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Honeywell Net Rises on Unit Sale

Pharmaceutical Product Development (PPDI) posted $0.27 vs. $0.28 Q1 EPS from operations despite a 14% revenue rise. Prudential says weak organic growth is a concern.

CE Unterberg downgrades Alpha Industries (AHAA) RF Micro Devices (RFMD) and Conextant (CNXT) to near term market perform from buy.

Honeywell (HON) posted $0.45 vs. $0.51 Q1 EPS (adjusted) on a 12% revenue decline, on a gain on the sale of a business. The company reportedly says on a conference call that Q2 EPS is looking similar to a year ago's $0.55, which would be lower than expected.

Mercury Computer (MRCY) posted better than expected $0.12 vs. $0.34 Q3 EPS on a 26% revenue decline, and sees $0.18-$0.26 Q4 EPS, and $0.63-$0.71 for 2002.

Nokia's (NOK) reported first quarter EPS (pro forma of 0.19 EUR, vs. 0.22 EUR, on a 12% sales decline. The Finnish mobile phone maker cut its sales growth forecast for 2002 to 4%-9%, down from its earlier forecast of about 15%.

IBM (IBM) reported first quarter EPS of $0.68, vs. $0.98 a year ago, on a 12% revenue decline, in line with its reduced outlook last week. IBM said it expects to meet the 2002 consensus EPS estimate of $4.16.

Apple Computer (AAPL) reported second quarter EPS of $0.11, vs. $0.12, on a 4% sales rise. Apple noted strong demand for its new flat-screen iMac.

Cendant (CD) posts first quarter EPS of $0.34 vs. $0.21 (adjusted), on 84% revenue rise. The company raises 2002 EPS estimate by $0.07 to $1.36, citing business strength, anticipated results of acquisitions of Trendwest Resorts, NRT Inc., and Arvida Realty Services.

Siebel Systems (SEBL) reports first quarter EPS of $0.12, vs. $0.15, on 20% lower revenue.

Lam Research (LRCX) reports third quarter loss per share from operations of $0.12, vs. $0.41 loss, despite a 61% revenue decline. S&P and Goldman raise estimates.

Advanced Micro Devices (AMD) reported a first quarter loss per share of $0.03 1Q loss, vs. $0.37 EPS, on 24% lower revenue. The chipmaker expects second quarter unit sales of PC processors will show sequential decline in the 5%-10% range. Merrill reportedly downgrades, while S&P keeps hold.

Hewlett-Packard (HWP) shareholders affirm proposal to acquire Compaq (CPQ), according to preliminary tally. S&P maintains hold.

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