Markets & Finance

AES Corp. Advances


AES Corp. (AES) plans to launch a refinancing transaction that will include an estimated $1 billion offering of new second priority senior secured notes. S&P reiterates hold.

Affymetrix (AFFX) sees first quarter product and related revenue of $60 million to $62 million, vs the $71 million to $73 million previous guidance. It also sees first quarter net income lower than the previous guidance.

Bear Stearns downgraded Ruby Tuesday (RI) to peer perform from outperform.

Merrill noted the average food company is projected to report 8%-10% earnings per share growth for the next two years, while Kraft is likely to produce 6%-8% growth. Merrill reiterates its neutral on Kraft Foods (KFT).

AG Edwards upgraded Callaway Golf (ELY) to buy from hold, saying the company is likely to exit or outsource its golf ball business.

S&P says Invitrogen (IVGN ) shares are down in sympathy with Affymetrix. S&P cut the estimate, but reiterates buy based on a discount cash flow model.

Cambrex (CBM), a provider of life science products and services, cut its 2003 earnings per share guidance to $1.05-$1.25 due to an estimated 32 cents charge to be taken for a legal settlement with Mylan Labs. Commerce Capital downgraded Cambrex to market perform from market outperform.

Neoware Systems (NWRE) sees third quarter operating income exceeding $2 millionon revenues of more than $13.3 million, noting sales were strong in January and February, but fell off during the last two weeks of March. Commerce Capital cut to market outperform from strong buy.

Sybase (SY) sees lower than expected $180 million to $185 million in first quarter revenue, 12 cents to 16 cents GAAP earnings per share, and 16 cents to 20 cents pro forma earnings per share, vs. the 23 cents consensus. Sybase sees 75 cents to 85 cents 2003 GAAP earnings per share, and 95 cents to $1.05 pro forma earnings per share. RBC Capital downgraded.

PeopleSoft (PSFT) sees 11 cents to 12 cents first quarter earnings per share on $450 million to $455 million revenue. The company noted delays in corporate purchasing due to war concerns and the weak economy. Wachovia reportedly downgraded to market perform.

Research In Motion (RIMM) posted a seven-cent fourth quarter loss (adjusted), vs. an 11-cent loss (GAAP) on 32% revenue rise.

Advent Software (ADVS) sees $33 million first quarter revenue, with expenses significantly below prior estimates. Advent notes large contracts were difficult to close, and says sales in Europe were very weak.

Internet Security (ISSX) sees first quarter revenues slightly above a year-ago's $58.4 million, 10 cents to 11 cents GAAP earnings per share, and 12 cents to 13 cents pro forma earnings per share. The company says the public should no longer rely on its previous 2003 outlook.

STMicroelectronics (STM) sees $1.618 billion first quarter revenue, slightly below the low end of its $1.620 billion guidance range. The chip maker says gross margin should be around 35%, below the 36% guidance, citing order push-outs in March, pricing pressure, and the impact of foreign exchage.

ChevronTexaco (CVX) says subsidiary Chevron Nigeria will begin a gradual return to operations of crude oil and natural gas at its Escravos terminal.


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