posted 14 cents third quarter earnings per share vs. a 74-cent loss on a 13% revenue rise, and posted 18 cents earnings per share (GAAP). Merrill upgraded to neutral from sell.

CS First Boston upgraded Southwest Air (LUV) to outperform from neutral. On Wednesday the company posted five cents vs. eight cents fourth quarter earnings per share despite a 13% revenue rise.

Investment Tech Group (ITG) posted 25 cents vs. 46 cents fourth quarter earnings per share on a 6% revenue decline. Given the current weak domestic equity market trends, the company says it will be difficult for 2003 results to match 2002.

MBNA (KRB) posted lower than expected 41 cents vs. 40 cents fourth quarter earnings per share on 19% higher net interest income. S&P reiterates buy.

Check Point Software (CHKP) posted better-than-expected 26 cents vs. 30 cents fourth quarter earnings per share on a 9.9% revenue decline. Merrill raised its estimates. S&P reiterates accumulate.

AT&T (T) posted 66 cents fourth quarter earnings per share on an 8.6% revenue decline. The telecommunications company sees 50 cents to 55 cents first quarter earnings per share. AT&T expects a slower rate of revenue decline in 2003 vs. 2002, and says capital expenditures for 2003 will be about $3.3 billion to $3.5 billion.

BellSouth (BLS) posted 50 cents vs. 63 cents normalized fourth quarter earnings per share on a 6.8% operating revenue decline, citing weak demand for communication servers. The telecom says a recently issued accounting standard, SFAS No. 143, will increase net income in 2003 by $60 million, or three cents earnings per share.

BMC Software (BMC) posted 15 cents third quarter earnings per share on a 9% revenue rise, and sees 46 cents to 49 cents fiscal 2003 earnings per share from operations vs. the previous 32 cents to 39 cents guidance.

Network Associates (NET) posted 26 cents fourth quarter earnings per share vs. a three-cent loss as lower total operating costs offset a flat revenue rise. The company sees nine cents to 11 cents first quarter earnings per share (pro forma) on $225 million to $230 million revenue, and sees 70 cents to 75 cents in 2003. Banc of America downgraded to neutral.

Qualcomm (QCOM) posted 42 cents vs. 23 cents first quarter earnings per share (excluding its QSI segment) on a 54% revenue rise. The company sees 34 cents to 35 cents second quarter earnings per share on about a 50% revenue rise, and $1.34-$1.39 fiscal 2003 earnings per share.

Textron (TXT) posted $1.04 vs. 47 cents fourth quarter operating earnings per share on a 10% revenue drop, and sees $3.05 2003 operating earnings per share.

Nokia (NOK) posted 22 euro cents vs. nine euro cents fourth quarter earnings per share (reported) on flat sales, and sees 15 euro cents to 19 euro cents earnings per share (pro forma). The Finnish phone maker forecast lower-than-expected first quarter sales at its handset unit, which accounts for three-fourths of its revenue. Although it didn't offer exact guidance, Nokia says mobile-phone sales will range from being unchanged to rising as much as 9% in the first quarter. Additionally, Nokia proposed to pay a 28-cent euro dividend, and projects to repurchase shares during 2003.

EMC (EMC) posted two cents vs. three cents fourth quarter earnings per share from operations on 2% lower revenue, meeting estimates. The company sees one cent in first quarter earnings per share from operations on $1.3 billion to $1.4 billion in revenue.

Siebel Systems (SEBL) posted an eight-cent fourth quarter loss vs. 13 cents earnings per share on a 19% revenue decline. The business software maker posted better than expected five cents earnings per share (pro forma). Also, Siebel says its president and chief operating officer Paul Wahl will retire at the end of the first quarter. S&P keeps hold.

AOL Time Warner (AOL) is seeking to sell its book publishing division in an effort to pay down some of its debt, according to The New York Times.

Sara Lee (SLE) posted 42 cents vs. 20 cents second quarter earnings per share on a 1.9% revenue rise. The consumer goods manufacturer and sees 33 cents to 35 cents third quarter earnings per share, and $1.54 to $1.60 for fiscal 2003.

Eli Lilly (LLY) posted 68 cents vs. 54 cents (before extrordinary items) fourth quarter earnings per share on a 4.5% sales rise. The drug maker sees 57 cents to 59 cents first quarter earnings per share -- short of the analysts' consensus forecast of 60 cents per share. Lilly also sees EPS of $2.50 to $2.60 for 2003.

Texas Instruments (TXN) posted six cents earnings per share vs. a loss of six cents (pro forma) on a 20% revenue rise. Including a writedown for an investment in Micron Technology, the company posted a loss of 34 cents. Analysts were expecting an average of three cents earnings per share. The microchip producer sees total 1Q revenue about equal to the 4Q, and sees about six cents earnings per share. Banc of America upgraded. Deutsche Bank reportedly upgraded.

Computer Associates (CA) posted an eight-cent third quarter loss vs. 40 cents earnings per share (GAAP) on a 4% revenue rise. The company posted five cents operating earnings per share and sees five cents to six cents fourth quarter operating earnings per share on revenue of $785 million to $800 million.

Altera (ALTR) posted seven cents fourth quarter earnings per share vs. a nine-cent loss loss on an 11% revenue rise. S&P keeps hold.

Activision (ATVI) posted 63 cents vs. 66 cents third quarter earnings per share as more shares offset a 1.9% revenue rise. The video game maker sees a 15-cent fourth quarter loss on revenue of $100 million, and cut the fiscal 2004 earnings per share guidance to 70 cents. USB Piper reportedly downgraded. WR Hambrecht keeps hold.


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