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Tyco Jumps After Earnings Report

Tyco International (TYC) shares rose after the conglomerate posted $0.30 vs. $0.82 fourth-quarter EPS from continuing operations (pro forma). The company sees $0.30-$0.33 first-quarter EPS from continuing operations, and rising to $1.50-$1.75 in fiscal 2003. The company also restated its results for the first three quarters of its just-ended fiscal year.

AOL Time Warner (AOL) posted $0.19 vs. $0.24 third-quarter cash EPS despite a 6% revenue rise. The company sees 2002 EBITDA growth at the low end of previously guided 5%-9% range. The company will restate results for the quarters ended September, 2000, through June, 2002, due to an internal review of the AOL unit.

Nextel Communications (NXTL) shares gained after it reported $0.58 third-quarter EPS, vs. $0.27 loss per share, on 26% higher operating revenues. S&P keeps hold.

AT&T Wireless (AWE) shares rose after it posted $0.04 third-quarter loss per share excluding charges, vs. $0.03 EPS a year ago. JP Morgan upgrades to overweight from underweight.

SBC Communications (SBC) posted $0.51 vs. $0.59 third-quarter EPS from operations on 5.4% lower total operating revenue. The company targets $2.26 2002 EPS.

Lehman Brothers downgraded Omnicom Group (OMC) to equal-weight from overweight.

VitalWorks (VWKS) shares skidded after the company reported $0.08 third-quarter EPS vs. $0.04 loss per share. It sees lower than expected $0.32-$0.39 2003 EPS. Wells Fargo downgraded the stock, and ST Robinson Humphrey cut estimates.

Foundry Networks (FDRY) rose after the company posted $0.06 cents vs. $0.03 third-quarter EPS on 2.5% revenue rise. S&P and Wedbush Morgan raised estimates and reiterated hold.

LSI Logic (LSI) reported $0.04 third-quarter EPS, vs. $0.29 loss per share (pro forma), on 23% revenue rise. The company sees about breakeven to $0.02 fourth-quarter EPS (pro forma). Wachovia raises 2002 EPS estimate. S&P reiterates hold ranking.

Chiron (CHIR) posted $0.46 Q3 EPS (pro forma) on 22% revenue rise. Chiron sees $1.40-$1.50 2003 EPS. Goldman downgrades. CIBC World keeps sector underperform. S&P keeps accumulate.

MedImmune (MEDI) reported $0.13 third-quarter loss on total revenue rise of 53%. S&P says Synagis sales of $30 million were lower than expected. S&P keeps hold.

Manhattan Associates (MANH) shares rose after the company posted $0.21 vs. $0.18 third-quarter EPS from operations on an 8% revenue rise. It sees $0.20-$0.26 fourth-quarter operating EPS. It says it plans to buy The company also extends $10 million buyback program. JP Morgan upgraded the stock to overweight.

Microchip Technology (MCHP) posted $0.17 (excluding charge) vs. $0.11 second-quarter EPS on 20% revenue rise. S&P reiterates buy ranking.

Autonation (AN) reported $0.33 vs. $0.24 third-quarter EPS on 3.7% revenue rise. It sees EPS of $0.25-$0.27 in the fourth quarter, $1.18-$1.20 in 2002, and $1.25-$1.30 in 2003.

Bebe Stores (BEBE) posted lower-than-expected $0.20 vs. $0.25 first-quarter EPS on 10% same store sales drop and flat total sales. The apparel retailer cited lower average retail selling prices.

Expedia (EXPE) reported $0.32 third-quarter EPS vs. $0.09 loss (GAAP) on sharp revenue rise. It posted $0.49 third-quarter EPS (adjusted). It expects to exceed its earlier revenue, earnings estimates for 2002. Sees $2.25 2003 EPS (adjusted). CIBC World ups estimates.

CS First Boston downgraded Qualcomm (QCOM) to underperform from neutral.

Tekelec (TKLC) posted $0.18 vs. $0.04 third-quarter EPS (pro forma) on a 26% revenue rise, excluding its network diagnostics business. Tekelec posted $0.16 GAAP EPS. The company says third-quarter orders decreased 12%. It sees $0.06-$0.08 fourth-quarter EPS (pro forma) on revenue of $58-$60 million.

Wellpoint (WLP) posted $1.17 vs. $0.82 third-quarter operating EPS on a 41% total revenue rise. S&P reiterates buy.

ESS Technology (ESST) posted $0.06 vs. $0.28 third-quarter EPS on 16% lower revenue. It sees $0.02-$0.05 Q4 EPS on $45-$50 million in revenue.

Genesis Microchip (GNSS) posted $0.05 vs. $0.29 second-quarter EPS (pro forma) despite a 28% revenue rise. The company sees third-quarter revenue of $46-$47 million. Needham downgraded the shares to hold.

Amgen (AMGN) posted $0.34 vs. $0.30 third-quarter EPS (pro forma) on a 49% revenue rise. S&P reiterates accumulate.

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