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Telecom Stocks Rally

Sprint PCS (PCS) posted a better than expected $0.15 first quarter loss per share, vs. a $0.40 loss, on 8% higher revenues. JP Morgan raised estimates. DB Alex Brown reiterates buy. S&P keeps hold.

Kaufman Brothers says WorldCom (WCOM) is undervalued, and reiterates strong buy.

S&P believes Qualcomm (QCOM) is up on solid first quarter results from Sprint PCS, and reiterates buy.

Texas Instruments (TXN) reported first quarter EPS (pro forma) of $0.01, vs. $0.18, on 28% lower revenue. The chipmaker says it expects total revenue to grow about 10% in the second quarter from the first quarter. Salomon SB and CS First Boston keep buy rating, while Morgan Stanley raises estimates. S&P keeps accumulate, saying the bright order news implies it is tracking a bit better than expected for recovery.

Novellus Systems (NVLS) reported a narrower than expected first quarter $0.02 loss from operations, vs. $0.62 EPS a year ago, on 63% lower revenue. S&P upgrades to accumulate. Goldman and CS First Boston raise estimates.

Multimedia Games (MGAM) says the Deputy General Counsel of the National Indian Gaming Commission has ruled that no tribal-state compacts are in effect from Multimedia Games' MegaNanza, or any other class II games offered by Multimedia Games.

General Motors (GM) reported first quarter EPS of $1.29, vs. $0.50 a year ago (adjusted). The auto maker forecasts total U.S. industry vehicle sales to be about 16.5 million units in 2002. It sees $2.00 second quarter EPS, excluding Hughes; and $5.00 in 2002. Including Hughes, it targets EPS of $1.90 in the second quarter and $4.60 in 2002.

Johnson & Johnson (JNJ) posted first quarter EPS of $0.59, vs. $0.50, on 11% sales rise.

Coca-Cola (KO) reported first quarter EPS of $0.40, vs. $0.36 a year ago, on 5% higher worldwide volume. The beverage maker's EPS excludes charges and accounting changes and was in line with analysts' forecasts.

FleetBoston Financial (FBF) says it plans to reduce exposure to targeted areas of corporate lending and sell its Robertson Stephens securities unit after reporting earnings. First quarter EPS was $0.70, despite a 3.6% revenue drop.

Handspring (HAND) reported third quarter loss per share of $0.14, vs. $0.06 loss (pro forma), on a 52% revenue decline. CIBC World downgraded the stock, while CS First Boston cut estimates.

Mohawk Industries (MHK) reported first quarter EPS of $0.77, vs. $0.51, on an 8% sales rise. CS First Boston raises estimates. S&P maintains buy.

Maytag (MYG) reported $0.73, vs. $0.46 (continuing operations; year ago excludes tax benefit) 1Q EPS on a 20% sales rise. The appliance maker sees second quarter results at same level as the first quarter.

H&R Block (HRB) says it remains on track to meet fiscal year 2002 guidance of $2.20-$2.30 EPS on 10%-15% overall revenue growth. Goldman downgraded the stock, while S&P maintains buy.

Parametric Technology (PMTC) posted a $0.02 Q2 loss vs. $0.09 EPS (pro forma) on 25% lower revenue. S&P says results are weaker than expected, and maintains hold.

AmeriCredit (ACF) posted $1.02 vs. $0.70 Q3 EPS on a 41% revenue rise, and sees $1.00-$1.06 Q4 EPS, and $4.16-$4.28 calendar 2002 EPS. Bear Stearns upgraded to buy from attractive. S&P maintains accumulate.

JP Morgan downgraded Cabot Corp. (CBT) to market perform from buy. On Monday the company sued Vishay International. alleging it and/or its units breached agreements between Cabot and Vishay.

Sprint (FON) reported first quarter EPS of $0.32, vs. $0.36, on 8% lower revenue. The telecom services provider maintains 2002 EPS guidance. S&P keeps avoid.

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