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U.S. Bancorp Sees Q3 Profit Short of Expectations


U.S. Bancorp (USB) was lower after the Midwest bank said Q3 will fall short of Street estimates, and include $655M after-tax incremental provision from loan losses, beyond expected levels. The company also sees $0.41 Q3 EPS from operations, exluding provision for loan losses.

Anheuser-Busch (BUD) was down after UBS Warburg downgraded the company to hold from strong buy.

TJX Cos. (TJX) was off after Goldman Sachs downgrades the retailer and Ross Stores (ROST) to market perform from market outperform.

Sun Microsystems (SUNW) was flat after CS First Boston and Goldman Sachs cut their estimates for the company. On Friday, the company said it anticipates wider than expected Q1 loss, and will cut 9% of its workforce.

AT&T Wireless (AWE) agrees to acquire the rest of TeleCorp PCS ( TLCP) that it doesn't own in all-stock deal valued at $4.7 billion. In the deal, AWE will obtain the remaining 77% own for $2.4 billion, assume $2.1 billion in debt and about $221 million preferred securities.

In a lawsuit filed against Boston Scientific (BSX) alleging violations of terms of a 1995 consent order by the Federal Trade Commission, a federal district court dismisses 3 claims, and grants summary judgment of liability on two claims.

Newport News' (NNS) board is in talks with Northrop Grumman (NOC) that could result in NOC making offer to acquire NNS that would currently value NNS at $72.67 per share. Offer would be superior to General Dynamic's (GD) $67.50 a share cash offer.

CS First Boston downgraded Swift Transportation (SWFT) to buy from strong buy.

Vysis (VYSI) sees better than expected $0.03-$0.06 Q3 EPS from continuing operations, citing strong sales of genomic, prenatal, and ASR/research products.

Prudential downgraded Alcan (AL) and Nucor (NUE) to sell from hold.


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