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Markets & Finance

Brocade Earnings Slip

Brocade Communications (BRCD ) posted $0.05 vs. $0.06 Q2 EPS

despite an 86% revenue rise. S&P maintains accumulate. Merrill reiterates near and long-term buy.

Network Appliance ( NTAP ) posted $0.02 vs. $0.07 Q4 EPS (pro forma) as higher operating expenses offset 13% revenue rise. S&P and CS First Boston maintain hold.

Lifeschultz Industries ( LIFF ) agreed to be acquired by Danaher Corp. (DHR) in a deal valued at about $33M. Terms: $22.80 cash per Lifeschultz share.

Pre-paid Legal ( PPD ) trading was halted pending news. In a filing Tuesday, the company said the SEC warned that its accounting for commissions is not in line with GAAP.

Newmont Mining ( NEM ) is among the gold stocks trading higher on gold strength in Europe following Fed's interest rate cuts Tuesday.

APW Ltd. (APW ) says its sales outlook is uncertain, and that restricted access to the U.K. countryside due to foot & mouth disease have severely affected growth of its shelter business. Previous guidance is no longer valid.

Rite Aid Corp. (RAD) announced a $3B refinancing package, including a new $1.9B senior secured credit facility. Rite Aid said the refinancing will have significantly reduced its debt and the amount of its debt maturing prior to March 2005.

BEA Systems (BEAS) posted $0.08 vs. $0.03 Q1 EPS (pro forma) on a 67% revenue rise. CS First Boston reiterates strong buy. ABN Amro upgraded to buy from add.

Armor Holdings ( AH) posted $0.13 vs. $0.19 Q1 EPS on higher expenses and a slight revenue rise.

Morgan Stanley downgraded Jabil Circuit ( JBL) to neutral from outperform.

CIBC World downgraded Knight Trading ( NITE) to hold from buy.

Sprint Fon Group (FON ) sees lower than expected $4.3B-$4.4B 2001 EBITDA, $0.28-$0.30 EPS, citing weaker than expected contributions from its Global Markets segment.

Acxiom Corp. ( ACXM ) posted in line $0.10 Q4 EPS on revs of $250M, before the effect of SAB 101 restatement and certain write-offs. However, Acxiom says to ensure that it able to achieve future projected results, the firm will cut spending by over $70M.

Krispy Kreme (KREM) posted $0.20 vs. $0.13 Q1 EPS on 11% same store sales

rise (systemwide), 24% total revenue rise. The company raised its $0.69 fiscal 2002 guidance to $0.77 and raised its $0.86 fiscal 2003 to $1.00. DB Alex Brown upgraded to strong buy.

Applied Materials (AMAT) posted $0.32 vs. $0.53 Q2 EPS (ongoing) on a 13% sales decline and narrowed gross margin.

Sawtek (SAWS)agreed to be acquired by TriQuint Semiconductor (TQNT) in a $1.3B deal. Terms: 1.1507 TriQuint shares per Sawteck share. S&P upgraded Sawtek to hold from avoid.

Abercrombie & Fitch (ANF ) posted $0.20 vs. $0.16 Q1 EPS on slightly higher same store sales and 29% higher total sales. The company is comfortable withconsensus $0.22 Q2 EPS estimate.

Lehman downgraded Check Point Software (CHKP) to buy from strong buy. S&P maintains strong buy.

Goldman downgraded PMC-Sierra (PMCS) Vitesse Semiconductor (VTSS) and Applied Micro Circuits (AMCC) to market outperform from trading buy.

Progenics Pharmaceutical (PGNX) and Cytogen Corp. announced that in preclinical studies their experimental prostate cancer vaccine generated potent dual-immune response against PSMA (prostate specific membrane antigen).

QLogic (QLGC) posted $0.28 vs. $0.18 Q4 EPS on 55% revenue rise. S&P upgraded to hold from avoid.

Mentor Corp.(MNTR) posted $0.43 vs. $0.34 Q3 EPS from continuing operations on a 14% sales rise. In the year ahead, Mentor expects to achieve double-digit growth rates in revenues and EPS.

Pall Corp. (PLL ) sees $0.30 Q3 EPS due to the negative effect of foreign exchange rates. S&P maintains hold.

Sycamore Networks (SCMR) posted a $0.19 Q3 loss vs. $0.02 EPS (pro forma) on 8.4%revenue decline. The company says visibility remains restricted.

Macromedia (MACR) is in partnership with Sony Corp. to bring Macromedia's Flash Player to Sony's PlayStation2 computer entertainment system.

Realnetworks (RNWK) is in an alliance with Sony Corp. to embed Real Network's RealPlayer 8, and other Real Network client technologies on Sony's PlayStation2.

Tiffany & Co. (TIF) posted $0.20 vs. $0.20 Q1 EPS despite a 3% sales decline. The jewelery retailer sees Q2 in line with consensus, and mid-to-high single-digit U.S. second-half 2001 same-store sales growth.

Packaging Corp. America (PKG) will be added to the S&P MidCap 400 Index after the close of trading on a date to be announced, replacing Chris-Craft Industries, which is being acquired.

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