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AdvancePCS Hikes Forecasts

Nationwide Financial (NFS) posted $0.81 third quarter earnings per share from operations on a 3% sales rise and sees $3.20-$3.25 2002 earnings per share, excluding accelerated deferred acquisitions cost amortization and $2.75-$2.95 for 2003. UBS Warburg and CIBC cut estimates.

Bear Stearns tied Qualcomm (QCOM) weakness to the Korean government's decision to penalize mobile carriers for illegal subsidies. Bear Stearns notes that China may use its own version of CDMA without paying royalties to the company. (OSTK) posted a $0.03 third quarter loss vs. a $0.35 loss on sharply higher revenues. WR Hambrecht upgraded to buy.

AdvancePCS (ADVP) posted $0.43 vs. $0.30 second quarter earnings per share from operations on a 22% revenue rise. The pharmacy benefits company raised the fiscal 2003 earnings per share guidance to $1.67-$1.69. Banc of America lifted estimates. J.P. Morgan and First Albany upgraded.

CE Unterberg downgraded Cisco Systems (CSCO) to near term market perform.

OM Group (OMG) posted $0.79 vs. $0.84 third quarter operating earnings per share as lower cobalt prices and higher than expected raw material costs offset a 63% revenue rise. OM sees $15 million to $20 million fourth quarter operating net. S&P and Salomon SB downgraded.

BP (BP) posted $0.71 vs. $0.61 third quarter earnings per ADR. The oil and gas exploration and production company says performance improvements were impacted by weaker than expected production. Merrill downgraded to buy from neutral.

ImClone Systems (IMCL) is seen lower on reports that Erbitux is not effective in boosting response rates of colon cancer patients in European trials.

Wachovia downgraded King Pharmaceuticals (KG) to hold from strong buy and J.P. Morgan downgraded to neutral from overweight. On Monday the company posted $0.35 third quarter earnings per share on a 37% revenue rise.

Allmerica Financial (AFC) posted a $5.96 third quarter operating loss vs. $0.65 earnings per share on charges related to the termination of its proprietary variable annuity and variable life insurance products, and the continued decline in the stock market.

Procter & Gamble (PG) posted $1.12 vs. $0.96 first quarter earnings per share from operations on 11% higher sales, beating expectations. The consumer products company sees mid to high single-digits second quarter earnings per share growth and sales in the mid to upper single-digits. P&G maintains its fiscal 2003 guidance.

Exelixis (EXEL) and GlaxoSmithKline (GSK) will form an alliance to discover, develop and commercialize novel therapeutics in the areas of vascular biology, inflammatory disease and oncology. GlaxoSmithKline will make an upfront payment of $30 million and acquire two million Exelixis shares at $7 a share.

After months of complaints from executives and investors, AOL Time Warner (AOL) chairman Steve Case has reportedly been telling senior executives that he would just as soon take back the AOL unit through some sort of spinoff, according to The Wall Street Journal.

A Paris prosecutor reportedly opened a preliminary inquiry into alleged balance sheet irregularities and misleading communciations at Vivendi Universal (V) when Jean-Marie Messier was chairman of the media group.

Providian Financial (PVN) posted $0.15 vs. $0.20 third quarter earnings per share from continuing operations on a 22% decline in net interest income. JP Morgan reportedly upgraded. S&P keeps hold.

Tenet Healthcare (THC) confirmed that it expects 2003 earnings per share from operations growth to exceed 25%, and reconfirmed longer-term guidance of mid-to-high-teens growth for the next several years.

Hartford Financial (HIG) posted $1.06 third quarter earnings per share vs. a $0.43 loss. Hartford says the stock market is much less favorable during the third quarter, and the impact is reflected in individual annuity results. Deutsche Bank reportedly cut its estimates.

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