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Cambior (CBJ) CIBC downgrades CBJ citing weaker financial outlook for the shares. Firm believes that until CBJ can show a growth profile or an improvement in costs, investors will likely seek alternative gold plays. They believe BGO, HRG-tsx, GLG, and MDG all offer better growth and cost containment profiles than CBJ.
Symantec (SYMC) Janney Mntgmy Scott upgrades Hold to BUY. Target $28. Firm believes the risks associated with merger with VERITAS are discounted in SYMC and the reward to risk is now favorable. While firm still has some concerns about slower overall growth, potential margin deterioration, and the potential loss of focus such a large transaction may cause, they believe that the longer term upside from current levels outweighs the near-term risks. While they continue to believe the shares will be volatile, they advise long term focused investors to strategically accumulate shares. Firm believes that over the next 12 months, the shares have upside potential of over 30%, as the mkt refocuses on the growth in free cash flow the combined entity can generate.
Marvel Enterprises Inc. (MVL) Flying high on the success of the second installment in the Spider-Man series, Marvel Enterprises' Q4 earnings topped estimates. The company has an impressive proprietary library of characters in addition to the web crusader including X-Men, Captain America, Fantastic Four and The Incredible Hulk. Marvel reported its Q4 before the open with earnings of $0.21 per share, excluding a one-time tax gain of $0.06 - a nickel ahead of the Reuters Estimates consensus.
CDW Corp reports average daily sales increase of 10.2% in Feb (CDWC) Co announced average daily sales for Feb 2005 were $22.979 mln, an increase of 10.2% compared to average daily sales of $20.854 mln for Feb 2004. Total sales for Feb 2005 were $459.6 mln compared to total sales for Feb 2004 of $417.1 mln. Both months had 20 billing days.
Texas Indus-TXI reports Q2 eps of $1.28 above consensus est of $1.14
Reports Q2 sales of $443.7M below consensus est of $452.1M.
Texas Instruments provides Q1 mid-quarter update (TXN) Co sees Q1 EPS of $0.22-0.24 , previous guidance was $0.22-0.26, vs Reuters consensus of $0.24; on revs of $2.91-3.03 bln, previous guidance was $2.9-3.15 bln, vs current consensus of $3.04 bln. The updated estimates reflect lower-than-expected demand for D.L.P. products used in televisions and projectors. Additionally, the updated estimates include the expected impact of the co's sale of its commodity liquid crystal display driver operations.
Able Labs beats by $0.06 (ABRX) Reports Q4 (Dec) earnings of $0.32 per share, $0.06 better than the Reuters Estimates consensus of $0.26; revenues rose 38.2% year/year to $31.4 mln vs the $31.8 mln consensus.
Jo-Ann Stores beats by $0.02, guides AprQ below consensus (JAS) 30.60 +0.52: Reports Q4 (Jan) earnings of $1.41 per share, ex items, $0.02 better than the Reuters Estimates consensus of $1.39; revenues rose 6.4% year/year to $588.2 mln vs the $588.1 mln consensus. Company issues downside guidance for Q1 (Apr), sees EPS of $0.27-$0.32 vs. Reuters Estimates consensus of $0.45. Full year EPS expected to be $2.14-$2.22 vs consensus of $2.29.
McCormick reports $0.02 below consensus, ex-items; guides Y05 in-line (MKC) Reports Q4 (Nov) earnings of $0.64 per share, ex-items $0.02 worse than the Reuters Estimates consensus of $0.66. Company issues in-line guidance for Y05 (Nov), sees EPS of $1.71-$1.75, ex-items vs. Reuters Estimates consensus of $1.74.
Applied Films (AFCO)analyst @ Needham & Co upgrades. Target $27. Co upgrades AFCO, as they believe AFCO's bookings bottomed in the Dec qtr. Firm expects order activity to pick up in the current qtr, reflecting the next wave of display bookings in Korea, and they believe earnings momentum should resume in the June qtr and continue into 2H05. Moreover, with $11.85 of net cash on the balance sheet and tangible book value of $14.95, firm believes there's good support to the stock at current levels.
