Markets & Finance

InfoSpace Soars


Internet software maker InfoSpace (INSP) posted 29 cents fourth-quarter earnings per share (GAAP), vs. a $2.09 loss per share on a 30% revenue rise. The company sees $3 million to $5 million first-quarter net income on $44 million to $47 million in revenue, and sees $21 million to $26 million in 2004 net income on $195 million to $205 million in revenue. Merriman Curhan upgraded to 'buy,' from 'neutral.'

Tenet Healthcare (THC) will sell 27 hospitals and take $1.4 billion in impairment charges in the fourth quarter. Tenet sees first-quarter and 2004 earnings per share from continuing operations significantly below the mean estimates of 11 cents earnings per share in the third quarter and 50 cents earnings per share in 2004. S&P keeps 'avoid.' Merrill cut to 'sell,' from 'neutral.'

Visx (EYE) posted 17 cents fourth-quarter earnings per share, vs. a 3 cents loss on a 5.7% revenue rise.Visx reiterated the guidance for 18 cents to 20 cents first-quarter earnings per share, and 70 cents to 74 cents earnings per share in 2004. Wachovia cut to 'market perform.' S&P reiterates 'accumulate.'

Broadcom (BRCM) posted 2 cents fourth-quarter earnings per share, vs. a $6.40 loss (GAAP) on a 62% revenue rise. S&P reiterates 'hold.' Merrill Lynch upgraded to 'neutral.'

FTI Consulting (FCN) says the unanticipated departure of number of senior managing directors associated with former FTI/Policano is expected to lead to a further reduction of current revenue generating engagements, which were not considered in the prior guidance. S&P cut to 'avoid.'

Avaya (AV), a provider of communication systems, posted 2 cents first-quarter earnings per share, vs. a 33 cents loss on a 2.6% revenue rise. Avaya sees second-quarter operating income roughly the same as in the first quarter. Morgan Stanley upgraded to 'overweight,' from 'equal-weight.' S&P keeps 'hold.'

Goldman downgraded JetBlue Airways (JBLU) to 'underperform,' from 'in-line.'

St. Jude Medical (STJ) posted 51 cents, vs. 40 cents fourth-quarter earnings per share on a 27% net sales rise. The medical-device maker sees 49 cents to 52 cents first-quarter earnings per share; it sees $2.15 to $2.20 fiscal 2004 earnings per share. S&P upgraded to 'accumulate,' from 'hold.'

Coherent (COHR) posted a 1 cent first-quarter loss, vs. an 84 cents loss, on a 6.3% net sales rise. S&P upgraded to 'accumulate,' from 'hold.' Needham upgraded to 'buy,' from 'hold.'

MarketWatch.com (MKTW) posted 13 cents, vs. 5 cents fourth-quarter earnings per share, on a 14% revenue rise.

Time Warner (TWX) posted fourth-quarter earnings per share of 25 cents, vs. 15 cents, excluding items. S&P maintains 'accumulate.'

Corinthian Colleges (COCO) posted 47 cents, vs. 35 cents second-quarter earnings per share on a 58% revenue rise. Corinthian sees 48 cents third-quarter earnings per share, and $1.94 in fiscal 2004. The for-profit education provider also sees a 56% fiscal 2004 revenue rise. S&P reiterates 'buy.'

Flextronics (FLEX) posted 4 cents third-quarter earnings per share (on a GAAP basis), vs. a 1 cent loss on a 7.8% sales rise. The contract electronics manufacturer raised its fourth-quarter guidance to 9 cents to 11 cents earnings per share (pro forma) on $3.4 billion to $3.6 billion in revenue. S&P reiterated its 'buy' opinion. CIBC World upgraded the stock to 'sector outperform'.

Amazon (AMZN) posted 17 cents, vs. 1 cent fourth-quarter earnings per share on a 36% sales rise. Excluding one-time items, earnings were 29 cents per share, vs. 19 cents, meting analysts' average expectations. The online bookseller sees $1.39 billion to $1.49 billion in first-quarter sales, and $80 million to $100 million in operating income. Amazon sees $6.20 billion to $6.70 billion in 2004 sales, and $355 million to $455 million in operating income. S&P downgraded the shares to 'avoid'. Schwab SoundView cut its estimates.

Procter & Gamble (PG) posted $1.30 second-quarter earnings per share, up 23%, on a 20% net sales rise. The household-products maker sees a 14% to 18% total third-quarter sales rise, and says the current consensus earnings per share estimate is at the top end of net earnings per share expectations. P&G sees a 13% to 17% fiscal 2004 total sales rise.

Fiserv (FISV) posted 42 cents, vs. 35 cents fourth-quarter earnings per share on 30% higher processing and services revenues. Fiserv sees $1.86 to $1.93 2004 earnings per share.

Electronic Arts (ERTS) posted $1.26, vs. 83 cents third-quarter earnings per share on a 20% revenue rise. The company sees 17 cents to 20 cents fourth-quarter earnings per share on $550 million to $570 million in revenue, and $1.74 to $1.77 fiscal 2004 earnings per share on $2.91 billion to $2.93 billion in revenue. S&P reiterated its 'accumulate' opinion on the stock.

Network Associates (NET) posted 24 cents fourth-quarter earnings per share, vs. a 7 cents loss as lower operating costs offset flat revenue. Reflecting the sale of its Magic business, the company sees about 10 cents first-quarter earnings per share (pro forma) on $208 million to $212 million in revenues. S&P reiterated its 'accumulate' recommendation. Banc of America upgraded.

Mentor Graphics (MENT) posted 18 cents, vs. 28 cents fourth-quarter earnings per share (GAAP) as higher operating costs and an income-tax expense (vs. a year ago's benefit) offset a 12% revenue rise. The software maker says the book-to-bill ratio was less than expected. The company sees 2 cents first-quarter earnings per share (GAAP)on $165 million in revenue. S&P reiterates 'accumulate.'

Publishing company Tribune (TRB) posted $1.00, vs. 57 cents fourth-quarter earnings per share on a 3% operating revenue rise.

Kraft Foods (KFT) posted 50 cents, vs. 54 cents fourth-quarter earnings per share despite a 6.2% revenue rise. Kraft set a cost restructuring program, which will result in a pre-tax charges of up to $1.2 billion over the next three years. The food manufacturer sees $1.63 to $1.70 2004 earnings per share, including a 30 cents charge from a restructuring program.


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