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Updated: 21-Oct-03 07:18 ET Comprehensive coverage on Short Stories, analysis on Story Stocks
Today's In Play
07:18 ET Verizon upgraded to Mkt Perform at Wachovia (VZ) 32.71: Wachovia upgrades to Mkt Perform from Underperform based on their belief that 2004 ests most likely reflect a "worse case" scenario, and that the stock price does not accurately reflect the execution of its wireless segment; also, firm cites the co's attractive dividend yield of 4.7% and meaningful free cash flow, and says that VZ will be entering 2004 with a much stronger competitive offering than it had in early 2003. Sees valuation range at $31-$35.
07:18 ET Cephalon receives approvable letter to broaden Provigil label (CEPH) 45.55:
07:17 ET Osteotech reports in-line (OSTE) 7.85: Reports Q3 (Sep) earnings of $0.04 per share, in-line with the Reuters Research consensus of $0.04; revenues rose 17% year/year to $23.1 mln vs the $23.0 mln consensus. These figures are consistent with the company's pre-announcement on Oct 3. Co affirms Q4 guidance.
07:16 ET Best Buy to pay first-ever cash dividend (BBY) 52.80: Co announces that its Board of Directors has declared a $0.40 per share common dividend. Co will pay a $0.30 dividend on Dec 9 and a $0.10 dividend on Jan 28. The two dividend payments allow Best Buy to commence its currently desired rhythm of paying $0.40 per share per fiscal year. (A $0.40 annual dividend would produce less than a 1% dividend yield, 0.76% to be exact).
07:16 ET XTO Energy beats by $0.05, ex items (XTO) 22.12: Reports Q3 (Sep) earnings of $0.49 per share, excluding $0.08 in one time gains, $0.05 better than the Reuters Research consensus of $0.44; revenues rose 59.7% year/year to $322.1 mln vs the $299.1 mln consensus.
07:13 ET EarthLink beats by $0.10, ex items (ELNK) 7.52: Reports Q3 (Sep) earnings of $0.16 per share, ex items, $0.10 better than the Reuters Research consensus of $0.06; revenues rose 2.0% year/year to $347.4 mln vs the $347.4 mln consensus.
07:13 ET Lattice Semi misses (LSCC) 7.59: Reports non-GAAP Q3 (Sep) loss of $0.03 per share, which includes a $5.7 mln non-recurring charge, $0.04 worse than the Reuters Research consensus of $0.01 and $0.03 worse than First Call estimate of $0.00; revenues fell 8.9% year/year to $51.0 mln vs the $55.5 mln consensus. Although $0.03 loss includes charge, company states that this number is consistent with consensus estimates.
07:13 ET ATI 's IMAGEON chosen by MOT for new handsets (ATYT) 15.16: The co announced MOT has chosen its IMAGEON 2250 multimedia co-processor for its handsets. The Motorola V300, V500 and V600 use ATI's IMAGEON multimedia and display co-processor chip.
07:12 ET DeVRY upgraded at JP Morgan (DV) 22.87: JP Morgan upgrades to Overweight from Neutral and adds the stock to their Focus List based on the following factors: 1) disclosure of online metrics along with its Q1 earnings release could be a favorable catalyst, 2) the recruiting environment for IT students has shown signs of improvement, and 3) firm is confident that DV's "Convenience" strategy will generate enrollment gains.
07:11 ET Coach beats by $0.04, guides higher for DecQ and fiscal 2004 (COH) 31.44: Reports Q1 (Sep) earnings of $0.22 per share, $0.04 better than the Reuters Research consensus of $0.18; revenues rose 34.0% year/year to $258.4 mln vs the $244.8 mln consensus. Co estimates Q2 (Dec) sales of at least $385 mln and EPS of at least $0.44 vs R.R. consensus of $364.3 mln and $0.42. For the fiscal year 2004 (ending Jun 04), co expects to generate sales of at least $1.2 bln and EPS of at least $1.09 vs R.R. consensus of $1.15 bln and $1.00, respectively.
07:09 ET American Intl downgraded at Morgan Stanley (AIG) 61.95: Morgan Stanley downgrades to Underweight from Equal-Weight based primarily on relative valuation; also, firm says the co's overall business mix (now with a larger US life focus) may hinder future growth, they now believe the co's 5-10 year growth rate may be closer to 10-12% vs their previous 13-14% forecast, and a low payout ratio could hinder returns if growth slows.
