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Celeritek Inc. Reports Narrowing Margins

Celeritek Inc (CLTK) says gross margin decreased from 29% in Q2 to 24% in Q3 and expects a similar level in Q4. Prudential downgraded the stock to hold.

Coach Inc (COH) sees Q2 EPS in excess of $0.85 vs. previous guidance of $0.77-$0.80. Cites double-digit sales growth, stable pricing policy, increased operating leverage.

Fritz Cos (FRTZ) agrees to be acquired by UPS for approximately $450M in UPS Class B stock. Terms: 0.2 UPS Class B per FRTZ share.

A.C. Moore (ACMR) sees $0.04-$0.05 1Q loss due to higher interest costs, increased pre-opening expenses. The company also sees $1.08- $1.10 '01 EPS.

CIBC World downgraded Cisco Systems (CSCO) shares to hold from buy and says the stock is worth $25-$35 today.

Wit SoundView downgraded QUALCOMM (QCOM) shares to hold from buy.

Universal Health Services > (UHS) to make a presentation at the JP Morgan H&Q Healthcare Conference today. Lehman reiterated its buy and top pick opinion on the stock.

BEA Systems (BEAS) entered a three-year enterprise license deal with SCH to use Java-based BEA WebLogic Server as platform to build and deploy mission critical applications.

Dain Rauscher reiterated its strong buy rating on XO Communications (XOXO) shares.

Varian Semiconductor (VSEA) expects annual revenue growth to be in line with the industry's growth estimate of about 10% year-over-year and net income to grow by 15%-25%. The company sees $223 million to $228 million Q1 revenue.

Nautica Enterprises (NAUT) posted $0.50 vs. $0.48 Q3 EPS on a 5% sales rise. The company says it is comfortable with Q4 consensus estimate.

Helen of Troy (HELE) posted $0.28 vs. $0.20 Q3 EPS on a 33% sales rise. The company says it sees 10%-15% Q4 sales growth, though retail softness could put downward pressure on the estimate.

Ceridian Corp. (CEN) expects to meet its $1.01 2000 EPS estimate ($0.70 pro forma). However, the company sees $0.65-$0.70 2001 EPS due to a lower than expected revenue run rate and plans for additional investments in sales.

Applied Science (ASTX) sees $0.18-$0.20 vs. $0.26 Q2 EPS on $45M-$47M in sales. The company cites changes in its product mix, manufacturing inefficiencies, and higher costs.

Bob Evans Farms (BOBE) sees Q3 EPS approximately equal to the $0.33 of a year ago, assuming sales comparisons improve in January. The company notes the impact of severe weather on restaurant sales.

Isle of Capri (ISLE) sees Q3 EPS substantially below the $0.19-$0.20 consensus estimate, perhaps in the breakeven range. ISLE cites severe weather in most of its markets.

Corn Products (CPO) sees $1.70 vs. $2.06 2000 EPS from operations. The company cites the adverse impact of worldwide high energy costs, particularly natural gas.

AMR Corp. (AMR) will buy Trans World Airlines (TWA) for $500M cash. AMR is also in a joint venture with UAL CORP. to provide shuttle service in the Northeast. AMR will get up to 86 planes in a $1.5B deal. AMR will also buy a 49% stake in DC Air for $82M.

Veeco Instruments (VECO) says its Q4 orders were about $184M, higher than previous $150M guidance.

Genzyme General Div. (GENZ) posted 17% higher Q4 revenues and 16% higher total revenues. The company sees 2001 revenues increasing more than 18% over 2000 levels.

Emmis Communications (EMMS) posted $0.20 vs. $0.04 Q3 EPS, $0.62 vs. $0.52 Q3 after tax cash flow, and 52% higher broadcast cash flow, on a 57% revenue rise.

Applied Innovations (AINN) expects Q4 net income to increase by more than 25% over year ago level on sales of over $50M. AINN believes growth in higher margin products will mitigate the impact of a slowdown in integration services.

Robertson Stephens believes Redback Networks (RBAK) is poised to report a strong Q4 next week; the firm upgraded its rating on Redback to strong buy.

AML Res Prop (AML) sees lower than expected $0.68 Q4 and $2.75 2000 funds from operations. The company cites weakness in the general economy.

Cleveland-Cliffs (CLF) cut its quarterly dividend by 97%. The company sees 2001 profits impacted by its plans to reduce production and inventory levels.

New England Business (NEB) sees $0.65-$0.66 Q2 EPS on about a 13% sales rise, at the low end of expectations. The company now sees $2.20-$2.25 fiscal 2001 EPS on 17%-19% higher sales, below previous guidance.

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