Cotherix (CTRX) Needham & Co initiates BUY. Target $12. Firm believes that Ventavis has strong prospects for rapid clinical adoption and utilization. The co plans a full roll-out starting in 2Q05, and firm estimates the current mkt for PAH drugs in the US at approx $400 mln, with strong near-term growth potential. In addition, despite the recent clinical trial success and expected upcoming approvals for other agents for this disorder, firm believes that Ventavis has several properties making it a preferred choice in combination therapy
NGP Capital Resources (NGPC) BB&T Capital Mkts initiates BUY. Target $17.5. Firms believes the co can fully invest its IPO proceeds at attractive debt/mezzanine debt returns over the next 12 months. They think it is off to a promising start with the Dec closing of two portfolio investments aggregating $67 mln.
no rated analysts cover NGPC
Temple-Inland (TIN)opinion @ UBS weakens. Firm believes that the co needs corporate event to move higher - breakup $96. They believe that they could potentially sell timberland and financial services with estimated after-tax proceeds generating $55/shr of special div. They believe the remaining container/building products co will have estimated fundamental value of $35/share for total of $90. Firm also thinks that it may take a while if co sells assets. Firm also notes that the co has a meeting in New York on Fri.
Chicago Mercantile (CME)analyst @ Sandler O'Neill weakens . With the stock trading up some 14.9% from firm's February 2nd upgrade, firm is taking a more conservative stance, as believes valuation properly reflects (1) volume growth and (2) pricing issues.
American Eagle Outfitters, Inc. (AEOS) With monthly same-store sales coming in way above expectations, American Eagle revised up its earnings estimates twice during the quarter. In the end, however, the company was a bit optimistic with its revisions as AEOS reported Q4 earnings of $1.40 per share, shy of its Feb guidance of $1.45-1.50. Nevertheless, this was a standout quarter as revenues soared 37.4% year/year to $674 mln
American Eagle was able to leverage its impressive topline growth into profits. Total sales rose 37.4% with same-store sales up 32.4% y/y. With well managed inventories and fewer mark downs, gross profits jumped from 38.5% last year to 49.0% in the Q4. Operating margins also expanded to 25.5% from 14% from a year earlier.
There is definitely a spring in the co's step with Feb sales off to a great start with same-store soaring 32.4%. This figure is well above the Briefing.com consensus of 13.6%. As such, the co raised guidance for the first quarter by 20%, which is sure to have a positive impact on shares. It sees Q1 earnings of $0.52-0.54 per share up from its prior guidance (Feb) of $0.43-0.45 and the Reuters Estimates consensus of $0.47.
CEC Entertainment reports $0.04 below consensus; guides EPS for Q1,2,3,4 and Y05 (CEC) : Reports Q4 (Dec) earnings of $0.41 per share, $0.04 worse than the Reuters Estimates consensus of $0.45; revenues rose 16.7% year/year to $172.1 mln vs the $176.3 mln consensus. Company issues downside guidance for Q1 (Mar), sees EPS of $0.82-$0.84 vs. Reuters Estimates consensus of $0.88. For Q2,3, and 4, co see EPS of $0.44-$0.46, $0.62-$0.64 and $0.42-$0.44 (consensus $0.47, $0.63, $0.42 respectively). For Y05, co sees EPS of $2.33-$2.38, consensus $2.40.
M-Systems (FLSH) WR Hambrecht reiterates BUY. Target $27 to $30. While FLSH shares have increased approx 72% since June 2004, firm believes that last year was only the tip of the iceberg of the growth opportunities that the company is expected to experience in the next few years. Firm believes that there are few semiconductor companies that have the opportunity to increase YoY revenues and EPS in 2005 by 40% and 81%, respectively. Recommends investors accumulate shares of M-Systems ahead of the expected XBOX II launch in May 2005.
S1 Corp reports Q4 line in, revs slightly up; guides for Q1, Y05 (SONE) Reports Q4 (Dec) earnings of $0.04 per share, in line with the Reuters Estimates consensus of $0.04; revenues rose 8.0% year/year to $65.2 mln vs the $63.6 mln consensus. Company expects Q1 (Mar), sees EPS of $0.01-0.10, vs Reuters consensus of $0.06, on revs of $64-70mln, vs $66 mln; for Y05 co sees EPS of $0.20-0.40, vs $0.36, on revs of $275-290 mln, vs consensus of $282 mln. The Y05 guidance not include the effect of expensing stock options. Co will begin expensing stock options as currently mandated by the Financial Accounting Standards Board on a modified prospective basis starting in July 2005.
Take-Two beats by $0.10; guides Q2 and Y05 (TTWO) : Reports Q1 (Jan) earnings of $1.19 per share, $0.10 better than the Reuters Estimates consensus of $1.09; revenues rose 33.8% year/year to $502.5 mln vs the $452.9 mln consensus. Company issues guidance for Q2 (Apr), sees EPS of loss of $0.20 vs. Reuters Estimates consensus of ($0.11) on revs $200-$210 mln, consensus $182.31 mln. For Y05, co sees EPS of $2.10-$2.20 on revs $1.3-$1.35 bln, consensus $2.28 and $1.3 bln.
