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PepsiCo Climbs on Upbeat Profit Report

Allegheny Energy (AYE) says it is in technical default under its principal credit agreements and those of its subsidiaries. S&P reiterates sell.

CVS (CVS) posted 8.3% higher September same store sales, and 8.4% higher third quarter same store sales. CVS expects to report third quarter earnings per share at the high end of the previous $0.37-$0.39 guidance (excluding a gain). CVS sees $0.46-$0.48 fourth quarter earnings per share.

Pepsi (PEP) posted $0.56 vs. $0.49 third quarter earnings per share on a 4% revenue rise, and posted $0.54 reported earnings per share. Pepsi is confident in the previous 2002 guidance. UBS Warburg reiterates its hold rating. S&P maintains its buy ranking.

Merrill downgrades Philip Morris (MO) to neutral from buy.

Entegris (ENTG) posted $0.06 fourth quarter earnings per share vs. a $0.02 loss on a 21% sales rise, and expects first quarter sales to decline by about 20% sequentially. Goldman cut estimates.

Dollar Tree (DLTR) posted 15% higher third quarter sales, and slightly higher same store sales. The company remains on-track for 25% square footage growth by the end of the year. Due to present economic conditions, the retailer sees flat fourth quarter same store sales.

Sharper Image (SHRP) says due to strong sales, it sees a narrower than expected $0.05-$0.07 third quarter loss. The company posted 37% higher September same store sales and 47% higher total sales.

Lehman upgraded the major U.S. pharmaceutical sector to positive from negative. Merck (MRK) looks to benefit from the upgrade.

International Rectifier (IRF) sees about $211 million in first quarter revenue -- midpoint of guidance. However, the company says it did not see seasonal improvement in PC-related demand late in the quarter, and now expects second quarter revenue to be about flat sequentially. S&P downgraded.

JDA Software (JDAS) sees $0.06-$0.07 third quarter earnings per share, excluding the amortization of intangibles, on revenue of about $49 million. The company says software license revenues were well below expectations; and set a two million share buyback.

Schering-Plough (SGP

says the SEC requested that the company provide information relating to its meetings with investors and other communications last week.

Charles River (CRL) says third quarter sales and earnings per share will be at the high end of its previous guidance of $138 million to $141 million in sales, and $0.36-$0.37 earnings per share, excluding extraordinary charges for the cancellation of a credit facility.

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