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Capital One Shares Dive

Capital One (COF) posted $0.92 Q2 EPS and expects units to enter an informal Memorandum of Understanding with bank regulators to address supervisory matters. S&P reiterates buy. Deutsche Bank and Salomon Smith Barney downgraded.

Wyeth (WYE) is seen lower after an editorial in this week's Journal of the American Medical Association hinted that estrogen-only hormone replacement therapy may increase the risk of ovarian cancer.

Manpower (MAN) posted better than expected $0.30 vs. $0.45 second quarter earnings per share, and sees $0.43-$0.47 third quarter earnings per share (including foreign exchange). S&P reiterates accumulate. Deutsche Bank and Gerard Klauer upgraded.

Apple (AAPL) is lower after it posted $0.09 vs. $0.17 Q3 EPS on a 3% revenue decline at the close of trading on Tuesday. S&P cut its estimates. Bear Stearns and S&P also trimmed estimates.

Veritas Software (VRTS) posted $0.14 vs. $0.16 Q2 EPS (pro forma) on a 7% revenue decline. The company sees $0.11-$0.13 Q3 EPS (pro forma on revenue of $350M-$370M. S&P keeps hold. CS First Boston keeps buy; Friedman Billings keeps accumulate.

Intel (INTC) shares climbed a bit Wednesday. After the close Tuesday, the world's largest chipmaker posted $0.09 vs. $0.12 Q2 EPS from operations on flat revenue, and said it sees $6.3B-$6.9B Q3 revenue, as well as about 51% gross margin. Intel cut its estimated 2002 capital expenditures to $5B-$5.2B. S&P reiterates avoid. Banc of America reiterates buy; S&P reiterates avoid.

Plantronics (PLT) posted $0.21 vs. $0.16 Q1 EPS on a 3.2% revenue rise. The company sees $0.20-$0.23 Q2 EPS before a tax reserve release, on revenue of $80M-$84M. S&P keeps hold.

Metris (MXT) posted a $0.74 Q2 loss vs. $0.63 EPS on a 20% drop in interest income. The company says it is disappointed with Q2 results, and will not issue EPS guidance for the remainder of 2002. S&P downgraded.

InFocus (INFS) posted better than expected $0.05 vs. $0.24 Q2 EPS from operations on 11% lower revenue. The company says assuming no significant changes in the economy and exchange rates, it believes Q3 revenue and EPS could be sequentially flat.

Coca-Cola (KO) posted $0.52 vs. $0.45 Q2 EPS on 4% higher worldwide unit case volume, and say it is comfortable with analysts' estimates for the rest of the year.

JP Morgan Chase (JPM) posted $0.58 vs. $0.38 Q2 EPS from operations on 2% higher operating revenues.

Ford Motor (F) posted $0.31 Q2 EPS from operations vs. a $0.31 loss despite flat sales, and continues to expect "modest" 2002 profit.

Citigroup (C) posted $0.78 vs. $0.74 Q2 core EPS on a 10% adjusted revenue rise. S&P reiterates buy.

American Airlines' parent AMR Corp. (AMR) posted a $3.00 Q2 loss vs. a $0.68 loss from operations on 20% lower total operating revenue, and says if the revenue environment remains depressed, it expects to post a sizeable operating loss in Q3.

RF Micro ( RFMD ) posted $0.01 Q1 EPS vs. a $0.06 loss from operations on a 48% revenue rise, and sees $0.01-$0.02 Q2 EPS on a 5%-10% sequential revenue rise. S&P keeps sell. CIBC World and CS First Boston cut targets. Friedman Billings keeps accumulate.

Motorola (MOT) posted $0.02 Q2 EPS from operations vs. an $0.11 loss despite an 11% sales decline, and sees $0.02 Q3 GAAP EPS on about $6.7B sales, as well as $0.10 Q4 on $7.5B sales (estimates include charges). S&P keeps hold.

United Technologies (UTX) posted $1.23 vs. $1.16 Q2 EPS as lower costs offset a slight revenue drop. The company raised its 2002 EPS guidance to $4.40.

Boeing (BA) posted $0.92 vs. $0.95 Q2 EPS from operations on 11% lower revenue, and maintains its 2002 and 2003 outlook.

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