07:05 ET Artesyn beats by $0.02, ex items (ATSN) 8.54: Reports Q3 (Sep) loss of $0.03 per share, ex items, $0.02 better than the Reuters Research consensus of ($0.05); revenues rose 2.3% year/year to $88.0 mln vs the $89.0 mln consensus.
07:05 ET Utd Nat Foods downgraded at RBC (UNFI) 32.81: -- Update -- RBC Capital downgrades to Sector Perform from Outperform based on valuation, as the stock is near their $34 target and firm sees limited potential for upside to earnings ests in the next 2 qtrs.
07:04 ET BBI preliminary Q3 EPS of $0.35, Reuters est $0.33 21.50:
07:03 ET Early Research Calls : Morgan Stanley downgrades AIG to Underweight from Equal Weight... Merrill Lynch out with a note calling biotech's underperformance vs the Nasdaq in H2:2003 a buying opportunity; firm continues to recommend AMGN, DNA, GILD and MEDI is large cap and OSIP, MOGN, NPSP in the small cap arena... UBS upgrading TXN to Buy from Neutral, while downgrading DUK, VC and ACI... JP Morgan ups DV to Overweight and adds to U.S. Focus List, while cutting EW to Underweight from Neutral... Piper Jaffray upgrading JDAS to Outperform from Mkt Perform and SLAB to Mkt Perform from Underperform... First Albany upgrading NEOL to Buy from Neutral, raising tgt to $23 from $14, while downgrading JCOM to Neutral from Buy... JP Morgan upgrading EPNY to Neutral from Underweight and downgrading EW to Underweight from Neutral... RBC cuts UNFI to Sector Perform from Outperform... Wachovia upgrading VZ to Mkt Perform from Underperform...Smith Barney raising HAS to Buy from Hold... BofA Sec downgrading SUN to Neutral from Buy... Prudential initiating coverage on SWY, KR with Overweight and ABS, WIN with Underweight... SunTrust downgrading RARE to EqualWeight from Overweight... Deutsche Bank calling weakness in NKTR unfounded; firm also upgrading THQI to Hold from Sell.
07:02 ET Texas Instruments upgraded at UBS (TXN) 25.67: -- Update -- UBS upgrades to Buy from Hold and raises their target to $37 from $26 following stronger than expected earnings and guidance; firm says the combination of higher sales and restructured manufacturing and operating expense ratios will allow higher incremental margins to drive higher EPS growth rates.
07:01 ET RadioShack beats by $0.02, guides in line for Q4 (RSH) 30.56: Reports Q3 (Sep) earnings of $0.34 per share, $0.02 better than the Reuters Research consensus of $0.32; revenues rose 1.6% year/year to $1.06 bln vs the $1.09 bln consensus. Company sees Q4 EPS of $0.67-0.70 vs consensus of $0.69.
06:59 ET Regal Entertainment misses by a penny; declares dividend (RGC) 19.55: Reports Q3 (Sep) earnings of $0.31 per share, $0.01 worse than the Reuters Research consensus of $0.32; revenues rose 10.2% year/year to $629.9 mln vs the $631.4 mln consensus. Co. also declares a cash dividend of $0.15 per Class A and Class B common share , payable on December 12,2003, to stockholders of record on November 24, 2003.
06:56 ET AT&T beats by $0.05, excluding $0.05 in charges (T) 21.07: Reports Q3 (Sep) earnings of $0.58 per share, excluding a $0.02 loss from discontinued ops and $0.03 in accounting charges, $0.05 better than the Reuters Research consensus of $0.53; revenues fell 8.1% year/year to $8.65 bln vs the $8.64 bln consensus.
06:50 ET Quest Diagnostics beats by $0.07, guides in line (DGX) 60.50: Reports Q3 (Sep) earnings of $1.12 per share, $0.05 better than the Reuters Research consensus of $1.07; revenues rose 15.3% year/year to $1.22 bln vs the $1.21 bln consensus. Company sees Q4 EPS of $0.95-1.00 vs consensus of $1.00; for Y03 sees EPS of $4.05-4.10 vs consensus of $4.06. For Y04 DGX sees EPS growth of 10-12%.
06:49 ET European Markets FTSE...4369.10...+21.60...+0.5%. DAX...3577.19...+17.86...+0.5%.
06:49 ET S&P futures vs fair value: -1.7. Nasdaq futures vs fair value: -6.5.
06:49 ET Asian Markets Nikkei...11031.52...-130.19...-1.2%. Hang Seng...12250.69...+102.80...+0.9%.
