Markets & Finance

Texas Instruments Sinks


Texas Instruments (TXN) dragged technology shares lower after narrowing its third-quarter forecasted revenue range on Thursday to the upper half of its prior outlook. The chipmaker now sees $2.39 billion to $2.49 billion in third-quarter revenue vs. the prior range of $2.29 billion to $2.49 billion. Also, Texas Instruments sees 20 cents to 22 cents third-quarter earnings per share vs. the 19 cents to 23 cents prior forecast.

S&P raised its target. Lehman keeps outperform.

Goldman Sachs downgraded Univision Communications (UVN) to in-line from outperform on valuation.

In an 8-K filing, Capital One Financial (COF) reported a 5.34% higher August net charge-off rate (managed), and a 4.74% higher deliquency rate (managed). S&P reiterates buy. Goldman and Prudential raised their estimates, while USB Piper raised its targets.

Furniture Brands (FBN) sees 34 cents to 35 cents third-quarter earnings per share, and $1.78 to $1.82 earnings per share in 2003, noting that its strategies to reduce costs and manage working capital put pressure on margin performance. ST Robinson Humphrey downgraded. UBS Financial cut its estimates. S&P reiterates hold.

S&P says a pullback in UTStarcom's (UTSI) price is a overreaction to market speculation that a major customer terminating an expansion plan for its PAS networks; S&P upgraded to accumulate.

Jerry Kiser stepped down as president & CEO of La-Z Boy (LZB), and will be replaced by Kurt Darrow, president of La-Z-Boy's residential unit. BB&T Capital downgraded to buy from strong buy.

Xilinx (XLNX) reiterates second-quarter guidance that revenues will be flat to up slightly sequentially. Friedman Billings reiterates market perform. Pacific Growth reiterates underweight.

Genentech (DNA) and Xoma (XOMA) say an FDA advisory committee has recommended approval of the companies' Raptiva for the treatment of moderate to severe plaque psoriasis in adults age 18 or older. First Albany keeps strong buy on Genentech, and buy on Xoma.

Thomas Weisel downgraded Peet's Coffee & Tea (PEET) to peer perform from outperform.

Boeing (BA) received an order for five 727-200 aircraft valued at $140 million from Shanghai Airlines.

3Com (COMS) will cut its workforce by 1,000 employees and close a facility in Dublin, Ireland, as part of an outsourcing plan.

The FDA approved Abbott Laboratories' (ABT) Depakote ER tablets as a sole and adjunctive therapy for complex partial seizures in isolation or in association with other types of seizures, and for simple, complex absence seizures in children, ages 10+, with epilepsy.

Genta (GNTA) and Aventis say data from a Phase III study showed the addition of Genasense to dacarbazine, a standard chemotherapy drug, resulted in improved median survival rates compared to patients treated with dacarbazine alone.

National City (NCC) expects 2003 earnings per share to be about $3.00, citing a recent rise in long-term interest rates.

Rockwell Automation (ROK) expects 2003 earnings per share to be in the $1.10 to $1.12 range, excluding a tax benefit.

Chico's FAS (CHS) will discontinue its Pazo operations. The retailer sees 1 cent to 2 cents in third-quarter expenses associated with the shutdown of Pazo.

After meeting with the FDA, Regeneron Pharmaceuticals (REGN), says it will move forward with a Phase III development program of Axokine for the treatment of obesity.


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