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Analyst Daniel Ford of Lehman Brothers reiterates his rating on DTE Energy (DTE.NYS), while reducing his estimates for the company. The target price has been reduced from $47 to $43. dicated that it would utilize $1.6 billion of the syn-fuel related cash to repay its $600-$700 million debt liabilities and invest in non-regulated opportunities, with stock buyback being its last option. The analyst expects DTE Energy's share price to be under pressure in the near term due to the remote prospects of a share buyback programme. The EPS estimates for 2004, 2005 and 2006 have been reduced to $2.45, $3.50 and $3.67, respectively.
Quantum-DSS raising estimates on an improved 2005 seen-
opinion @ JPHQ steady
Raising 2005 estimates to .06c from .01c as the new products are starting to be noticed. We are concerned over the integration of Certance could offset the improved operating cost structure but we think leverage could come from their disc sales
DSPG - DSP Group-DSPG impressed by next gen products at CES,
opinion @ HAMR steady - We see exciting growth opportunities for DSPG in Europe as well as in the cordless phone market.
Digirad (DRAD) opinion @ Banc of America Sec initiates BUY. Target $12. Firm says DRAD is the only co to offer Digirad Imaging Systems (D.I.S.). Nuclear imaging procedures are fully reimbursable, about $1,000 per study; therefore, there is strong economic incentive for cardiologists to keep the nuclear testing in-house. Moreover, D.I.S. offers a very predictable rev stream. For 2005, firm estimates that approx 90% of the co's D.I.S. revs are already under contract, and says the co is in the early stage of profitability. Also, the stock currently trades near its lows due to disappointing 2005 guidance. However, firm believes that the current share price offers an attractive entry point, as the predictability of the D.I.S. business offers limited downside earnings risk from current levels.
Delphi Automotive Sys-DPH reports Q4 eps of (.09c) above consensus est of (.15c)
Reports Q4 revenue of $7B above consensus est of $6.96B. Sees Q1 revenue of $6.8B-$7B vs consensus est of $7.11B.
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Delphi Automotive-DPH expecting poor guidance report for 2005-
opinion @ DBAB
While consensus has a .59c estimate we lowered ours to .50c, and that still might be too high. Conference call scheduled for Friday
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Delphi Corp
opinion @ Smith Barney: Sell Cites challenging medium-term environment, such as higher pension and benefit costs, rising raw material costs and weak General Motors production volumes
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DPH, LEA Delphi Auto-DPH shares could be under pressure following 05 outlook
opinion @ LYON
Given the expected decline in GM's North American production, we believe DPH's 1Q05 EPS will be below 1Q04 earnings of $0.22. Given the fact that Delphi is the largest global automotive supplier, if its 2005 earnings outlook is well below expectations, it could pressure the entire group. If the group comes under pressure, we believe it would be an opportunity to add auto parts suppliers, in particular Lear Corp-LEA.
Diagnostic Products misses by $0.02 (DP) Reports Q4 (Dec) earnings of $0.61 per share, excluding multiple items, $0.02 worse than the Reuters Estimates consensus of $0.63; revenues rose 12.3% year/year to $117.7 mln vs the $119.2 mln consensus.
Dov Pharmaceutical Inc
opinion @ First Albany Sets 12-mo. price target of $27
opinion @ Wachovia Securities Ted Huber
DJO:Raising Valuation On '05 Stimulation Driven Upside Potential
Albertson's expects non-cash charge related to lease accounting in Q4; guides Y05 below consensus (ABS) announced today that it expects to incur a non-cash lease expense correction in its fourth quarter of 2004. The correction stems from the Company's review of its accounting for leases in light of views expressed by the Chief Accountant of the Securities and Exchange Commission in a February 7, 2005 letter to the American Institute of Certified Public Accountants regarding certain operating lease issues and their application under generally accepted accounting principles. Company issues downside guidance for Y05 (Jan), sees EPS of $1.33-1.35, ex items vs. Reuters Estimates consensus of $1.36.
Clear Channel reports in-line, ex items (CCU) Reports Q4 (Dec) earnings of $0.37 per share, ex items, in line with the Reuters Estimates consensus of $0.37; revenues rose 1.1% year/year to $2.31 bln vs the $2.34 bln consensus.
Allied Capital misses by $0.02 (ALD) Reports Q4 (Dec) net investment income per share of $0.40, $0.02 worse than the Reuters Estimates consensus of $0.42; revenues rose 12.2% year/year to $101 mln vs the $100.7 mln consensus.
