Markets & Finance

Apple Sees iMac Delay


Apple Computer (AAPL) says new version of its flagship iMac desktop computer won't be ready until September -- two months later than planned. S&P maintains hold. Needham says buy on weakness. Citigroup upgraded the shares.

ESpeed (ESPD) sees second quarter earnings per share (GAAP basis) of 15 cents to 16 cents on total revenue of $42 million to $43 million. The company cites the erosion of its market position from competitive pricing pressure and lower-than-expected market volumes in Europe.

Guidant (GDT) expects improvements to its stainless steel stent platform and the refinement of manufacturing processes to result in a six- to eight-month program delay. It expects to file an Investigational Device Exemption application with FDA in the first quarter of 2005.

Netflix (NFLX) says it ended the second quarter with about 2.09 million subscribers. Piper Jaffray says buy the shares on weakness despite the stock's 24% run-up since June 21.

Mamma.com (MAMA) was seen lower on reports Dallas Mavericks owner Mark Cuban liquidated his entire MAMA holding.

Pogo Producing (PPP) says only "very limited" hydrocarbon shows were encountered in its Orm-K-3 well in central Hungary. Merrill Lynch downgraded the shares to netural from buy.

Maxtor (MXO) sees a second quarter loss per share (GAAP basis) of 8 cents to 12 cents per share on revenue of $820 million to $825 million. It cites an aggressive pricing environment in both OEM and distribution channels, and lower-than-expected unit shipments, primarily to distributors.

Career Education (CECO)says regulatory agencies have placed American InterContinental University on warning status and Brooks College on probation. S&P downgrades to avoid from hold.

Sybase (SY) sees lower-than-expected second quarter earnings per share of 17 cents to 20 cents (pro forma) -- 12 cents to 15 cents on a GAAP basis -- on total revenue of $188 million to $192 million. The company cites direct sales operations issues in its enterprise business. S&P downgraded the shares to accumulate. BofA cut its estimates.

Juno Lighting (JUNO)declared a one-time cash dividend of $60 million, payable to holders of its common and preferred stock. It anticipates the amount of the dividend will be $6.86 per common share.

WebMethods (WEBM) sees a first quarter loss of 19 cents to 22 cents per share (pro forma) on $40 million to $41 million in revenue, vs. its prior guidance of a 7-cent loss to breakeven results (pro forma) on $51 million to $56 million in revenue. Cites lower closure rates of some large deals.

According to a Wall Street Journal report, Nortel's (NT) board found that the company's 2003 profit stemmed from accounting tricks. Separately, CIBC World reportedly downgraded its rating on the shares to sector perform from outperform.

Del Laboratories (DLI) agreed to be acquired by DLI Holding Corp, a company jointly owned by Kelso & Co. and Church & Dwight (CHD), in a cash deal valued at $465 million, including debt assumption. Each Del share will be

converted into the right to receive $35.

Qwest Communications (Q) agreed to sell its PCS licenses and related wireless network assets in 14 states to Verizon Communications (VZ) for $418 million in cash.

As part of an inquiry that now stretches across the telecom industry, the SEC has asked Comcast (CMCSA) and Cox Communications (COX) for info about how they measure one of their most prized assets - subscribers, according to a Wall Street Journal article..

Nabors Industries (NBR) cut its second quarter earnings per share guidance to 27 cents to 28 cents. The company notes higher-than-expected costs and lost revenue as result of rig downtime, weather induced delays, relocation, start-up expenses, and slippage on certain projects.

Caremark RX (CMX) announced that on July 1, 2004, it received a data request from the Attorney General of Washington State seeking info, pursuant to consumer protection statutes, relating to business practices conducted by Caremark Rx, Caremark Inc., and AdvancePCS.

CS First Boston cut its estimates on Nokia (NOK), and maintains its underweight recommendation.


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