Markets & Finance

Symantec Skids


Symantec (SYMC) reportedly cut its first and second quarter guidance.

Goldman says Novellus Systems (NVLS) reiterated its first quarter guidance, and said its order situation has firmed a bit since January, and reiterates outperform. S&P reiterates avoid.

First Horizon Pharmaceuticals (FHRX) posted 13 cents vs. 14 cents fourth quarter earnings per share (GAAP) as higher costs and expenses, and lower other income offset a 38% revenue rise. The marketer and seller of brand-name prescription drugs sees $20 million to $25 million in first quarter revenue, and a three-cent loss to two cents earnings per share from operations. Leerink Swann downgrades to underperform from market perform.

International Speedway (ISCA) lowered the first quarter earnings per share guidance to 46 cents to 48 cents on $130 million revenue, which is at the low end of previous guidance. The company notes its forecast includes the favorable impact of a one-time revenue contribution.

J.P. Morgan downgraded Palm (PALM) to underweight from neutral.

Gaiam (GAIA) posted 22 cents vs. 15 cents fourth quarter earnings per share on 6.3% higher sales. Adams Harkness downgraded to buy from strong buy; citing a cloudy first quarter and first half 2003 outlook. RBC Capital downgraded to underperform from outperform

Construction equipment maker Astec Industries (ASTE) sees a 52-cent to 54-cent fourth quarter loss vs. the previous 15-cent to 20-cent loss guidance, citing negative gross profits on certain highly specialized and customized Astec Systems' projects completed during the fourth quarter.

Gap (GPS) posted 27 cents fourth quarter earnings per share vs. a four-cent loss one year earlier on 8% higher same-store sales, and 14% higher total sales, citing strong holiday traffic at its Gap, Banana Republic, and Old Navy stores. The retailer says same-store sales for February will be positive and in the high single digits, but will still fall short somewhat short of earlier projections. Banc of America downgraded to neutral.

CRBL Group (CBRL), the owner of Cracker Barrel Old Country restaurants and shops, set a two million share buyback.

Raytheon (RTN) will pay $25 million to resolve claims that it attempted illegal exports to Pakistan.

Marvell Technologies (MRVL) posted a 20-cent fourth quarter loss vs. an 86-cent loss (GAAP) on an 82% revenue rise. Marvell posted 16 cents vs. six cents pro forma fourth quarter earnings per share.

NPS Pharmaceuticals (NPSP) posted a 76-cent fourth quarter loss vs. a 45-cent loss on a sharp revenue drop.

Univision (UVN) sees 14 cents fourth quarter earnings per share, at the high-end of its latest 11 cents to 14 cents guidance, above the 12 cents consensus. The Spanish-language broadcasting company sees $104 million in consolidated EBITDA, toward the high-end of its $92 million to $106 million guidance, above the $101 million consensus.

Sunrise Assisted Living (SRZ) posted 82 cents vs 47 cents fourth quarter earnings per share on a 40% operating revenue rise. Sunrise sees 53 cents to 58 cents first quarter earnings per share, and $2.57-$2.65 for 2003. It expects charges related to the purchase of Marriott Senior Living to dilute 2003 GAAP earnings per share by 10 cents.

Integrated Devices (IDTI) reaffirmed the flat sequential fourth quarter revenue guidance. It plans to cut 5% of its total workforce. SG Cowen upgraded to strong buy from outperform.


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