Weight Watchers reports in line; guides Y05 EPS in-line (WTW) Reports Q4 (Dec) earnings of $0.32 per share, which excludes the impact of FIN 46R consolidation, in line with the Reuters Estimates consensus of $0.32; revenues rose 7.7% year/year to $232.8 mln vs the $225.9 mln consensus. Company issues in-line guidance for Y05 (Dec), sees EPS of $1.85-1.95 vs. Reuters Estimates consensus of $1.86.
Finisar reports EPS in-line, ex items; revs light (FNSR) 1.65 +0.06: Reports Q3 (Jan) loss of $0.04 per share, ex items, in line with the Reuters Estimates consensus of ($0.04); revenues rose 57.5% year/year to $73.1 mln vs the $73.6 mln consensus.
Logility fiscal Q3 EPS ex items $0.05 vs. $0.08 yr ago; revs $7.4 mln, up 14% vs. $6.5 mln yr ago (LGTY)
Republic Airways beats by $0.16 (RJET) Reports Q4 (Dec) earnings of $0.57 per share, $0.16 better than the Reuters Estimates consensus of $0.41; revenues rose 40.9% year/year to $159 mln vs the $146 mln consensus
Albany Molecular reports in-line; guides below the consensus for Q1 (AMRI) Reports Q4 (Dec) earnings of $0.17 per share, ex items, in line with the Reuters Estimates consensus of $0.17; revenues fell 11.3% year/year to $46.1 mln vs the $44.5 mln consensus. Co sees Q1 EPS of $0.12-0.14, ex items, consensus $0.15. Y05 $0.48-0.54, ex items, consensus $0.61.
Fleetwood guides below consensus for Q4 (FLE)-- Update -- Earlier we reported FLE earnings from a 10-Q. The company has now issued a press release and they give guidance for Q4. The company states "We no longer believe we will be profitable in the fourth quarter" vs the consensus of $0.15. Co states "some of the factors that caused the unanticipated magnitude of this quarter's loss have continued into the fourth quarter. RV sales have not yet picked up quite as quickly as we projected, although we still believe that our finished goods inventory will be near customary levels by the end of the fiscal year. Quarter-to-date sales and backlogs for the Housing Group are well ahead of last year, although they still lag in the central part of the country."
LoJack reports in-line (LOJN) Reports Q4 (Dec) earnings of $0.18 per share, in-line with the Reuters Estimates consensus of $0.18 (2 analysts); revenues rose 20% year/year to $39.6 mln vs the $39.7 mln consensus (2 analysts). Co reports revenue and net income will grow approx 20% and 30%, respectively.
KOS Pharma beats by $0.12; guides Q1 EPS in-line, revs asbove consensus; Y05 guidance in-line (KOSP) 35.88: Reports Q4 (Dec) earnings of $1.15 per share, $0.12 better than the Reuters Estimates consensus of $1.03; revenues rose 72.7% year/year to $150.7 mln vs the $143.2 mln consensus. Company issues in-line guidance for Q1 (Mar), sees EPS of $0.50-0.55 vs. Reuters Estimates consensus of $0.54 on revs of $150.7 mln, consensus $140.4 mln. For Y05 Co sees EPS of $2.55-2.65, consensus $2.59 on revs $655-665 mln, consensus $618.3 mln.
Laserscope beats by $0.01; guides Y05 (LSCP) Reports Q4 (Dec) earnings of $0.23 per share, $0.01 better than the Reuters Estimates consensus of $0.22; revenues rose 65.2% year/year to $29.4 mln vs the $27 mln consensus. Company issues in-line guidance for Y05 (Dec), sees EPS of $0.75-$0.80 vs. Reuters Estimates consensus of $0.80 on revs of $125-$130 mln, consensus $127.18 mln.
New York & Co Feb same store sales increase 9.8%, Briefing consensus +1.0%; guides (NWY) 19.99: Company believes it will meet the high end of its previous fourth quarter guidance of $0.30 to $0.32, consensus $0.34. Co sees Adjusted diluted earnings per share Y05 at the high end of $1.06 to $1.08, consensus $1.12. For Y06 Co reaffirms $1.16-1.24, consensus $1.16 on revs of $1.11-1.13 bln, consensus $1.11 bln.
Pride Intl beats by $0.03, ex items (PDE) Reports Q4 (Dec) earnings of $0.07 per share, ex items, $0.03 better than the Reuters Estimates consensus of $0.04; revenues rose 12.6% year/year to $448.1 mln vs the $430.7 mln consensus.
