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Markets & Finance

Sun Micro Will Slash Workforce, Take a Charge

Micromuse (MUSE) expects to meet $0.04 (pro forma) Q3 EPS guidance on $40M-$41M revenues. Micromuse sees $0.38 (pro forma) fiscal 2001 (Sept.) EPS on $212M. CS First Boston reiterates buy.

Sun Microsystem (SUNW) sees a $0.05-$0.07 Q1 loss from operations on $2.7B-$2.9B. Sun will cut its workforce by about 9%; consolidate excess facilities; and expects a Q2 charge of about $500M. S&P maintains hold.

US Bancorp. (USB) says Q3 will include incremental

provision for loan losses, beyond expected levels, of

about $655M, $1.025B pre-tax. The company Sees $0.41 Q3 EPS from

opertions vs. $0.44 consensus.

USB Piper cut estimates on Qualcomm (QCOM) on concerns that declining interest rates may apply further pressure on interest income for Qualcomm.

Cablevision (CVC) cut its 11%-13% cable, high-speed data, L.I. Lightpath pro forma CF growth forecast to 10%-12%, and cut the 7%-9% telecomm forecast to 6%-8%. The company canceled its $1B convertile preferred stock offering. S&P downgraded.

First Communications Financial (FCFN) agreed to be acquired by Capital Bank Corp. in a $54M deal. Terms: $31.12 in cash, stock for each First Communications share.

Advanced Micro Devices (AMD) says Q3 sales declined 22% from Q2 vs. its expectation for a 15% decline, and sees a $0.26-$0.31 Q3 loss (pro forma) from operations, noting the average processor selling price decline was larger than expected.

Gateway (GTW) sees a $0.14-$0.17 Q3 loss from operations, citing a drop in demand across all customer segments in the weeks following September 11. S&P maintains hold.

BMC Software (BMC) sees lower than expected $0.01-$0.04 Q2 EPS from operations on revenue of $288M-$300M. S&P maintains hold.

GSI Lumonics (GSLI) sees a $0.17-$0.21 Q3 loss from operations on sales of about $41M, saying gross margins are expected to be considerably lower than previously expected due to a decline in the company's plant manufacturing activity.

McData Corp. (MCDTA) sees $0.01-$0.03 Q3 EPS (pro forma) vs. previous guidance of $0.03-$0.05, citing a shift in the expected product/channel mix.

Tommy Hilfiger (TOM) says it's concerned that the current economic climate may adversely affect the overall holiday season and results for the second half of 2002.

Starbucks Corp. (SBUX) posted slightly higher September same store sales, and 18% higher total revenue.

Genentech Inc. (DNA) and Xoma Ltd.(XOM) announced that an additional pharmacokinetics study, to be included in a potential Biologics License Application submission to the FDA for Xanelim, will delay the estimated filing date to summer 2002.

XL Capital (XL) confrimed losses from September 11 terrorist attacks at the upper range of previous $600M-$700M estimate, but says it would take additional $100M in charges related to other losses and an acquisition.

Crown Castle (CCI) says it is not in talks to purchase NLI's (NTL) aerials or transmission busness, nor does it plan to participate in bidding for NTL's tower assets as published in recent

news reports.

Teco Energy (TE) will be added to S&P 500 Index after close of trading on October 19.

Philip Morris (MO) will be added to S&P 100 Index after close of trading on October 9, replacing Global Crossing.

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