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Micron Tech Tops Estimates

Micron Technology (MU) posted a loss of $0.01 (continuing operations) vs. a year ago's $0.30, beating analysts' consensus of $0.03. Revenue dropped to $1.07B from $1.16B.

Warnaco (WAC) posted a $0.71 loss vs. last year's one-cent gain, disappointing the Street's anticipated $0.15 loss. Revenue fell to $546.34M from $603.20M.

Calpine Corp. (CPN) sees $1.80 2001 EPS vs. previous expectations of $1.50, citing accelerated growth in the U.S. power industry.

Goldman cut estimates on Siebel Systems (SEBL).

Roberston Stephens downgraded Lucent (LU) to market perform from buy.

International Paper (IP) cut its Q1 EPS guidance to $0.05 from $0.16, citing an economic downturn, high-energy costs and the continued strong U.S. dollar. S&P maintains hold.

Bear Stearns cut estimates on Sun Microsystems (SUNW), given continued weakness in enterprise markets and deteriorating economic conditions.

First Union upgraded McDonald's Corp. (MCD) to strong buy from buy based on valuation.

Robinson Humphrey reportedly upgraded Action Performance (ACTN) to buy from neutral.

TD Securities cut Sierra Wireless' (SWIR) $59 12-month target to $37 and maintains buy.

Coca-Cola Enterprises (CCE) sees a $0.19-$0.21 Q1 loss, citing soft North American volume and a competitive pricing milieu limiting its ability to reached planned pricing levels. S&P ranks hold.

Focal Communications (FCOM) is in a multi-year deal with BellSouth for exchanging traffic by company's networks throughout the Southeast. Dain Rauscher reiterates buy.

NS Group (NSS) plans restructuring to focus on energy products, which will result in yearly EPS increase of about $0.80. NSS will cut about 380 employees at its Newport facility and Koppel plant.

WD-40 Company (WDFC) posted $0.35 vs. $0.43 Q2 EPS on a 3% revenue decline. WD-40 cuts its quarterly dividend to $0.27 per share from $0.32.

UBS Warburg upgraded Immunex Corp. (IMNX) to buy from hold.

Merrill Lynch downgraded Alcatel (ALA) to near-term neutral from accumulate, and maintains long-term accumulate.

NanoPhase Technology (NANX) received an order for about $400,000 for a new environmental catalyst application to be filled in Q1.

Lehman downgraded Symbol Tech (SBL) to buy from strong buy.

Emmis Communications (EMMS) posted $0.31 vs. $0.30 Q4 after-tax cash flow per share on 47% revenue rise. Emmis posted $28.8M vs. $25.6M broadcast cash flow.

Computer Access (CATZ) sees lower than expected $0.05-$0.06 Q1 EPS. Robertson Stephens downgraded to long term attractive from buy. CIBC World cut estimates.

Mylan Labs (MYL) and Watson Pharmacueitcal received FDA approval to market generic forms of Bristol-Myers' anxiety drug BuSpar.

Cabletron Systems (CS) posted $0.06 Q4 EPS (pro forma) vs. a $0.12 loss on a 46% revenue rise. Earlier it was incorrectly reported that the company posted a $0.04 year-ago EPS. S&P maintains hold. Roberston Stephens rates buy.

ITT Industries (ITT) reiterated that it expects to achieve $0.63-$0.67 Q1 EPS. ITT sees modest sales growth for 2001, excluding foreign exchange, and says its forecast continues to be for low double-digit 2001 EPS growth.

Wausau-Mosinee (WMO) sees a $0.05-$0.07 Q1 loss from operations due to weak demand and high energy costs. Goldman cut estimates.

JNI Corp. (JNIC) sees $0.03-$0.04 Q1 EPS vs. year ago's $0.08 on $20M-$21M revenue. Salomon SB cut estimates, and maintains outperform.

Ingersoll-Rand (IR) cut its $0.60-$0.65 Q1 EPS (continuing operations) forecast to $0.50-$0.52, and notes all of its major end markets deteriorated during March.

Safenet (SFNT) sees lower than expected $0.03-$0.06 Q1 EPS ($0.02-$0.04 on 35% tax affected basis) on $6M in revenue. Safenet cites order cancellations, and reduced expectations from networking industry OEM accounts. Ryan Beck downgraded to hold from strong buy.

Penton Media (PME) sees lower than expected $0.02-$0.05 Q1 EPS from operations on $107M-$112M revenues. Penton sees $0.25-$0.50 2001 EPS from operations vs. previous guidance of $0.55-$0.70 on $470-$500M revenues.

Tech Data Corp. (TECD) posted $0.92 vs. $0.67 4Q EPS on an 11% sales rise. Tech Data cut its Q1 estimate to $0.45-$0.53 on sales of $4.6B-$4.8B. Bear Stearns reiterates buy.

According to The Wall Street Journal, Pfizer (PFE) is expected to announce that it will form a joint venture with Microsoft and IBM to sell software and services to doctors.

Resources Connection (RECN) posted $0.19 vs. $0.09 Q3 EPS on a 49% revenue rise.

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