06:35 ET European Summary : European stocks showing moderate gains with semiconductor related names like STMicroelectronics NV (STM) and Infineon Technologies AG (IFX) leading the way after U.S. competitor Texas Instruments boosted its Q4 profit forecast. Also Nokia (NOK), the world's No. 1 maker of mobile phones and single largest TXN customer, showing healthy gains. Sage Group Plc, the U.K.'s biggest maker of accounting software, down 1% after one of the company's founders put a block of 65 mln shares in the company up for sale. Electrolux AB (ELUX), the world's biggest maker of appliances, down over 5% after telling investors profit fell for a fifth straight quarter. British chip designer ARM Holdings Plc (ARMHY) unveiled a lower-than-expected drop in third-quarter profit on Tuesday and gave a cautiously upbeat outlook amid early signs of a semiconductor industry revival, Reuters reporting. The stock is trading up 2%... UK +0.46%, France +0.79%, Germany +0.51%.
Monday After the Close
19:03 ET Brandywine Realty announces Public Offering of Common Shares (BDN) 25.70 -0.25: Co. announces that it has completed the sale of 2.59 mln common shares of beneficial interest to Legg Mason Wood Walker, Inc and McDonald Investments Inc.. The shares sold include 337K shares sold to cover exercise by the underwriters of their over-allotment option granted in connection with the offering. Net proceeds to the Company from the sale of shares totaled $64 mln.
18:53 ET After Hour Movers: JDAS +2.32, ALTR +1.10, FWHT +0.82, JCOM -5.24, VRST -0.82 :
18:47 ET Vertex Pharm, GlaxoSmithKline, AIDs drug cleared (VRTX) 13.03 +0.15: U.S. regulators have approved a new HIV-fighting drug developed by GlaxoSmithKline Plc and Vertex Pharmaceuticals Inc., a Food and Drug Administration spokesman said on Monday.
18:43 ET Lockheed Martin wins $560 mln in rocket launch deal (LMT) 46.02 +0.12:
18:41 ET Pfizer, Akzo unit to collaborate on drug (PFE) 31.00 +0.44: PFE and Akzo Nobel NV's Organon unit said on Monday they will collaborate on developing asenapine, a medication that is in studies for treating schizophrenia and bipolar disorder. Under the agreement, PFE will make an initial payment of $100 mln and up to $270 mln in milestone payments under the exclusive development and commercialization agreement.
18:22 ET Texas Instruments $0.16 as Reuters comparable (TXN) 27.51 +1.84: -- Update -- Reuters Research is using $0.16 for a comparable, $0.07 better than the $0.09 consensus estimate for Q3 results. This $0.16 Actual excludes the following items: $0.09 associated w/ TXN's impairment write-down of Micron stock in Q4 of 2002, $0.04 investment gain, $0.02 restructuring charge, $0.01 related to purchased in-process R&D costs, and $0.01 acquisition-related amoritization.
18:15 ET Semi equipment book-to-bill ratio rose to 0.95 : -- Update -- Semi equipment industry book-to-bill ratio rose 0.95 in September, up from 0.92 in August and in line with Moors and Cabot's estimate of $0.95. Bookings rose to $761, up 4% from the revised August level of $732 mln. The Billings average rose to $804 mln, 1% above the revised August level of $792 mln.
18:03 ET Universal Health misses by $0.04, ex items (UHS) 48.68 -0.62: Reports Q3 (Sep) earnings of $0.72 per share, excluding items that resulted in a $0.04 gain, $0.04 worse than the Reuters Research consensus of $0.76; revenues rose 10.2% year/year to $896.3 mln vs the $896.8 mln consensus.
17:55 ET Cendant beats by $0.02, beats revs; raises guidance for Y03 (CD) 19.85 +0.07: Reports Q3 (Sep) earnings of $0.47 per share, $0.02 better than the Reuters Research consensus of $0.45; revenues rose 31.9% year/year to $5.06 bln vs the $4.88 bln consensus. As a result of Q3, co. is raising their Y03 EPS guidance to $1.40-1.41 (previous was $1.37-1.39), estimate is $1.38.
17:50 ET Silicon Graphics beats by $0.02 (SGI) 0.99 -0.16: -- Update -- Earlier we reported that, less a $24. 2 mln charge, SGI EPS for Q1 was a loss of $0.11. The comparable EPS for SGI for Q1 is a loss of $0.09, $0.02 better than the Reuters Research consensus of a loss of $0.11.
