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Dow Chemical Comes Up Short


Dow Chemical (DOW) does not expect to meet its previous $0.10-$0.20 fourth quarter EPS forecast. The company cites softer volume in several businesses and continued margin compression in basic chemicals. Merrill upgraded its rating on the shares.

Peregrine Systems (PRGN) sees a $0.07-$0.08 third quarter loss per share (pro forma) on revenue of about $175 million. S&P maintains buy. Bear Stearns put its rating and estimates under review.

JP Morgan says a number of data points from PC and motherboard manufacturers in Taiwan suggest that December PC sell-through had been strong. The firm recommends buying Intel Corp. (INTC) ahead of its fourth quarter earnings release, scheduled for the week of Jan. 14.

Corillian Corp. (CORI) sees a $0.23-$0.25 fourth quarter loss per share (pro forma) on lower than expected revenue of about $10 million. The company cites deferred expenditures. UBS Warburg, Wachovia, and JP Morgan each downgraded the stock.

Cyrolife (CRY) says that based upon early analysis of financial results, it expects revenues for 2001 to set a new record.

Provident Financial (PFGI) says fourth quarter EPS would be reduced by $49 million after tax, or $0.97 per share, due to higher than expected credit costs; the impact of these actions will result in a $0.57 fourth quarter loss and EPS of $0.46 for all of 2001.

Parametric Technology (PMTC) expects first quarter revenue to be at or slightly below $200 million, vs. its previous $205 million forecast. The company sees $0.03 first quarter EPS (pro forma), in line with guidance.

Salomon SB upgraded EMC Corp. (EMC) to buy from outperform.

Pier 1 Imports (PIR) raised its fourth quarter EPS estimate to $0.44-$0.46 on stronger than expected same-store sales. S&P, Lehman raise estimates.

Banc of America upgraded Concord Communications (CCRD) to buy from market perform.

Walgreen Co . (WAG) posted $0.18 vs. $0.15 first quarter EPS on a 17% sales rise. S&P maintains hold.

Isis Pharmaceuticals (ISIP) says its GeneTrove division has entered into a functional genomics alliance with Amgen whereby that company gains access to Isis' antisense gene functionalization, target validation expertise, and specific patents.

Constellation Brands (STZ) posted $1.11 vs. $0.93 third quarter EPS on a 21% sales rise. Constellation sees EPS of $0.56-$0.59 for the fourth quarter and $3.05-$3.08 for all of fiscal 2002.

PacifiCare Health (PHSY) set a restructuring plan, including consolidation of operations, 15% staff reduction, and outsourcing of its IT production and software maintenance services. The company sees 2002 EPS of $3.55-$3.65, including a $1.60 gain from goodwill elimination.

Newmont Mining (NEM) increased the cash portion of its offer for Normandy Mining to A$0.50 from A$0.40. The bid now has a value of A$1.93 per Normandy share. Normandy recommends shareholders accept the revised offer.

Delta and Pine Land (DLP) posted a $0.12 first quarter loss vs. a $0.13 loss as higher gross margin and lower operating expenses offset 14% lower revenues.

According to a press report, General Motors (GM) plans a new sales drive using big cash rebates instead of 0% interest loans. The move is an acknowledgement that without heavy discounts, sales of many Big Three models would drop.


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