Markets & Finance

AT&T Advances


AT&T (T) posted 67 cents vs. 60 cents first quarter earnings per share (continuing operations) on a 5.9% revenue rise. Analysts were expecting earnings of 52 cents a share, on average. The long-distance carrier expects to meet or exceed its previous 2003 revenue and operating income guidance. S&P upgraded.

Amgen (AMGN) posted 37 cents vs. 32 cents first quarter earnings per share (GAAP basis) on a 75% revenue rise. The biotech firm raised the 2003 earnings per share (adjusted) guidance to $1.80-$1.90. S&P maintains buy. Smith Barney raised its estimates and target.

Cardinal Health (CAH) posted 85 cents vs. 66 cents third quarter operating earnings per share on an 11% revenue rise. Shares fell on concerns about revenue growth. S&P reiterates strong buy.

BellSouth (BLS) posted 66 cents first quarter per share vs. an 8 cent loss despite flat revenues. Also, The Wall Street Journal reported that AT&T and BellSouth are eyeing potential deal scenarios, sparked partly by AT&T's low share price. S&P reiterates avoid.

Albany Molecular (AMRI) cut the 23 cents to 24 cents first quarter earnings per share (GAAP) guidance to 12 cents to 13 cents. The pharmaceutical products company notes a $1.4 million one-time charge, and a $300,000 purchase accounting expense. The company sees 15 cents to 16 cents first quarter earnings per share (pro forma).

CheckFree (CKFR), a provider of financial electronic commerce services, posted a 9 cent third quarter loss vs. an 89 cent loss (GAAP) on a 13% revenue rise. It posted 23 cents third quarter earnings per share (pro forma). CheckFree sees 21 cents to 23 cents fourth quarter earnings per share (pro forma). Needham raised its estimates, and reiterates buy.

Wyeth (WYE) posted 96 cents vs. 65 cents first quarter earnings per share on a 1.2% net revenue rise. The drug maker noted an $860.6 million gain from the sale of a remaining stake in Amgen. J.P. Morgan added Wyeth to it Focus List. S&P reiterates accumulate.

EBay (EBAY) posted 32 cents vs. 17 cents first quarter earnings per share (GAAP basis) on a 94% revenue rise. The online auction company posted pro-forma 36 cents per share vs. 18 cents -- beating analysts' average estimates by 5 cents. EBay says 2003 earnings per share could be as high as $1.27, which is 15 cents above its most recent guidance. S&P maintains hold. First Albany upgraded to buy from neutral. USB Piper upgraded to outperform.

PEC Solutions (PECS) posted 12 cents vs. 14 cents first quarter earnings per share as higher costs and expenses offset a 14% revenue rise. PEC sees 14 cents to 16 cents second quarter earnings per share, and 63 cents to 81 per share cents in 203. JP Morgan upgraded to neutral from underweight.

Websense (WBSN) posted 17 cents vs. 11 cents first quarter earnings per share on a 42% revenue rise. It sees second quarter revenue up 31%-33% from year ago, and 16 cents to 17 cents earnings per share. Southwest Securities raised estimates.

The Dallas Morning News reported that AMR Corp.'s (AMR) board is considering replacing CEO Donald Carty due to a rift between management and labor that could push the airline into bankruptcy. Unions are angry that the company, which is the parent of American Airlines, did not disclose pension funding for management.

DeVry (DV) posted 21 cents vs. 26 cents third quarter earnings per share on 3% lower revenues. Gerard Klauer reportedly upgraded to neutral from underperform.

Plantronics (PLT) posted 23 cents vs. 22 cents fourth quarter earnings per share on a 13% revenue rise. It sees 21 cents 25 cents first quarter earnings per share. Merrill upgraded to neutral from sell. WR Hambrecht raised estimates.

Bear Stearns upgraded XM Satellite (XMSR) to outperform from peer perform.

RF Micro Devices (RFMD) posted a seven cents fourth quarter loss vs. two cents earnings per share as an investment write-down and depreciation charge offset a 38% revenue rise. The chip maker sees a five cent to six cent first quarter loss. CIBC World downgraded.

Micrel (MCRL) posted breakeven first quarter vs. a four cent loss on a 5% revenue rise. S&P upgraded to hold from avoid. CS First Boston raised its estimates.

Proquest (PQE) posted 40 cents vs. 34 cents first quarter earnings per share on an 8.8% revenue rise. It sees 36 cents to 44 cents second quarter earnings per share, and reiterates its guidance for $1.80-$1.85 2003 earnings per share.

Macrovision (MVSN) signed a license agreement with Microsoft, under which Macrovision will provide worldwide record labels with the capability to design and produce "dual session" music CDs, which are aimed at copyrights protection.

Californa Pizza Kitchen (CPKI) posted 21 cents vs. 20 cents first quarter earnings per share on 2.7% higher comp-store restaurant sales, and 18% higher total revenues. The restaurant chain cut the guidance to 21 cents to 23 cents second quarter earnings per share, and 98 cents to $1.02 for 2003. CIBC World and RBC Capital downgraded.

AOL Time Warner (AOL) posted 9 cents first quarter earnings per share vs. a $12.25 loss (continuing operations, and including an accounting change) on a 6.3% total revenue rise. The media company reaffirmed the 2003 guidance of mid-single-digit revenue growth, and EBITDA growth in the low- to mid-single-digits.

PeopleSoft (PSFT) posted 12 cents vs. 14 cents first quarter earnings per share on 5% lower sales. S&P downgraded to avoid from hold.

Pacific Growth downgraded to underweight from equal-weight.

Fidelity National (FNF) posted $1.44 vs. $1.03 first quarter earnings per share on a 27% revenue rise. It set a five for four stock split.

Corning (GLW) posted a 17 cent first quarter loss (including a litigation settlement, and impairment charges) vs. a 10 cent loss on 11% lower sales. It sees a 2002 second quarter loss of 2 cents earnings per share on $715 million to $745 million revenues (excluding charges). S&P keeps hold.

CS First Boston upgraded Continental Airlines (CAL) to outperform from neutral.

Eastman Kodak (EK) posted 4 cents vs. 13 cents first quarter earnings per share despite a 1.3% sales rise. It notes excluding foreign exchange, sales fell 4%. Kodak posted 14 cents earnings per share (continuing operations). It sees 60 cents to 80 cents second quarter earnings per share if current trends continue.

Moody's (MCO) posted 61 cents vs. 46 cents first quarter earnings per share on 20% rev. rise. The credit ratings agency posted 55 cents first quarter earnings per share before a non-recurring gain. It sees $2.05-$2.11 2003 earnings per share before the impact of expensing options, and before a non-recurring gain; it sees $2.06-$2.12 per share after items.

A U.S. investigation of Exxon Mobil's (XOM) role in a Kazakhstan oil deal has turned into its largest-ever probe of possible bribery abroad, according to The Wall Street Journal .

Boston Scientific (BSX) received FDA approval to market its Enteryx technology for the treatment of symptoms of gastroesophageal reflux disease in patients responding to, and requiring, daily pharmacological therapy with proton pump inhibitors.


Steve Ballmer, Power Forward
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