17:25 ET Altera provides Q4 net sales guidance (ALTR) 19.96 +1.21: -- Update -- On call, management says it expects Q4 sales growth of 2-5%, implying net sales of $213.5-219.9 mln. The current Reuters Research consensus is for sales of $219.7 mln.
17:05 ET TXN comparable looks to be $0.12, $0.09 was the consensus : Still waiting for confirmation from Reuters Research.
16:59 ET Altera provides FY04 gross margin guidance (ALTR) 19.67 +0.92: -- Update -- On call, management indicates that gross margins in FY04 are expected to fluctuate between 65-66% on a quarterly basis.
16:57 ET Ametek beats by $0.07, ex items; guides in line for Y03 (AME) 46.92 +0.23: Reports Q3 (Sep) earnings of $0.71 per share, excluding a $0.06 charge, $0.07 better than the Reuters Research consensus of $0.64; revenues rose 4.2% year/year to $267.8 mln vs the $273.6 mln consensus. Co. sees Y03 (Dec) EPS of $2.60, estimate is $2.60.
16:48 ET Texas Instruments reports Q3; guides up for Q4 (TXN) 25.67 +0.71: Co. is reporting Q3 (Sep) earnings of $0.25 per share, which includes a $106 mln investment gain, $56 mln restructuring charges, and is not be comparable to the Reuters Research consensus of 0.09, we are in contact w/ Reuters for a comparable; revenues rose 8.3% year/year to $2.53 bln vs the $2.44 bln consensus. For Q4 co. sees revenues to be in the range of $2.49-2.70 bln, estimate $2.47 bln and EPS $0.14-0.19, estimate is $0.11.
16:45 ET CNF Inc reports, misses revs, guides Q4 in line with consensus (CNF) 32.89 -0.36: Reports Q3 (Sep) earnings of $0.46 per diluted share. Actual includes ($0.11) charge related to resolution of hazardous materials violations case with U.S. gov't and may not be comparable to the Reuters Research consensus of $0.48; revenues rose 6.2% year/year to $1.31 bln vs the $1.32 bln consensus. Co also guides Q4, sees EPS of $0.42-0.50 vs the R.R. consensus of $0.45.
16:44 ET TXN appears to be upside on EPS, revs and guidance; numbers include mutliple items :
16:42 ET Inter-Tel misses by a penny (INTL) 29.19 +0.64: Reports Q3 (Sep) earnings of $0.27 per share, $0.01 below the Reuters Research consensus of $0.28; revenues fell 2.2% year/year to $94.5 mln vs the $95.1 mln consensus.
16:38 ET After Hours Movers: TASR +3.90, JDAS +2.25, SLAB +1.05, FWHT +0.80... JCOM -3.90 :
16:32 ET Lincare Holdings beats by $0.04 (LNCR) 39.26 +1.34: Reports Q3 (Sep) earnings of $0.59 per share, $0.04 better than the Reuters Research consensus of $0.55; revenues rose 21.3% year/year to $296.3 mln vs the $292.7 mln consensus.
16:32 ET Amgen: FDA approves once-weekly dosing for Enbrel (AMGN) 61.89 -1.12:
16:27 ET JDA Software beats by $0.07, ex-items (JDAS) 17.48 +0.38: Reports Q3 (Sep) earnings of $0.14 per share, ex-items, $0.07 better than the Reuters Research consensus of $0.07; revenues rose 17.3% year/year to $58.0 mln vs the $50.5 mln consensus.
16:27 ET FindWhat.com reports in-line results, raises full-year EPS guidance to match consensus (FWHT) 17.10 -0.23: Reports Q3 (Sep) earnings of $0.12 per share, in line with the Reuters Research consensus of $0.12; revenues rose 61.8% year/year to $17.8 mln vs the $17.8 mln consensus. Co maintains its 2003 rev guidance of $70.0 mln, but increases its EPS guidance to $0.50, up from its previous projection of $0.48 and in-line with consensus of $0.50.
16:26 ET Plum Creek misses by a penny, ex items, guides Q4 in line with consensus (PCL) 26.98 +0.12: Reports Q4 (Dec) earnings of $0.27 per share, excluding a $4 mln expense or ($0.02) related to fire losses experienced in Montana, $0.01 worse than the Reuters Research consensus of $0.28; revenues fell 6.5% year/year to $290.0 mln vs the $283.3 mln consensus. Co also guides Q4, sees EPS of $0.24-0.29 vs the R.R. consensus of $0.28.
