Markets & Finance

Lower Forecast for RJ Reynolds


Company: Apria Healthcare Group (AHG)

Year ending: Dec-03

Prior estimate: 2.44

New estimate: 2.11

Rationale: Weaker outlook

Company: Brooks Automation (BRKS)

Year ending: Sep-03

Prior estimate: -1.19

New estimate: -1.66

Rationale: Lower than expected gross margins

Company: FileNet Corp (FILE)

Year ending: Dec-03

Prior estimate: 0.35

New estimate: 0.39

Rationale: First-quarter, second-quarter company guidance

Company: Flextronics (FLEX)

Year ending: Mar-04

Prior estimate: 0.47

New estimate: 0.38

Rationale: Weak end-markets; transition costs

Company: Helmerich (HP)

Year ending: Sep-03

Prior estimate: 0.21

New estimate: 0.31

Rationale: Improved land-dayrate forecasts

Company: Intuitive Surgical (ISRG)

Year ending: Dec-03

Prior estimate: -0.15

New estimate: -0.12

Rationale: Recurring revenue increases

Company: Nucor Corp (NUE)

Year ending: Dec-03

Prior estimate: 2.45

New estimate: 1.70

Rationale: Weak steel prices; startup, acquisition costs

Company: RJ Reynolds (RJR)

Year ending: Dec-03

Prior estimate: 4.66

New estimate: 3.00

Rationale: Deep-discount cigarette competition

Company: RSA Security (RSAS)

Year ending: Dec-03

Prior estimate: 0.08

New estimate: 0.13

Rationale: Better than expected first-quarter results

Company: SEACOR SMIT (CKH)

Year ending: Dec-03

Prior estimate: 1.51

New estimate: 1.34

Rationale: Uncertain Gulf market recovery

Company: United Rentals (URI)

Year ending: Dec-03

Prior estimate: 0.92

New estimate: 0.82

Rationale: Weak demand, late recovery

Company: VeriSign (VRSN)

Year ending: Dec-03

Prior estimate: 0.52

New estimate: 0.61

Rationale: First-quarter results, second-quarter company guidance

Company: Vertex Pharmaceutical (VRTX)

Year ending: Dec-03

Prior estimate: -1.77

New estimate: -2.07

Rationale: Lower first half revenues

Apr. 24

Company: Aetna Inc (AET)

Year ending: Dec-03

Prior estimate: 3.40

New estimate: 4.21

Rationale: Company guidance

Company: Affymetrix (AFFX)

Year ending: Dec-03

Prior estimate: 0.27

New estimate: 0.19

Rationale: Disappointing first-quarter results

Company: America West (AWA)

Year ending: Dec-03

Prior estimate: -2.00

New estimate: -4.09

Rationale: Overall industry environment still poor

Company: AmeriCredit (ACF)

Year ending: Jun-04

Prior estimate: 0.49

New estimate: 1.16

Rationale: See improved sales, lower costs

Company: ASM International NV (ASMI)

Year ending: Dec-03

Prior estimate: -0.08

New estimate: -0.10

Rationale: Lower than expected gross margin

Company: AT&T Wireless (AWE)

Year ending: Dec-03

Prior estimate: 0.04

New estimate: 0.23

Rationale: Improving margins, revenues

Company: Centex Corp (CTX)

Year ending: Mar-04

Prior estimate: 8.20

New estimate: 9.45

Rationale: Stronger order trends

Company: CoStar Group (CSGP)

Year ending: Dec-03

Prior estimate: 0.28

New estimate: 0.32

Rationale: UK acquisition slightly accretive

Company: Foundry Networks (FDRY)

Year ending: Dec-03

Prior estimate: 0.38

New estimate: 0.45

Rationale: First-quarter results

Company: Gallagher, Arthur (AJG)

Year ending: Dec-03

Prior estimate: 2.00

New estimate: 1.70

Rationale: Financial services unit losses; margin pressure

Company: Gilead Sciences (GILD)

Year ending: Dec-03

Prior estimate: 0.81

New estimate: 0.94

Rationale: Sharply higher Viread sales

Company: Glatfelter (GLT)

Year ending: Dec-03

Prior estimate: 1.15

New estimate: 0.85

Rationale: Pulp, energy costs should remain high

Company: Haemonetics (HAE)

Year ending: Mar-04

Prior estimate: 1.35

New estimate: 1.15

Rationale: See high tax rate; lower interst income

Company: International Paper (IP)

Year ending: Dec-03

Prior estimate: 1.42

New estimate: 1.27

Rationale: High energy, fiber prices

Company: Lucent Technology (LU)

Year ending: Sep-03

Prior estimate: -0.36

New estimate: -0.26

Rationale: See gross margin improvement

Company: NCR Corp (NCR)

Year ending: Dec-03

Prior estimate: 0.77

New estimate: 0.42

Rationale: Company guidance

Company: Overture Services (OVER)

Year ending: Dec-03

Prior estimate: 0.65

New estimate: 0.40

Rationale: Company guidance

Company: Plexus Corp (PLXS)

Year ending: Sep-03

Prior estimate: -0.23

New estimate: -0.30

Rationale: End-market weakness

Company: QUALCOMM (QCOM)

Year ending: Sep-03

Prior estimate: 1.40

New estimate: 0.85

Rationale: Now includes Strategic Initiatives unit

Company: Smurfit-Stone (SSCC)

Year ending: Dec-03

Prior estimate: 0.60

New estimate: 0.35

Rationale: See higher energy costs, lower demand

Company: Teekay Shipping (TK)

Year ending: Dec-03

Prior estimate: 5.75

New estimate: 6.40

Rationale: Strong charter rates


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