Markets & Finance

Jones Apparel Drops


Jones Apparel (JNY) posted 54 cents vs. 49 cents second-quarter earnings per share on a 1% revenue rise. Jones cut the $2.90-$3.10 2003 earnings per share guidance to $2.75-$2.80 (excluding items), and sees $2.25-$2.50 earnings per share in 2004. Jones also initiated an 8 cents quarterly dividend. S&&P keearnings per share hold.

Nvidia (NVDA) sees $455 million to $460 million in second-quarter revenue, within guidance, with gross margins slightly lower than guidance. S&P reiterates hold. SoundView cut its estimates and target.

Marvel Enterprises (MVL) says second-quarter results will exceed the high end of financial guidance for revenue, EBITDA, net income, earnings per share, and free cash flow. Southwest Securities reiterated strong buy.

Bear Stearns raised the PC Industry growth forecast, and sees a althier PC shipment rate, which is positive for Gateway (GTW) and other PC makers.

Gatx (GMT) posted 50 cents (including 11 cents related to a note sale and insurance recovery) vs. 42 cents earnings per share on 5% lower revenues. Gatx sees $1.16 2003 earnings per share. S&P reiterates sell.

Microsoft licensed Sonic Solutions (SNIC) Sonic AuthorScript for its Digital Image Suite 9. Roth Capital says the deal bolsters Sonic's profile in the digital-media industry, and reiterates buy.

Lifepoint Hospitals (LPNT) postsed 40 cents second-quarter earnings per share vs. a 7-cent loss on a 25% revenue rise. S&P upgraded to buy from hold.

Morgan Keegan reiterates outperform on Drexler Technologies (DRXR). On Monday the company received a $2.4 million order from the Italian government for optical memory cards for use as a national ID.

Clayton Homes (CMH) received a letter from Cerberus Capital Management indicating that they no longer have an interest in extending the offer for the company. S&P reiterates hold.

Amkor Technology (AMKR) posted a 31-cent second-quarter loss vs. a $2.34 loss from continuing operations on a 7.8% sales rise.. It sees a 8%-10% third-quarter sequential revenue increase, and a 2-cent loss to 2 cents EPS. SoundView sees the pullback as buying opportunity. S&P reiterates hold.

Sprint PCS (PCS) posted an 8-cent second-quarter loss vs. a 17-cent adjusted loss from continuing operations, and continues to expect a 43-cent to 48-cent 2003 adjusted loss from continuing operations. CS First Boston cut its estimate. S&P reiterates hold.

Memberworks (MBRS) posted 41 cents vs. 16 cents fourth-quarter earnings per share on a 13% revenue rise. It sees $114 million to $116 million first-quarter fiscal 2004 revenues, and 25 cents to 30 cents earnings per share, as well as $480 million to $495 million fiscal 2004 revenues, and $2.60-$2.75 earnings per share.

Netease (NTES) posted 28 cents second-quarter earnings per ADS on sharply higher revenues. USB Piper upgraded to outperform from market perform.

Priceline.com (PCLN) plans to offer, subject to the market and other conditions, up to $125 million of convertible senior notes in a private placement. $100 million will be available in an offering, with the option for an international purchaser to buy up to an additional $25 million. S&P reiterates hold.

Tyco (TYC) posted 27 cents third-quarter earnings per share vs. a 20-cent (restated) loss from continuing operations, on a 3.4% revenue rise. Analysts were expecting an average of 35 cents earnings per share. Tyco sees 32 cents to 35 cents fourth-quarter earnings per share, and restated the pre-tax charges of $434.5 million recorded in the second quarter. The company also restated results from prior periods.

Verizon Communications (VZ) posted 69 cents vs. 77 cents second-quarter earnings per share from operations on a 2% revenue rise (excluding the effect of access line sales a year ago). The results beat analysts' average estimates by a penny per share. Verizon reiterated the $2.70-$2.80 2003 earnings per share (adjusted) and 0%-2% revenue growth, and targets at least a $3 billion reduction in net debt.

DuPont (DD) posted 62 cents vs. 71 cents second-quarter earnings per share from operations. If growth of U.S. industrial production doesn't occur until late in the second half of the year, duPont will keep the bias toward the lower end of analysts' 2003 earnings per share estimates. If growth is early, duPont sees upside toward the middle of estimates.

Clear Channel (CCU) posted 37 cents vs. 37 cents second-quarter earnings per share from operations on a 6.6% revenue rise. Clear Channel posted slightly higher second-quarter EBITDA, and expects third-quarter EBITDA will increase in the mid-to-high single digits vs. 2002 on both a reported and pro forma basis.

Coach (COH) posted 32 cents vs. 18 cents fourth-quarter earnings per share on a 35% net sales rise. Coach sees at least 33 cents first-quarter earnings per share on 19% sales growth.

Omnicom (OMC) posted $1.02 vs. $1.00 second-quarter earnings per share on a 12% worldwide revenue increase.

Sprint (FON) posted 11 cents vs. 12 cents second-quarter earnings per share (GAAP) on an 8% operating revenue drop. Sprint sees $1.35-$1.40 adjusted 2003 earnings per share from continuing operations.

Rent-a-Center (RCII) posted $1.44 vs. $1.22 second-quarter earnings per share from operations on a 12% revenue rise, and sets a 5-for-2 stock split.

AirTran (AAI) posted 28 cents vs. 7 cents second-quarter earnings per share (excluding items) on a 23% operating revenue rise.

Fresh Del Monte (FDP) posted $1.42 vs. $1.18 second-quarter earnings per share on a 24% net sales rise.

King Pharmaceuticals (KG) posted 35 cents vs. 31 cents second-quarter earnings per share (excluding items) on a 31% total revenue increase. It sees 39 cents to 44 cents third-quarter earnings per share, and $43-$48 in the fourth quarter (excluding items).


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