16:25 ET Verisity reports in line, guides Q4 & Y03 below consensus (VRST) 12.67 +0.18: Reports Q3 (Sep) earnings of $0.11 per share, in line with the Reuters Research consensus of $0.11; revenues fell 13.7% year/year to $12.0 mln vs the $13.0 mln consensus. Company sees Q4 EPS of $0.10-0.11 vs R.R. consensus of $0.12 on Revs of $12.1-12.5 mln vs consensus of $13.9 mln. For Y03 sees EPS of $0.39-0.40 on revs of $48.3-48.7 vs consensus of $0.42 & $50.9 mln respectively.
16:24 ET Technitrol beats by a penny, ex items; Raises Y03 guidance (TNL) 20.48 -0.01: Reports Q3 (Sep) earnings of $0.18 per share, excluding a $0.02 charge for after-tax asset-impairment and severance charges, $0.01 better than the Reuters Research consensus of $0.17; revenues rose 21.8% year/year to $126.3 mln vs the $125.3 mln consensus. Co. sees Y03 (Dec) EPS of $0.67-0.69, ex items (previous guidance was $0.60-0.68), estimate is $0.65 and revenues in the range of $500-505 mln, estimate is $491 mln.
16:23 ET FWHT prelim $0.12, in line; revs in line at $12.8 mln :
16:21 ET Dionex Corp beats by $0.02, affirms DecQ (DNEX) 42.28 +1.25: Reports Q1 (Sep) earnings of $0.35 per diluted share, $0.02 better than the Reuters Research consensus of $0.33; revenues rose 13% year/year to $53.3 mln vs the $52.0 mln consensus. Co also guides, sees Q2 (Dec) EPS of $0.44-$0.46, vs the R.R. consensus of $0.45, and revenues of $60-$62 mln vs R.R. consensus of $61 mln; co also affirms full year guidance.
16:20 ET Silicon Labs beats by $0.02, guides above consensus (SLAB) 49.95 -0.07: Reports Q3 (Sep) earnings of $0.26 per share, $0.02 better than the Reuters Research consensus of $0.24; revenues rose 60.0% year/year to $82.9 mln vs the $74.8 mln consensus. For Q403, before taking into account its Cygnal acquisiton expect to close in Q4, the co expects earnings on a GAAP basis in the range of $0.27 to $0.29 and $0.30 to $0.32 (exl. items) and revenues in the range of $92-$95 million. Reuters Research currently estimates Q4 earnings of $0.26 per share and revs of $79.9 mln.
16:20 ET KEMET misses by $0.06, misses revs (KEM) 13.30 +0.18: Reports Q2 (Sep) loss of $0.15 per share, before special charges of ($0.35), $0.06 worse than the Reuters Research consensus of ($0.09); revenues fell 11.5% year/year to $100.1 mln vs the $104.4 mln R.R. consensus.
16:18 ET Altera reports in-line results (ALTR) 18.75 +0.30: Reports Q3 (Sep) earnings of $0.11 per share, in line with the Reuters Research consensus of $0.11; revenues rose 16.3% year/year to $209.4 mln vs the $210.3 mln consensus.
16:18 ET Exponent Inc beats by $0.05 (EXPO) 9.95 -0.15: Reports Q3 (Sep) earnings of $0.36 per share, $0.05 better than the Reuters Research consensus of $0.31; revenues rose 15.2% year/year to $35.7 mln vs the $32.7 mln consensus.
16:17 ET JCOM trades down 2.70 pts in reaction to guidance :
16:15 ET ALTR prelim $0.11, in line :
16:15 ET Silicon Graphics reports Q1, ex items (SGI) 1.14 +0.02: After deducting a one-time expense of $24.2 mln we are reporting SGI has a Q1 (Sep) loss of $0.11 per share, ex items, in line with the Reuters Research consensus of ($0.11); revenues fell 9.8% year/year to $218.1 mln vs the $218.5 mln consensus.
16:14 ET JDA Software announces Q3 contract wins (JDAS) 17.48 +0.38: -- Update -- Co announces many of the cos that signed JDA Portfolio contracts in Q3. Several grocery retailers and distributors including Kroger, Giant Eagle, Netto AS and Shamrock Foods signed license agreements. JDA also finalized contracts with cos such as Hewlett-Packard, Henry Schein, Belk and Tractor Supply. Co witnessed a significant step forward for JDA in the global demand chain marketplace in Q3, resulting in a 77% yoy increase in software license revenues.
16:13 ET TASER Intl beats by a wide margin, guidance
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