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National Semi Warns of Lower Earnings

National Semiconductor (NSM) forecasted lower than expected $0.20-$0.22 Q3 EPS on $475 million-$480 million in revenue. Robertson Stephens and S&P cut thier earnings estimates on the chipmaker.

Walgreen (WAG) posted a 16% January same store sales rise and a 22% total sales rise.

Copper Mountain (CMTN) posted breakeven Q4 EPS vs. $0.12 EPS despite a 5.5% revenue decline, and expects substantial sequential Q1 revenue decline. S&P maintained its avoid ranking on the shares.

Starbucks (SBUX) posted 6% higher January same store sales and 26% higher total sales. The coffee franchiser says it's on pace to achieve $0.91-$0.93 fiscal 2001 EPS.

APW Ltd. (APW) sees Q2 revenues 7%-9% lower than previous guidance, along with 2%-3% 2Q EBITDA decline and $1.63 billion-$1.65 billion fiscal 2001 revenues. APW cites slowing demand, program slowdowns and new program start-up delays.

IMC Global (IGL) posted $0.15 vs. $0.24 Q4 EPS from operations as higher costs offset a 6% sales rise. IMC sees $0.28 Q1 EPS from continuing operations, citing phosphate plant costs, lower phosphate volumes and higher energy costs.

UnitedHealth (UNH) posted $0.58 vs. $0.44 Q4 EPS (adjusted) on a 8.8% revenue rise.

Atmel (ATML) says it won a major patent infringement dispute against Silicon Storage Technology, Winbond Electronics, Sanyo Electric Co. and Macronix International.

Computer Network Technology (CMNT) sees about $0.17 Q4 EPS from continuing operations vs. previous guidance of $0.20 on about $47 million in revenues. The firm also sees $0.65-$0.75 2001 EPS, citing a general economic slowdown. Wit SoundView cut its estimates on the company's earnings.

Sinclair Broadcast Group (SBGI) posted $0.54 vs. $0.41 Q4 after-tax cash flow per share on a 5.7% revenue rise. Morgan Stanley DW and Merrill Lynch downgraded their ratings on the shares.

Activision (ATVI) posted better than expected $0.70 vs. $0.75 3Q EPS on a slight revenue decline. The firm raised its fiscal 2001 EPS estimate by $0.11, and raised its net revenue estimate by $48 million. Wedbush maintained its strong buy rating on the shares.

Terra Lycos (TRLY) posted a $0.17 Q4 EBITDA loss (pro forma) vs. a $0.09 loss as higher costs offset a 78% revenue rise. Goldman Sachs cut its estimates, and Dain Rauscher reportedly downgraded its rating on the shares.

First Boston downgraded Verizon Communications (VZ) to buy from strong buy.

S&P downgraded Circuit City (CC) and Best Buy (BBY) to sell from hold. CIBC World says Circuit City, among retailers, is trading down on profit taking.

Merrill Lynch reduced Fox Entertainment's (FOX) fiscal 2001 revenue and EBITDA estimates.

Banc of America upgraded Tommy Hilfiger (TOM) to buy from market outperform. On Thursday the clothing company posted $0.47 vs. $0.62 Q3 EPS.

Morgan Stanley DW downgraded Acme Communications (ACME) to neutral from strong buy.

Robertson Stephens downgraded Four Seasons (FS) to long-term market performer from attractive. The company noted Robertson Stephens' comments.

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