Markets & Finance

Harley-Davidson Drops


UBS Warburg says the fact that Harley-Davidson (HDI) UBS Warburg says has a 0% down promotion in place for about five months indicates that near-term demand may still be soft.

Wedbush Morgan raised its estimates and target on discount retailer Cost Plus (CPWM). On Thursday the company posted 12 cents first-quarter earnings per share on 3% higher same store sales, and 19% higher total sales; it forecast 12 cents second-quarter earnings per share, and raised the fiscal 2004 earnings per share guidance to $1.53, from $1.50.

Marvell Technology Group (MRVL) posted 3 cents first-quarter GAAP earnings per share vs. a 26-cent loss on a 70% revenue rise. Marvell posted 19 cents vs. 8 cents first-quarter pro forma earnings per share. It says it entered the second-quarter with strong momentum. CS First Boston, CIBC World, and UBS Warburg raised their estimates.

ICN Pharmaceuticals (ICN) will try to recover $47.8 million in bonuses paid to past and present directors and executives by taking over a shareholder derivative lawsuit, according to The Wall Street Journal.

Morgan Keegen noted surprising increased strength in Emulex 's (ELX) the distribution channel. Morgan Keegen reiterated its outperform rating on Emulex and QLogic,

MTC Technologies (MTCT) says its Modern Technologies unit was selected as the prime contractor to develop a solid-state digital video recorder for F-16 aircraft. Initial estimates indicate the potential for $200 million in value over six years.

Lehman Brothers upgraded Research In Motion (RIMM) to overweight from equal-weight.

UBS Warburg downgraded IMS Health (RX) to neutral from buy.

In an 8-K filing, karaoke-equipment maker Singing Machine (SMD) corrected a press release, saying it can not confirm sales for fiscal 2003. Roth Capital suspended its rating until it has clarification of these statements.

Goldman raised its fiscal 2004 earnings per share estimate on H&R Block (HRB).

Barr Laboratories (BRL) says the FDA has extended its deadline for completing a review of its Seasonale oral contraceptive; Barr now sees a launch in the fall of 2003.

First Albany upgraded Interpore International (BONZ) to strong buy from buy.

Atari's (ATAR) 'Enter The Matrix' sold more than one million units in North America and Europe in the first week of availability.

Able Laboratories (ABRX) says the FDA approved its abbreviated new drug application for Hydrocodone Bitartrate and Acetaminophen Tablets, USP 7.5mg/500mg. This product is equivalent to Lortab(R) Tablets, USP 7.5mg/500mg of Mikart, Inc. The total market for this new pain reliever drug is estimated to be approximately $230 million.

Retailer Gap (GPS) posted 22 cents vs. 4 cents first-quarter earnings per share on a 12% same store sales rise, and a 16% total sales rise, saying sales at Gap and Old Navy drove strong margin improvement. The results beat analysts' average estimate of 21 cents.

The Sports Authority (TSA) posted 4 cents vs. 3 cents first-quarter earnings per share (pro forma) despite 5.7% lower same store sales, and 4.1% lower total sales.

TiVo (TIVO) posted a 12 cents first-quarter loss vs. a 74-cent loss on sharply higher revenues. It sees a $6.9 million to $8.3 million second-quarter operating loss, and a $27 million to $38 million fiscal 2003 operating loss.

Disney (DIS) is exploring a range of options for The Disney Store, including a possible sale of stores in North America and Europe.

Autodesk, (ADSK) posted 7 cents vs. 15 cents first-quarter earnings per share on 7.9% lower revenues. It sees 7 cents to 10 cents second-quarter earnings per share on $207 million to $212 million revenues.

Electronics Boutique (ELBO) posted 12 cents vs. 6 cents (before the effect of an accounting change) first-quarter earnings per share on a 10% same store sales rise, and a 28% total revenue rise. It sees 2 cents to 5 cents second-quarter earnings per share, and $1.70-$1.77 fiscal 2004.

Hibbett Sporting (HIBB) posted 51 cents vs. 41 cents first-quarter earnings per share on a 4.5% same store sales rise, and a 12% total sales rise. It sees 29 cents to 31 cents second-quarter earnings per share, and $1.64-$1.66 fiscal 2004.

Transocean (RIG) says drilling operations for BP on a BP-operated Thunder Horse field at Mississippi Canyon block 822 were suspended due to a separated drilling riser on the deepwater drillship Discover Enterprise.

Aeropostale (ARO) posted 5 cents vs. 1 cent (including a non-cash charge) first-quarter earnings per share on a 1.8% same store sales rise, and a 32% total sales rise. It raised the 2-cent second-quarter loss to breakeven forecast to breakeven, and sees $1.13-$1.18 fiscal 2004 earnings per share.

HCA (HCA) plans to discontinue the development of a new patient accounting information system, which will result in a $110 million to $130 million second-quarter charge.


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