Markets & Finance

AT&T Cuts Revenue Guidance


AT&T (T) says due to changes in the regulatory environment and escalating pricing pressure, it cut its 2004 revenue guidance to $29.5 billion to $30.5 billion. CS First Boston and Bear Stearns downgraded to underperform.

Micron Technology (MU) posted better-than-expected third-quarter earnings per share of 13 cents, vs. a 36-cent loss one year earlier, on a 52% sales rise.

Del Monte Foods (DLM) posted fourth-quarter earnings per share of 27 cents, vs. 11 cents, on a 21% revenue rise. Del Monte sees 3 cents to 5 cents first-quarter earnings per share on increased sales offset by higher commodity, ingredient, packaging, energy costs, and a higher marketing investment. It sees 81 cents to 86 cents fiscal 2005 earnings per share.

Omnivision Technologies (OVTI) posted fourth-quarter earnings per share of 34 cents, vs. 12 cents, on a sharp revenue rise. It sees $95 million to $100 million first-quarter revenues, and 29 cents to 31 cents earnings per share.

Abbott Laboratories (ABT) says the FDA denied its citizen petition regarding bioequivalence of levothyroxine sodium (LS) products. Synthroid (LS tablets), the company's thyroid medication, is now subject to generic competition.

Allied Capital (ALD) was notified that the SEC is conducting an informal investigation. It says the inquiry appears to pertain to allegations made by short sellers over the last two years, including matters pertaining to its portfolio company, Business Loan Express.

Time Warner (TWX) says earlier in 2004, its America Online unit began litigation against a major spammer and discovered that AOL employee had stolen member screennames in 2003, which AOL believes were used to send junk e-mail. The employee was arrested.

Bed Bath & Beyond (BBBY) posted first-quarter earnings per share of 27 cents, vs. 19 cents, on 5.1% higher same-store sales and 23% higher net sales. S&P reiterates accumulate.

General Mills (GIS) filed a $5.9 billion universal shelf registration statement. The registration covers the sale, subject to conditions, of an aggregate 49.91 million common shares owned by Diageo.


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