Synergy Brands expects 2004 revenue to grow by 37% to $56 mln (SYBR) Co announces that it expects 2004 rev to be $56 mln, as compared to $41 mln in 2003 (no analysts cover the stock). Contributing strongly to the co's performance in 2004 was the growth of the co's B2B operations as well as its online operations that include its www.cigargold.com and Bill Rancic's www.CigarsAroundTheWorld.com operations. As a result of the increased equity resulting from the debt conversion, the co is re-considering its previously announced alternatives with Congress Financial. "The improvement in our balance sheet may enable Synergy to finance its requirements in a different manner and at a lower cost. This could result in a savings of approximately $300,000 in commitment fee expense for the previously announced credit line."
Safeway beats by $0.09, ex items; confirms Y05 guidance (SWY) Reports Q4 (Dec) earnings of $0.56 per share, $0.09 better than the Reuters Estimates consensus of $0.47; revenues rose 3.1% year/year to $11.39 bln vs the $10.96 bln consensus. Company confirms guidance for Y05 (Dec), sees EPS of $1.41-1.51 vs. Reuters Estimates consensus of $1.50.
FindWhat.com (FWHT) A blowout quarter is one that usually entails earnings and revenue that are well above expectations The company gave guidance for future quarters that was below the current consensus estimate. With the competition beating the street, and handily in some cases, you have the making of a blown quarter. The search space probably would not have been smacked around as much as it has been except for the RBC downgrades of Yahoo and Google today, but the blown quarter suggests that there are really three tiers of Internet search companies. The top tier is Yahoo and Google; the next tier is the real killing field, consisting of InfoSpace, MSN and Ask Jeeves. The final and lowest ranking tier consists of LookSmart, Mamma.com, GuruNet and FindWhat.com.
On the grand scale of things, the company is still making money and looking for some decent growth, but the fact remains that they are playing in a league where competitors are seeing much higher rates of growth. This certainly speaks to the idea that the company belongs in the bottom rung of the search space.
Heidrick & Struggles beats by $0.11, ex items; guides in-line (HSII) Reports Q4 (Dec) earnings of $0.31 per share, $0.11 better than the Reuters Estimates consensus of $0.20; revenues rose 20.4% year/year to $98.7 mln vs the $91.2 mln consensus. Company issues in-line guidance for Q1 (Mar), sees EPS of $0.25-0.30, vs. Reuters Estimates consensus of $0.30 on revs of $93-98 mln, consenssu $95.8 mln. For Y05 the company sees revs of $400-420 mln, consensus $420.8 mln
DJ Orthopedics guides Q4 revs above consensus (DJO)Company issues upside guidance for Q4 (Dec), sees EPS of revenues of approx $68 mln, Reuters consensus is $65.5 mln. ""Our domestic rehabilitation businesses had a strong year, growing at over five percent, which remains faster than market rates of growth"
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DJ Orthopedics-DJO sees Q4 revenue of $68M above consensus est of $65.44M
Sees 2004 revenue of $256M above consensus est of $253.34M.
Dow Jones misses by $0.02, guides below consensus (DJ)Reports Q4 (Dec) earnings of $0.43 per share, ex items, $0.02 worse than the Reuters Estimates consensus of $0.45; revenues rose 3.9% year/year to $437.2 mln vs the $447.6 mln consensus. Company issues downside guidance for Q1 (Mar), sees EPS, ex items, of $0.12-0.15 vs. Reuters Estimates consensus of $0.25.
Blue Coat Systems, Inc. Issues Preliminary Results for Q3 2005 Above Prior Estimates, Analysts' Expectations
2005 Feb
Blue Coat Systems, Inc. announced that it expects to report third quarter total revenue between $24.4 and $24.8 million and GAAP earnings per diluted share between $0.06 and $0.08. Non-GAAP earnings per diluted share, which excludes the amortization of intangible assets and stock compensation expense, is expected to be between $0.09 and $0.11. Previously, the Company provided guidance for its fiscal third quarter of 3% to 6% sequential growth on the revenue of $21.9 million reported for the second quarter of fiscal 2005, GAAP earnings per diluted share of $0.02 to $0.05, and non-GAAP earnings per diluted share of $0.04 to $0.07. According to Reuters Estimates, analysts on average were expecting the Company to report third quarter non-GAAP earnings per diluted share of $0.06, or $0.05 on a GAAP basis, on revenue of $23.2 million.
