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Gap Pockets Lower Sales


Gap Inc.(GPS) posted $0.13 vs. $0.27 Q1 EPS on 7% lower comp-store sales and sees Q2 comps in the negative mid-single digit range. S&P and Legg Mason each downgraded the stock. Banc of America maintains strong buy.

Martek BioScience (MATK)was informed that the FDA has no questions regarding its conclusion that the company's Dhasco and Arasco oil blend is generally recognized as safe (GRAS) when used in specified ratios in infant formulas.

Bank of America reiterated its buy rating on SatCon Technology (SATC).

Saucony (SCNYA

posted $0.22 vs. $0.50 Q1 EPS on 6.6% lower sales, weaker revenues in Originals category, and increased closeout footwear sales. Ferris Baker downgraded.

CIBC World downgraded HandSpring (HAND) to buy from strong buy.

Portal Software (PRSF) posted a $0.18 Q1 loss (pro forma) vs. $0.22 EPS on 12% lower revenues. JP Morgan downgraded to long-term buy from market performer.

Autodesk (ADSK) posted $0.57 vs. $0.48 Q1 EPS (pro forma) on 6% revenue rise. S&P maintains accumulate.

Analog Devices (ADI) posted $0.31 vs. $0.31 Q2 EPS (pro forma) and says Q3 revenues may decline sequentially by 10%, and EPS could be $0.23-$0.25. S&P maintains hold. BoA and Gerard Klauer cut estimates.

Palm Inc. (PALM) sees $140M-$160M Q4 revenues vs. previous $300M-$315M forecast, and ended its merger pact with Extended Systems (XTND). Robertson Stephens cut estimates, and expects Palm's cash position to worsen. JP Morgan and CIBC World downgraded.

Alcatel (ALA) is in advanced talks to buy Lucent Technologies ( LU ) for slightly more than $40B, almost entirely in stock, executives close to the talks say: New York Times. S&P maintains hold on Alcatel and Lucent.

Agilent Technology (A) posted $0.11 vs. $0.35 Q2 EPS as increased inventory reserves and higher costs offset 10% net revenue rise.

Agilent sees a Q3 loss of $0.20-$0.30 on revenues as low as

$2B. S&P maintains hold.

Lehman upgraded Unumprovident (UNM) to strong buy from buy.

Dell Computer ( DELL) posted $0.17 vs. $0.17 Q1 EPS as intense price competition offset 10% revenue rise. Dell sees Q2 revenues down 3%-5%. S&P maintains hold. Needham downgrades. CS First Boston rates buy.

Gap Inc. ( GPS) posted $0.13 vs. $0.27 Q1 EPS on 7% lower comp-store sales. Gap sees Q2 comps in the negative mid-single digit range.

Analog Devices (ADI) posted $0.31 vs. $0.31 Q2 EPS (pro forma) on slightly lower gross margin and 4% revenue rise. Analog says Q3 revenues could decline by 10% from Q2 levels, and EPS could be

$0.23-$0.25. S&P maintains hold.

Serena Software (SRNA ) posted $0.20 vs. $0.13 Q1 EPS from operations on 30% revenue rise.

Kansas City Southern ( KSU) will be added to the S&P SmallCap 600 Index after close of trading on May 23, replacing Fritz Cos., which is being acquired.

SBS Technologies (SBSE ) will be added to the S&P SmallCap 600 Index after close of trading on May 23, replacing Lillian Vernon, which is being removed for lack of representation.


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