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Dell Ups Outlook

Dell Computer (DELL) raised its third-quarter revenue guidance to $9.1 billion vs. $8.9 billion on earnings per share of $0.21 -- at the high end of its initial guidance range. Analysts' expected revenues of $8.91 billion on $0.21 cents earnings per share. Dell expects to save $1 billion due to cost-cutting, and says broad momentum remains strong, especially in server and storage equipment.

TTI Team Telecom (TTIL) sees a $0.31-$0.38 third quarter loss on $11.5 million to $12.5 million revenues; and expects to return to profitability in 4Q. TTI cut 6% of its workforce. Goldman is still cautious. Salomon put its estimates under review.

Merrill downgraded TXU (TXU) to neutral from buy.

Advo (AD) sees about $0.57 fourth quarter EPS, + or - $0.02, on $286 million to $288 million revenue. Wachovia reportedly downgraded to hold from buy.

Salomon downgraded Target (TGT) to in-line from outperform. On Tuesday the company provided a business and financial overview.

Banc of America downgraded Flowserve ( FLS) to market perform from buy, and sees balance sheet risk and difficult end markets.

Forest Labs ( FRX ) expects second quarter EPS will exceed the current consensus estimate of $0.57 by at least 30%. Banc of America upgraded to buy from market perform.

Supervalu (SVU) posted $0.44 vs. $0.38 second quarter EPS as lower costs offset a 4.7% sales drop. The grocery chain sees $2.10-$2.20 fiscal 2003 EPS.

Morgan Stanley raised its estimates on Liz Claiborne (LIZ). On Monday, the company agreed to acquire Ellen Tracy for $170 million, including $10 million in debt.

Morgan Stanley is more cautious on large-cap banks including US Bank (USB), and says due to weaker than expected demand for commercial credit, and slower reductions in net charge-offs, it cut its EPS estimates on nine banks.

Morgan Stanley cut its price target on American Express (AXP) to $30.

Aeropostale (ARO) sees $0.31-$0.33 third quarter EPS, and $0.30-$0.34 fourth quarter EPS. The company expects a mid-teens decline in October same store sales. Banc of America downgraded to market perform. Wachovia reportedly downgraded.

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