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Exxon Falls on Weak Fuel Prices

Exxon Mobil (XOM) posted $0.39 vs. $0.64 Q2 EPS (excluding special items) on 9.4% lower revenue, amid the depressed business of producing gasoline, heating oil and other fuels. S&P reiterates buy despite weaker than expected results.

Merrill downgraded Peoples Energy (PGL) to near term reduce/sell from neutral, and maintains long term neutral.

Plato Learning (TUTR) sees breakeven to $0.02 Q3 EPS (excluding a charge) on $20M-$21M revenue. Plato says federal monies have been slow in moving from the government to schools and districts -- and that many administrators are cautious in spending.

Administaff (ASF) posted a $0.11 Q2 loss vs. $0.13 EPS as higher operating costs offset an 11% revenue rise.

Newell Rubbermaid (NWL) posted $0.39 vs. $0.29 Q2 EPS on a 9.9% revenue rise, and sees $0.42-$0.47 Q3 EPS (excluding charges). The company also raised its $1.48-$1.58 2002 EPS forecast to $1.53-$1.58. Merrill upgraded.

CS First Boston downgraded Bebe Stores (BEBE) to hold from buy. On Tuesday the company posted $0.15 vs. $0.22 Q4 EPS on a 7.9% same store sales drop.

AdvancePCS (ADVP) is resisting attempts by the Justice Department's assistant U.S. attorney to interview some of its employees and comb through potentially thousands of its internal e-mails, according to The Wall Street Journal.

ST Robinson Humphrey and First Albany downgraded.

PG&E (PCG) posted $0.50 vs. $0.67 Q2 operating EPS, excluding headroom, and sees $2.25-$2.35 2002 EPS from operations, excluding headroom, vs. the previous $2.50-$2.55. California's largest utility said the credit rating on its power-generation unit was cut to junk status.

CS First Boston downgraded Bebe Stores (BEBE) to hold from buy. On Tuesday the company posted $0.15 vs. $0.22 Q4 EPS on a 7.9% same store sales drop.

UBS Warburg downgraded Getty Images (GETY) to hold from buy, citing concerns that the advertising market may be weakening.

Circuit City (KMX) sees $0.27-$0.28 Q2 EPS (including a one-time cost) on high-single- to low-double-digit comp-store used-united sales growth.

CS First Boston downgraded Qualcomm (QCOM) to hold from buy.

Adobe Systems (ADBE) reduced its Q3 EPS target to $0.18-$0.23 (pro forma) on $270M-$290M revs., down from $0.24-$0.27 EPS on $300M-$320M, citing lower than expected revenue in July. CSFB cut estimates. Goldman downgraded. CS First Boston cut estimates.

Banc of America says playing Cisco's (CSCO) short term events like quarterly results was very risky, but over the long term the company has a balance sheet to emerge as a leader.

Oshkosh B'Gosh (GOSHA) raised its quarterly dividend by 17%.

Williams (WMB) reached preliminary pacts for about $2 billion in secured debt financing from its banks and Berkshire Hathaway and plans to sell over $1 billion in assets. (PCLN) posted pro forma Q2 $0.03 EPS, in line with estimates on $304.5 million in revenues.

Compudyne (CDCY) posted $0.09 vs. $0.16 Q2 EPS as the higher cost of goods sold, and lower expenses, offset a 26% revenue rise. He thinks the outlook for the second half is significantly better than the first-half outlook, and sees $0.60-$0.65 2002 EPS.

Ingram Micro (IM) posted $0.08 vs. $0.02 Q2 EPS from operations as lower costs offset an 11% sales decline, and sees $0.09-$0.11 Q3 EPS from operations on $5.30B-$5.45B sales.

Computer Science (CSC) posted $0.46 vs. $0.28 Q1 EPS on a 2% revenue rise. S&P reiterates hold.

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