) sees second quarter revenues and earnings per share at the high end of guidance, and says it experienced a strong mix of all products in all markets despite a difficult economy. Adams Harkness upgraded to buy from market perform.
Deutsche Bank reiterated its buy rating on eBay (EBAY
), saying product listings appear to be tracking at 63% year-over-year growth in the first week of the second quarter.
Unizan Financial (UNIZ
) says the first quarter and 2003 earnings per share will be impacted by continued net interest compression, a write-down of an asset, and an impariment charge related to goodwill. Unizan sees $1.24 to $1.30 2003 earnings per share (including a one-time charge).
) posted 23 cents vs. 22 cents fourth quarter earnings per share from continuing operations on slightly higher revenues. UBS Warburg raised its estimates. Bear Stearns says the results are better than expected on the back of cost reductions.
Morgan Stanley upgraded AOL Time Warner (AOL
) to overweight from equal-weight, citing the belief that balance sheet risk is minimized by potential asset sales and internally generated free cash flow.
), a maker of bar code systems for retailers, cut the 15 cents to 18 cents first quarter earnings per share on $160 million to $165 million revenue guidance to one cent to three cents earnings per share on $162 million to $163 million revenue, including charges. Paxar notes gross margin is under pressure from the continuing economic downturn.
SPX Corp. agreed to sell its switching and networking products unit, Inrange Technologies, to Computer Network Technology for $190 million, according to bizjournals.com.
Pacific Growth reiterated its overweight rating on teen apparel retailer Hot Topic (HOTT
First Albany reiterated its strong buy rating on Network Appliance (NTAP
) and says the business is on track to meet fourth quarter expectations.
Lithia Motors (LAD
) expects first quarter earnings per share to be lower than analysts' consensus estimates due to lower margins and higher costs in the new vehicle side of business. Lithia cut its 2003 earnings per share forecast to $1.50-$1.60. It will no longer issue quarterly guidance.
CS First Boston upgraded M.D.C. Holdings (MDC
) to neutral from underperform. M.D.C. builds homes under the name Richmond American Home. It also provides mortgage financing.
Delta Air Lines (DAL
) is seen higher on hopes that an expected swift end to the Iraq war will reverse the fortunes of struggling airlines.
) launched Yahoo! Search, an online portal that is designed to make searching on the Internet faster and easier for users.
) says data to be presented Monday from a Phase I clinical trial of telomerase immunotherapy for metastatic prostate cancer suggests that vaccinations are very well tolerated, and without adverse effects.
Enterprise software maker S1 Corp. (SONE
) lowered the first quarter guidance to an 11-cent to 13-cent loss (including a charge), and $58 million to $60 million revenue. S1 says it continues to experience an economic environment that will lengthen sales and implementation cycles.
) sees a 33-cent to 38-cent first quarter loss on $141 million to $146 million revenue, citing economic uncertainty and geopolitical issues.
Standard Microsytems (SMSC
) posted six cents vs. four cents fourth quarter earnings per share from continuing operations on a 27% revenue rise, and sees four cents first quarter earnings per share from continuing operations on a 24% revenue rise.
Media company Belo (BLC
) sees first quarter revenues growing slightly vs. the first quarter 2002, and sees first quarter earnings per share approximating first quarter 2002 earnings (excluding a two-cent gain). Belo notes the previous guidance was for 15 cents to 16 cents earnings per share, citing an advertising slowdown from the war in Iraq.
Grains processor and storage companyBunge (BG
) raised the first quarter earnings per share guidance to 30 cents to 35 cents, citing strong performance across most of the business, especially in the South American oilseed processing and fertilizer businesses.
Needham upgraded chip-equipment maker Jabil Circuit (JBL
) to strong buy from buy.
Extreme Networks (EXTR
) posted a seven-cent third quarter loss (including deferred compensation) vs. a $1.23 loss as the absence of a restructure charge offset a 23% revenue decline.
The FDA granted Thoratec (THOR
) pre-marking approval for its HeartMate XVE left ventricular assist system to be used as a supplement for Destination Therapy.
Software maker Siebel Systems (SEBL
) sees $3 million to $5 million first quarter net income on $330 million to $335 million total revenues, and notes deterioration in the global economy resulted in some customers postponing purchase decisions.
) will eliminate 115 jobs as part of a restructuring plan, leaving it with approximately 475 employees worldwide.
Air Products (APD
) lowered the second quarter earnings per share guidance to 51 cents to 54 cents, citing lower than expected volumes in North American businesses, and higher costs.
) will pay $178 million to plaintiffs as part of a settlement pact in a lawsuit alleging violation of federal antitrust laws in the animal feed market.
Quanta Services (PWR
) sees a wider-than-expected five-cent to six-cent first quarter loss vs. the previous expectation for breakeven results, citing project delays and increased costs.
Nikon chose Lexar Media (LEXR
) for the second year in row as a provider of memory cards for all Nikon Coolpix cameras sold in the U.S.