Donaldson reports in-line (DCI) : Reports Q2 (Jan) earnings of $0.31 per share, in line with the Reuters Estimates consensus of $0.31; revenues rose 16.9% year/year to $388.4 mln vs the $380.7 mln consensus.
Advanced Power Technology announced that it expects fourth quarter revenues to be within the $15.8 to $16.8 million range previously given, at approximately $16.0 million. The Company expects revenues in the first quarter 2005 to be in the range of $13.2 to $13.8 million. According to Reuters Estimates, analysts expected the Company to report revenues of $16.8 million for the fourth quarter and $16.8 million for the first quarter 2005. The Company cited soft demand during the fourth quarter as the primary reason for its negative outlook.
Diodes Inc beats by $0.02 (DIOD): Reports Q4 (Dec) earnings of $0.47 per share, $0.02 better than the Reuters Estimates consensus of $0.45; revenues rose 22.1% year/year to $47.9 mln vs the $47.8 mln consensus. For the first quarter of 2005, Diodes continues to experience solid bookings and we expect sales and gross margins to be comparable to the fourth quarter 2004," said Mr. Chen. "As we enter 2005, given the strength of demand for our new products and continued stream of new performance devices, we again expect to significantly outperform the semiconductor market."
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DIOD) Company reiterates prior guidance for Q4 (Dec), sees revs approximately 3% lower sequentially from revenue of $49.4 million reported in the third quarter (approx $47.92 mln) vs the Reuters Estimates consensus of $48.5 mln
PEC Solutions reports in-line; guides Q1 and reaffirms Y05 (PECS) : Reports Q4 (Dec) earnings of $0.16 per share, in line with the Reuters Estimates consensus of $0.16; revenues rose 52.6% year/year to $62.6 mln vs the $64.4 mln consensus. Company issues in-line guidance for Q1 (Mar), sees EPS of $0.16 vs. Reuters Estimates consensus of $0.16 on revs of $63-$64 mln, consensus $64.44 mln. For Y05, co reaffirms guidance of $0.69-$0.72 on revs of $270-$280 mln (consensus $0.69 and $273.22 mln).
99 Cents Only guides Q4 revs below consensus (NDN) Company issues downside guidance for Q4 (Dec), sees revs of $265.7 mln, consensus $279.4 mln, quarterly comp store sales decreased 3.8%. "Same-store-sales and total sales were negatively impacted by economic, competitive and executional issues"
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99 Cents Only Stores-Q4 SSS slightly below expectations-
opinion @ WCHV
Due to various execution issues, senior management changes and competitive pressures, we do not anticipate a fundamental turnaround until the second half of 2005. We are reducing eps estimates for Q4 to .12c from .16c, 2004 to .42c from .46c and maintaining 2005 at .50c.
Superior Industries Int'l-SUP reports Q4 eps of .45c above consensus est of .40c
Reports Q4 sales of $234.5M above consensus est of $230.33M.
MRK, PFE, BAY
Pharmaceuticals-EMEA Cox-2 review results in label changes-
opinion @ HRNB negative
EMEA released its statement following its review of cox-2 drugs and plans to complete its review in April 2005. The available Cox-2 data show an increased CV risk associated with all Cox-2 inhibitors; additionally, EMEA sees data suggesting dose/duration associated with likelihood of suffering a CV event. Our view is Cox-2 products will remain on the market in the EU. We project use of Cox-2 products to decline following labeling changes being mandated; however, there is class of patients who benefit from Cox-2s that will allow class to stabilize and grow over time (1-2 years).
BP p.l.c-BP analyst weakens @ FBCO
Downgrading as cost pressure is starting to show & volume growth is a little more back end loaded than we had previously forecasted
Cabela's-CAB Q4 ahead of expectations, fund'ls intact-
opinion @ WCHV steady
Q4 eps of .58c ahead or our .54c estimate. We came out of the Q4 earnings conference call believing that the fundamental story has not changed meaningful. The company continues to execute its multi-channel growth strategy. However, the one potential source of upside to its growth targets is greater than expected store openings
Cymer beats by $0.13; guides (CYMI) Reports Q4 (Dec) earnings of $0.22 per share, $0.13 better than the Reuters Estimates consensus of $0.09; revenues rose 37.5% year/year to $99.6 mln vs the $93.8 mln consensus. Co estimates that total product revenue in the first quarter of 2005 will be down approximately 20 percent from fourth quarter 2004 revenue
CYH, DVA, HCA, HMA, LH, DGX, RCI, THC
Healthcare Facilities-Raise Industry View to Attractive
opinion @ MSCO
In our view, for the first time in several years, industry fundamentals are significantly better than consensus expects. New data on uninsured trends and our proprietary pricing survey gives us increased conviction operating forecasts for the group are achievable. This should lead to multiple expansion and/or better than expected results for the group. Our favorite stocks continue to be HCA, Triad and DaVita
CYBS - CyberSource-CYBS reports Q4 eps .07c above analyst est of .02c - CYBS includes $1.5 worth of reversed charges. CYBS reports Q4 revs $10.4M above consensus est of $9.73M.
