Markets & Finance

Dillard's Slips


Retailer Dillard's (DDS) posted a 60-cent second-quarter loss vs. 8 cents earnings per share on a 5% same-store sales drop, and a 5.3% total sales drop. AG Edwards downgraded to sell. S&P reiterates sell.

Hewlett-Packard (HPQ) posted 23 cents vs. 14 cents third-quarter earnings per share, missing analysts average estimates for 26 cents earnings per share. Revenue rose 4.9% to $17.35 billion, but fell short of analysts' forecast for $17.5 billion. The computer and printer maker cited aggressive desktop pricing for the disappointing quarter. S&P maintains hold.

Network Appliance (NTAP) posted 8 cents vs. 5 cents first-quarter earnings per share on a 26% revenue rise. The company reportedly forecast 9 cents to 10 cents second-quarter earnings per share. Wachovia and S&P raised their estimates, but S&P reiterates its avoid ranking. RBC Capital upgraded to outperform from sector perform.

Patterson Dental (PDCO) posted 43 cents vs. 37 cents (excluding an accounting change) first-quarter earnings per share on a 12% consolidated sales rise. Patterson sees 46 cents to 48 cents second-quarter earnings per share. S&P keeps accumulate.

RBC Capital upgraded EMC (EMC) to outperform from sector perform.

Deutsche Bank upgraded Staples (SPLS) to buy from hold. On Tuesday the office-supplies retailer posted 18 cents vs. 13 cents second-quarter earnings per share on an 18% sales rise, and raised the fiscal 2004 pro forma earnings per share guidance to $1.09.

Specialty Retailer Talbots (TLB) posted 32 cents vs. 33 cents second-quarter earnings per share on a 5% total sales rise. First Albany says the second-quarter earnings per share is better than expected, and raised its estimates and target.

Rayonier (RYN) will to convert to a real estate investment trust effective Jan. 1, 2004. The company will offer undistributed earnings and profits to shareholders in December in the form of a $225 million stock dividend; shareholders will have the opportunity to get some cash in lieu of shares. S&P upgraded.

Photronics (PLAB) posted 4 cents vs. 4 cents third-quarter earnings per share on a 7.8% sales decline. SoundView upgraded to outperform from neutral. S&P reiterates accumulate.

Raymond James downgraded Telephone & Data (TDS) to underperform from market perform on valuation.

Wachovia downgrades Aeropostale (ARO) to market perform from outperform.

Crosswave Communications (CWCI) and its Japanese subsidiaries filed for protection from creditors, and a voluntary commencement of corporate reorganization with the Tokyo District Court. Crosswave says its stock and ADSs will mostly likely lose all value.

Petco Animal Supplies (PETC) posted 23 cents vs. 17 cents second-quarter earnings per share on a 6.1% same-store sales rise, and a 12% total sales rise. Petco raised the third-quarter guidance to 25 cents to 26 cents, and upped the $1.02 to $1.04 fiscal 2004 pro forma earnings per share guidance to $1.11 to $1.13.

Photronics (PLAB) posted 4 cents (including a 3-cent charge for early debt extinguishment) vs. 4 cents earnings per share on 7.8% lower sales.

Gymboree (GYMB) posted a 4-cent second-quarter loss vs. a 4-cent loss on a 1% same-store sales rise, and a 4.5% total sales rise. The children's retailer reconfirmed the 25 cents to 27 cents third-quarter earnings per share guidance, and sees 84 cents to 88 cents fiscal 2004 earnings per share.

DeVry (DV) posted 17 cents vs. 23 cents fourth-quarter earnings per share as charges, previous shortfalls in undergraduate campus-based enrollment at DeVry, and underperformance at its Canadian operations, offset a 7.6% revenue rise. Thomas Weisel reiterates underperform.

Hibbett Sporting (HIBB) posted 21 cents vs. 17 cents second-quarter earnings per share on a 1.1% same-store sales rise, and a 8.8% total sales rise. The retailer sees 24 cents to 26 cents third-quarter earnings per share, and raised the fiscal 2004 earnings per share guidance to $1.10 to $1.12.

Big Lots (BLI) posted a 7-cent second-quarter loss vs. 3 cents earnings per share depite a 3.4% same-store sales rise, and a 8% net sales rise. The company affirmed a 3-cent third-quarter loss from continuing operations guidance, and 64 cents to 49 cents fourth-quarter earnings per share from continuing operations guidance.


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