NCI Building Sys beats by $0.04, ex items;revs light; guides in-line (NCS) 38.71: Reports Q1 (Jan) earnings of $0.46 per share, ex items, $0.04 better than the Reuters Estimates consensus of $0.42; revenues rose 13.8% year/year to $245.2 mln vs the $267 mln consensus. Company issues in-line guidance for Q2 (Apr), sees EPS of $0.50-0.53 vs. Reuters Estimates consensus of $0.50. Co reaffirms Y06 EPS of $2.80-3.05, consensus $2.93.
PETM released after market close
unrated on PETM:
December - Analyst Michael E Cox 0@4 of Piper Jaffray maintains his rating on PETsMART (PETM.NAS). The 12-month target price has been raised from $32 to $36 In a research note published yesterday, the analyst mentions that the company's stock, along with those of its peers, would continue to trade at a premium valuation, despite the uncertain consumer environment. PETsMART is expected to benefit in the forthcoming quarters from the consistent underlying demographic trends that are driving demand for pet-related products, the analyst says. Piper Jaffray believes that the company's stock is fairly valued at present.
Seg port under water
PETC, PETM
Date: 18-Jan-05
Author: Michael E. Cox
Contributor: Piper Jaffray
Title: Sluggish Holiday Season Leads To Guidance Revision; Maintain Market Perform
FHRX earnings tonight
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FHRX - First Horizon Pharma-FHRX reiterated previous 4Q04 guidance-
opinion @ TWPT steady - TWPT expects 1Q05 (March quarter) sales to be $40-42mn (TWP: $42mn; Street: $43mn) with EPS of $0.17-0.19 (TWP: $0.19; Street: $0.19). It is important to note FHRX's guidance and our ests assume dilution from Co contingent convertible bonds (CoCos; $0.02 per quarter) whereas Street consensus likely does not. Target $29
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First Horizon Pharm-FHRX analsyt fortifies, tgt $29@TWPT
With fundamental issues created by a previous management team mostly resolved and a compelling valuation, we believe that the stock's current price is attractive
K2, Inc. reports in-line; guides downside for Q1 and Y05 (KTO) : Reports Q4 (Dec) earnings of $0.18 per share, in line with the Reuters Estimates consensus of $0.18; revenues rose 74.9% year/year to $338.9 mln vs the $321 mln consensus. Company issues downside guidance for Q1 (Mar), sees EPS of $0.04-$0.06 vs. Reuters Estimates consensus of $0.27. For Y05, co sees EPS of $0.87-$0.91 vs. Reuters Estimates consensus $1.03.
Ford Motor reports Feb US sales decline 3%, vs Briefing consensus of -6.2%
Xilinx (XLNX) opinion @ AG Edwards fortifies. Target $36. AG Edwards upgrades XLNX based on an improving outlook of falling inventory levels and their expectation of a resumption of rev growth. With expectations for 1%-5% sequential rev growth and a 20+ decline in inventory days in the March qtr, firm believes the co is poised for a recovery
ICT Group beats by $0.02, ex items; guides (ICTG) Reports Q4 (Dec) earnings of $0.15 per share, ex items, $0.02 better than the Reuters Estimates consensus of $0.13; revenues rose 19.0% year/year to $92.5 mln vs the $87.7 mln consensus. Co sees Q1 EPS of $0.08-0.10 on revs of $88-90 mln, consensus $84.8 mln. For Y05 the Co sees EPS of $0.60-0.65, consensus $0.56 on revs of $365-375 mln, consensus $352.8 mln.
SCS Transportation beats by $0.03, ex items; guides in-line (SCST) Reports Q4 (Dec) earnings of $0.41 per share, excluding $0.15 charge and a $0.04 gain, $0.03 better than the Reuters Estimates consensus of $0.38; revenues rose 21.4% year/year to $251.9 mln vs the $249.9 mln consensus. Company issues in-line guidance for Y05 (Dec), sees EPS of $1.65-1.80 vs. Reuters Estimates consensus of $1.71.
Donnelley & Sons beats by $0.02, ex items (RRD) 33.21: Reports Q4 (Dec) earnings of $0.59 per share, ex items, $0.02 better than the Reuters Estimates consensus of $0.57; revenues rose 76.7% year/year to $2.11 bln vs the $2.14 bln consensus.
Kindred Healthcare beats by $0.03, ex items; reaffirms (KND) Reports Q4 (Dec) earnings of $0.57 per share, ex items, $0.03 better than the Reuters Estimates consensus of $0.54; revenues rose 10.5% year/year to $903 mln vs the $900.8 mln consensus. Company reaffirms Y05 EPS of $2.22-2.37, ex items, vs. Reuters Estimates consensus of $2.49 on revs of $3.8 bln, consensus $3.8 bln.