Corrections Corp beats by $0.01, ex-items; guides Q1 and Y05 below consensus (CXW) Reports Q4 (Dec) earnings of $0.41 per share, ex-items, $0.01 better than the Reuters Estimates consensus of $0.40; revenues rose 10.1% year/year to $293.8 mln vs the $294 mln consensus. Company issues downside guidance for Q1 (Mar), sees EPS of $0.32-$0.34 vs. Reuters Estimates consensus of $0.42; Y05 $1.75-$1.85, consensus $1.81.
Covenant Transport beats by $0.05, ex items (CVTI)Reports Q4 (Dec) earnings of $0.39 per share, ex items, $0.05 better than the Reuters Estimates consensus of $0.34; revenues rose 7.9% year/year to $164.2 mln vs the $159.4 mln consensus.
Covance reports in-line (CVD) Reports Q4 (Dec) earnings of $0.42 per share, in line with the Reuters Estimates consensus of $0.42; revenues rose 13.4% year/year to $282.3 mln vs the $268.8 mln consensus. Co expects Fy05 EPS of $1.81-$1.86 (excluding stock options expense) vs consensus of $1.86
Centex beats by $0.03; guides FY06 higher (CTX) Reports Q3 (Dec) earnings of $1.91 per share, $0.03 better than the Reuters Estimates consensus of $1.88; revenues rose 21.4% year/year to $3.12 bln vs the $3.18 bln consensus. Company issues upside guidance for FY05 (Mar), sees EPS of $7.30-7.50 vs. Reuters Estimates consensus of $7.31; FY06 seen at $8.75-$9.25 vs consensus of $8.39
Cato Corp raises guidance (CTR) Company sees Q4 (Jan) EPS of $0.29-0.33, up from previous co guidance of $0.27-0.31, single analyst surveyed by Reuters Estimates sees $0.30. Dec comps rose 2.0%, no estimates available
Captiva Software guides above consensus (CPTV) Company issues upside guidance for Q4 (Dec), sees EPS of $0.17-0.19 ex items vs. Reuters Estimates consensus of $0.15 on revs of $19.8-20.2 mln, consensus $18.5 mln.
ChoicePoint reports in line, guides Y05 above consensus (CPS)Reports Q4 (Dec) earnings of $0.43 per share, in line with the Reuters Estimates consensus of $0.43; revenues rose 16.2% year/year to $232.5 mln vs the $228.2 mln consensus. Company issues upside guidance for Y05 (Dec), sees rev growth of 15-18%, using co's Y04 reported revs of $918.7 mln, this implies revs of $1.06-1.08 bln, consensus $1.0 bln.
Copano Energy turns a profit in Q3 (CPNO)Co reported Q3 EPS of $0.94, vs 3Q03 loss of $(3.02) per shares; co reports revs of $120.8 mln, a 30% increase YoY from $92.9 mln. Beginning Y05, co plans to pay on a quarterly basis, subject to the availability of cash from operating surplus, a minimum quarterly distribution of $0.40 per unit, or $1.60 per year, to the common and subordinated unitholders
ConocoPhillips beats by $0.41 (COP) Reports Q4 (Dec) earnings of $3.51 per share, $0.41 better than the Reuters Estimates consensus of $3.10. Co reports Q4 revs of $40.1 bln, a 53.8% increase yoy, from $26.0 bln in Q4'03.
3Com misses by $0.02, light on revs; guides for Q3 (COMS) Reports Q2 (Nov) loss of $0.13 per share, $0.02 worse than the Reuters Estimates consensus of ($0.11); revenues fell 6.9% year/year to $151.1 mln vs the $155.3 mln consensus. In Q3, co expect revenues from desktop, mobile and server connectivity products to decline sequentially between 15-25%; decline should be offset by modest sequential growth in revenue from enterprise networking products. Overall, co expects total company revs to be approximately flat sequentially, Reuters consensus is $158.4. In Q3, co expects the gross margins to be approx 35% and to operate with sales and marketing, research and development, and general and administrative expenses in the mid $90 millions