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Markets & Finance

Storage Stocks Finish Lower

Deutsche Bank intiated coverage on Waters Corp. (WAT) with buy.

Sidoti upgraded Cognizant Technology (CTSH) to buy from neutral. On Tuesday the company posted $0.35 vs. $0.28 Q1 EPS. Harrah's Entertainment (HET) posted $0.74 vs. $0.47 Q1 EPS (pro forma) on a 13% revenue rise. S&P upgraded to accumulate from hold. Merrill raised estimates.

S&P says the EMC Corp.'s (EMC) stock is down in sympathy with Veritas, on the view that a new IBM and Hitachi agreement could result in EMC marketshare erosion. S&P keeps hold.

Metris Companies (MXT) posted $0.54 vs. $0.57 Q1 EPS, and cut the 2002 EPS guidance to $1.75-$2.25. Merrill, Bear Stearns and JP Morgan downgraded.

Silicon Image (SIMG) posted a narrower than expected $0.05 Q1 loss (pro forma) on a 63% revenue rise. Needham upgraded to strong buy. Wachovia raised estimates. CS First Boston reinstated coverage with buy.

Veritas Software (VRTS) posted $0.16 vs. $0.21 Q1 EPS (pro forma) on a 1% revenue fall and sees $0.12-$0.15 Q2 EPS. Pacific Crest and Bear Stearns downgraded. S&P, Morgan Stanley, and HC Wainwright cut estimates.

Nextel Communications (NXTL) posted a $0.35 Q1 loss from operations on 24% higher operating revenue, and says it is on track to meet or exceed agressive targets for 2002.

JP Morgan Chase (JPM) posted better than expected $0.57 vs. $0.74 Q1 operating EPS on 15% lower operating revenue. S&P keeps hold.

Webex (WEBX) posted $0.03 Q1 EPS vs. a $0.31 loss on a sharp revenue rise, and sees $0.20-$0.25 2002 EPS on $140M revenues. CIBC World and Thomas Weisel raisd estimates.

Williams-Sonoma (WSM) raised Q1 EPS guidance to $0.17-$0.19, vs. previous $0.03-$0.04 gudiance; and upped Q2 to $0.07-$0.09, as well as raised fiscal 2003 to $1.69-$1.75. The company set a 2-for-1 stock split. Banc of America upgraded.

MGI Pharmaceutical (MOGN) stopped its Phase 3 trial of anti-cancer drug candidate, irofulven, for pancreatic cancer.

Advent Software (ADVS) posted $0.23 Q1 EPS on 3% revenue rise. S&P downgrades to hold.

Harley-Davidson (HDI) posted $0.39 vs. $0.30 Q1 EPS on a 19% revenue rise and raised 2002 production target for motorcycles to 261,000 units. RBC Capital upgraded to outperform from sector perform.

After the closing bell, Intel (INTC), reported earnings of $0.15 a share, meeting analysts' estimate. Revenue rose 3% to $6.78 billion. The chipmaker sees second quarter revenue ranging between $6.4 billion and $7 billion.

Ford (F) reported a narrower than expected first quarter operating loss of $0.06 per share, vs. $0.60 EPS a year ago, on a 6.1% drop in revenues. The automaker says it is on schedule to meet or surpass its 2002 EPS milestone.

JP Morgan Chase (JPM) reported first quarter operating EPS of $0.57, vs. $0.74 a year ago, on 15% lower operating revenue.

Veritas Software (VRTS) reported first quarter EPS of $0.16, vs. $0.21 (pro forma), on a 1% revenue decline. The software maker reportedly sees $0.12-$0.15 EPS in the second quarter. S&P cuts estimate, keeps hold.

Motorola (MOT) reported a first quarter operating loss of $0.08 per share, vs. $0.10 loss, on a 20% sales decline (from ongoing operations). The company still expects to return to profitability during the second half of 2002. Lehman Brothers reportedly upgrades the stock.

RF Micro Devices (RFMD) reported fourth quarter EPS of $0.02, vs. $0.04 loss, on 83% revenue rise. It sees $0.02-$0.03 first quarter EPS on $107-$110 million in revenue. Merrill Lynch keeps near-term buy, long-term strong buy. CS First Boston and CIBC World keep buy.

Boston Scientific (BSX) reported first quarter operating EPS of $0.22, vs. $0.21, on a 6% revenue rise. S&P keeps hold.

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