Markets & Finance

Intel Beats Targets


After the close of trading Tuesday, Intel (INTC) posted third-quarter earnings per share of 25 cents, vs. 11 cents, beating analysts' average targets by 2 cents. Sales rose 20.4% to $7.8 billion. The world's largest chipmaker sees fourth-quarter sales between $8.1 billion and $8.7 billion.

E.W. Scripps (SSP) posted 64 cents, vs. 57 cents, third-quarter earnings per share on a 24% operating revenue rise. Scripps sees 87 cents to 97 cents fourth-quarter earnings per share.

State Street (STT) posted 60 cents, vs. 56 cents, third-quarter reported earnings per share (GAAP) on an 18% total revenue rise.

First Data (FDC) posted 49 cents, vs. 45 cents, third-quarter earnings per share (GAAP) on a 10% revenue rise. First Data sees 2003 earnings per share in the middle of the $1.87 to $1.93 range, on a 14% revenue rise. JMP Securities reportedly downgraded to market perform from outperform. S&P keeps accumulate.

Morgan Keegan upgraded Chuck E. Cheese restuarant operator CEC Entertainment (CEC) to outperform from market perform.

Enterprise-software maker Documentum (DCTM) agreed to be acquired by EMC Corp. (EMC) in a stock deal valued at $1.7 billion. Terms: 2.175 shares of EMC for each Documentum share. Documentum sees 2 cents to 5 cents third-quarter earnings per share (GAAP) on 31% higher revenue. S&P keeps hold.

Filenet (FILE) is among providers of content-management software seen moving higher on the news that EMC will acquire Documentum.

Needham raised its estimates and reiterates its buy rating on Ceradyne (CRDN), a maker of technical ceramics. On Monday the company announced a $14.3 million add-on order for small-arms protective inserts for 2004 delivery, in addition to an initial $29 million order.

First Albany tied a recent drop in United Online (UNTD) to news about competitors lowering digital-subscriber line and dial-up access prices. First Albany thinks much of the drop is unwarranted, and reiterates its buy rating on weakness.

C-COR.net (CCBL), a maker of equipment for cable TV, expects to exceed the previous first-quarter guidance. C-COR notes first-quarter sales were about $56 million, and that it achieved profitability and generated cash from operations. S&P keeps hold.

Wedbush Morgan upgraded Applied Micro Circuits (AMCC) to hold from sell.

Echelon (ELON), an equipment maker for the automation markets, posted 11 cents, vs. 13 cents, third-quarter earnings per share (GAAP) on a 8.1% revenue decline.

Chemicals maker Lubrizol (LZ) cut the $2.20 to $2.30 2003 operating earnings per share guidance to $2.00 to $2.10. Lubrizol notes that achieving the upper end of its guidance depends on an economic rebound, improved volume in fluid technology for the transportation business, and lower material costs. JP Morgan cut its estimates.

Inamed (IMDC) says an FDA advisory panel is meeting Tuesday and Wednesday to review its silicone gel-filled breast implant premarket approval application. Trading is halted pending news from the meeting.

Johnson & Johnson (JNJ) posted 69 cents, vs. 57 cents, third-quarter earnings per share on a 15% revenue rise (including a currency impact). The drugmaker says it's pleased by the first-quarter impact of its Cypher Sirolimus-eluting coronary stent in the U.S. Analysts were expecting an average of 68 cents earnings per share.

Merrill Lynch (MER) posted $1.04, vs. 73 cents, third-quarter earnings per share (including items) on a 16% revenue rise. Analysts were expecting an average of 86 cents earnings per share.

Raymond James downgraded ExpressJet Holdings (XJT) to market perform from outperform.

USB Piper downgraded Avid Technology (AVID) to market perform from outperform.

Forest Labs (FRX) posted 49 cents, vs. 38 cents, second-quarter earnings per share on a 16% sales rise, and anticipates launching Namenda in March 2004. Based on the accelerated launch timing, Forest Labs modified the third-quarter earnings per share guidance to 50 cents to 55 cents, sees 35 cents 40 cents earnings per share in the fourth quarter, and $1.82 to $1.92 earnings per share in fiscal 2004.

Merrill Lynch initiated Brocade Communications (BRCD) with sell. Also, Merrill resumed coverage of Network Appliances (NTAP), Veritas (VRTS), QLogic (QLGC), McData (MCDTA), and Storage Technology (STK) at neutral.

Eaton (ETN) posted $1.39, vs. $1.30, third-quarter earnings per share on an 11% sales rise. It sees $1.15 to $1.25 fourth-quarter earnings per share, and $4.80 to $4.90 in 2003.

USB Piper downgraded Avid Technology (AVID) to market perform from outperform.

Merrill reportedly downgraded Moody's (MCO) to sell from neutral, and Dow Jones (DJ) to neutral from buy; both based on valuation.

Delta Air Lines (DAL) posted a $1.36 third-quarter loss, vs. a $2.67 loss, despite flat operating revenue growth. S&P maintains hold.

Legato Systems (LGTO) sees 18% third-quarter revenue growth, citing continued acceptance by customers of management, access, and protection solutions.

Bank of America (BAC) posted $1.92, vs. $1.45, third-quarter earnings per share on a 14% revenue rise.

Dominion Resources (D) identified $128 million in estimated after-tax costs stemming from restoration efforts following Hurricane Isabel. Dominion will recognize the expenses portion of the storm restoration effort as a special charge that will be excluded from operating earnings per share.

Knight Trading (NITE) will acquire Donaldson & Co. Knight expects the deal to be modestly accretive in 2004. Terms are undisclosed.

Hollywood Entertainment (HLYW) posted 32 cents, vs. 50 cents, third-quarter earnings per share (GAAP) on an 8.9% total revenue rise.


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