Markets & Finance

Intel To Hit High End of Sales Targets


After the market close on Thursday, Intel (INTC) boosted the lower end of its expected revenue range for the third quarter. The world's largest chipmaker now sees revenue between $7.6 billion to $7.8 billion: This is at the high end of the company's previous forecast. Intel didn't give profit guidance.

Healthcare products maker Cooper Companies (COO) posted 58 cents third-quarter earnings per share on a 20% revenue rise, and sees 61 cents to 63 cents fourth-quarter earnings per share (excluding items) on $110 million to $114 million revenue. Cooper raised the fiscal 2003 earnings per share guidance to $2.10-$2.13. S&P reiterates accumulate. Baird upgraded.

National Semiconductor (NSM) posted 15 cents vs. 1 cent first-quarter earnings per share (GAAP) on a slight revenue rise, citing order strength in Asia Pacific and Japan regions. National Semi sees 4%-7% second-quarter sequential revenue growth. S&P reiterates hold.

The FDA designated Dendreon 's (DNDN) investigational immunotherapy Provenge as a fast track development program for the treatment of asymptomatic, metastatic, and androgen independent prostate cancer.

Kaufman Bros. says Time Warner Telecom (TWTC) announced WorldCom-MCI has stopped disconnecting service; and reiterates buy.

New York Attorney General Spitzer says action against fund firms including Janus Capital (JNS) is "almost certain" as a new front of allegations charging hedge-fund manager Canary with improperly trading fund shares kicks off, according to the Wall Street Journal.

Dixie Group (DXYN) signed a definitive agreement to sell certain assets that support its factory-built housing, needlebond, and carpet recycling businesses to Shaw Industries. The proceeds from the sale are seen at $180 million.

Moody's cut the financial strength rating on Royal & Sun Alliance's (RSA) USA unit, and put the ratings of Royal & Sun and its subsidiaries on review for a possible further downgrade. The company reportedly will raise $1.5 billion through rights.

Gap (GPS) shares fell after the apparel retailer reported 4% August same-store sales increase and 5.2% total sales rise. The company says August sales were slightly below the company's beginning of month expectations. ST Robinson Humphrey reportedly downgraded to equal weight from overweight.

Irish drugmaker Elan (ELN) concluded the 2002 audit, and will file a 2002 Annual Report on Form 20-F with the Securities and Exchange Commission by Sep. 5. Elan says it will cure defaults under certain of its debt. The restatement will reduce the 95 cents 2002 earnings per share to 75 cents, and trim the $6.85 2002 loss to a $6.65 loss.

Qwest Communications (Q) shares fell after SoundView downgrades to neutral from outperform. Bear Stearns cut estimates. Wednesday, the company posted 5-cents second-quarter loss on $3.439 billion in operating revenue.

WebMD Corp. (HLTH) fell as the stock resumed trading. In response to Wednesday's federal search warrants, the company believes misleading information given by two former employees triggered the warrants on Wednesday, and expects no impact on its operations.

Merrill Lynch upgraded Emmis Communications (EMMS) and its peers to buy as part of an improved outlook for the radio industry.

Pepsi Bottling Group (PBG) shares fell after the company sees third-quarter earnings per share at the low end of its 66 cents to 70 cents guidance range. It cites flat volume in the U.S., and estimated 5% lower volume in Mexico. The company sees $1.55 to $1.57 2003 earnings per share before items. Citigroup, CS First Boston, and J.P. Morgan downgraded the stock.

Accredo Health (ACDO) shares rose after the company reported fourth-quarter earnings per share of 36 cents, vs. 18 cents a year ago, on 75% revenue rise. The company sees $1.54 to $1.59 fiscal year 2004 earnings per share, up from its previous $1.53 to $1.58 guidance range. S&P maintains accumulate.

Network Associates (NET) shares rose after Merrill upgraded to buy from sell.

Procter & Gamble (PG) raised its first-quarter organic volume growth forecast to upper-single-digits from the prior year. The consumer products maker sees 19% to 21% earnings per share growth, and 11% to 13% excluding the impact of an 8-cent per share restructuring charge. The company cited strong volume performance.

Vaxgen (VXGN) and the Health Protection Agency (HPA) for England and Wales sign a binding letter of intent to negotiate terms that would give HPA the right to manufacture and market the company's recombinant anthrax vaccine candidate in Britain.

Pfizer (PFE) reaffirmed its outlook of $1.73 2003 earnings per share (adjusted), and $2.13 for 2004. The drugmaker sees 70 cents 2003 earnings per share (GAAP), and $1.77 in 2004. Pfizer says the change in 2003 earnings per share (GAAP) reflects a change in the value attributable to purchased inventory in connection with the Pharmacia acquisition.

Cypress Semiconductor (CY) sees $214 million third-quarter revenue vs. analysts' $209 million estimate. Cypress sees a 12-cent third-quarter GAAP loss, and 6 cents pro forma earnings per share, citing stronger than seasonal growth in the consumer market.

Wal-Mart (WMT) posted 6.9% higher August same-store U.S. retail sales, and 14% higher net sales. The world's largest discount chain sees 3%-5% September total same-store sales growth.

Albertson's (ABS) posted 44 cents vs. 63 cents second-quarter earnings per share on a slight same-store sales decline. The grocery chain reaffirmed the $1.70-$1.75 fiscal 2004 earnings per share guidance.

Goldman Sachs upgraded Cisco Systems (CSCO) to outperform from in-line.

Hot Topic (HOTT) posted 12% higher August same-store sales, and 31% total sales rise. The teen retailer sees mid-single digit third-quarter comparison-store sales increase. Hot Topic raised the 25 cents third-quarter earnings per share guidance to 26 cents. S&P upgraded to accumulate.

American Eagle Outfitters (AEOS) posted 10.3% lower August same-store sales, and slightly lower total sales.

Homebuilder KB Home (KBH) posted 16% higher preliminary third-quarter total net orders.

Pier 1 Imports (PIR) posted 6% lower August same-store sales, and 2.6% higher total sales. The home furnishing retailer now sees second-quarter earnings per share at the low end of the 20 cents to 23 cents guidance. Pier 1 sees September same-store sales down 2%-5%, and sees third-quarter sales flat to down 4%. The company also sees 28 cents to 33 cents third-quarter earnings per share.

Lennar (LEN) posted 22% higher preliminary total new home orders.


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