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Cross Country Shares Finish Lower

Cross Country (CCRN) posted $0.25 vs. $0.10 Q2 EPS (before discontinuing operations) on a 31% revenue rise, and sees $0.26-$0.27 Q3 EPS. Gerard Klauer says shares fell on lower nursing assignments.

JP Morgan upgraded Interpublic Group (IPG) to buy from long term buy.

According to The Wall Street Journal, Tyco (TYC) may have spent more than $135 million to benefit former CEO Dennis Kozlowski, including forgiveness of a $25 million loan in 1999.

Aon Corp. (AOC) posted breakeven Q2 vs. $0.11 EPS despite an 11% revenue rise. Aon currently is in talks with the SEC; if the SEC decides Aon should amend prior results, the company sees 2000 EPS reduced by $0.06; 2001 cut by $0.06; and Q1 2002 lowered by a penny.

AmeriCredit (ACF) posted $1.06 vs. $0.81 Q4 EPS on a 31% revenue rise. The company sees $1.06-$1.09 Q1 EPS, and $4.45-$4.65 for fiscal 2003. JP Morgan downgraded to underperform. S&P reiterates accumulate.

1-800-Flowers ( FLWS) posted $0.08 Q4 EPS vs. breakeven on a 6.1% revenue rise, and sees fiscal 2003 EBITDA in excess of $30 million, with EPS of more than $0.20.

Clorox (CLX) posted $0.63 vs. $0.34 Q4 EPS (GAAP) on a 3.1% sales rise, and sees $0.50-$0.52 Q1 fiscal 2003 EPS as well as low double-digit fiscal 2003 EPS growth over $1.92 in fiscal 2002.

Polo Ralph Lauren (RL) posted $0.09 vs. $0.30 Q1 EPS (before foreign exchange) on a 9.8% sales drop, and maintains $1.80-$1.90 fiscal 2003 guidance.

Southwest Gas (SWX ) will pay Southern Union Gas (SUG) $17.5 million to settle a lawsuit related to the terminated acquisition of Southwest Gas by Oneok in early 2000, as well as the rejection of competing offers from Southern Union Gas.

Ethan Allen (ETH) posted $0.62 (excluding an $0.08 restructuring and impairment charge) vs. $0.50 Q4 EPS on a 3.7% sales rise, and sees $0.52-$0.54 Q1 fiscal 2003 EPS, and 8%-10% fiscal 2003 sales growth, as well as 12%-15% EPS growth.

Cisco Systems (CSCO) posted $0.14 vs. $0.02 Q4 EPS (pro forma) on a 12% revenue rise, and sees Q1 revenues flat to slightly higher. S&P maintains hold. CS First Boston and CIBC World maintain buy.

Guidant (GDT) announced FDA approval of its Endotak Reliance active-fixation defibrillation lead. Banc of America reiterates buy.

TMP Worldwide (TMPW) is revising expectations for 2002 due to softness in corporate spending. TMP now sees $0.14 vs. $0.40 Q3 EPS on 18% lower commissions and fees, and $0.56 vs. $1.27 2002 EPS on 19% lower commissions and fees. Wachovia downgraded to hold from buy.

Maxim Integrated (MXIM) posted $0.20 Q4 EPS vs. a $0.05 loss as a merger and other charges offset a 12% revenue drop. Maxim sees revenues up sequentially in Q1. CS First Boston raised estimates.

Sotheby's (BID) posted $0.35 vs. $0.29 Q2 EPS from operations as lower expenses offset slightly lower revenues.

Learning Tree (LTRE) posted $0.16 vs. $0.31 Q3 EPS on 22% lower revenues.

Daisytek (DZTK) posted $0.19 vs. $0.28 Q1 EPS from continuing operations (excluding special charges) despite a 47% revenue rise, and sees $1.05-$1.10 fiscal 2003 EPS, and $1.40-$1.50 for fiscal 2004.

Healthsouth (HRC) posted $0.28 vs. $0.21 Q2 operating EPS on a 5.9% revenue rise.

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