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Black & Decker Drops

Black & Decker (BDK) reiterates its comfort with $1.01 fourth quarter earnings per share and $3.19 2002 earnings per share estimates. S&P tied the weakness to a warning by important customer Home Depot that the fourth quarter hardware and power tool sales were less than expected. S&P reiterates hold.

Walgreen (WAG) posted 21 cents vs. 18 cents first quarter earnings per share on 14% higher sales. The current quarter excludes a gain. Walgreen posted 8% higher December same store sales, and 14% higher total sales.

Lowe's (LOW) reconfirmed the fourth quarter and fiscal 2003 sales and earnings per share estimates, saying its quarter-to-date comparison store sales are within the previous guidance of 2%-4%. Banc of America downgraded Lowe's to market perform from buy.

Home Depot (HD) cut its $1.57 fiscal 2003 earnings per share guidance to $1.53-$1.55 due to slowing sales in December. Deutsche Bank and Bear Stearns reportedly downgraded the shares. Lehman cut estimates. S&P reaffirms hold.

AdTran (ADTN) sees 30 cents to 32 cents fourth quarter earnings per share on $88 million in revenue, citing revenue at the high end of guidance, higher gross margins, and lower than expected operating expenses. S&P reiterates hold.

Continental Air (CAL) estimates a 9%-11% increase in December systemwide mainline jet passenger revenue per available seat mile (RASM) vs. a year ago. Merrill narrowed its loss estimates.

In letter to employees posted on the company's website, PolyMedica's (PLMD) CEO says the FBI will contact some employees regarding the investigation of the company's units, Liberty Medical Supply and Liberty Home Pharmacy.

Cadence Design (CDN) sees two cents to four cents fourth quarter earnings per share from operations, and 32 cents to 34 cents (GAAP) earnings per share on $272 million to $278 million in revenue. The company sees 50 cents to 55 cents 2003 earnings per share (pro forma) earnings per share. Adams Harkness reportedly downgraded the shares.

Kenneth Cole (KCP) believes it is likely to report fourth quarter revenues of about $117 million to $118 million, and earnings per share of at least 36 cents. The results would exceed prior guidance.

UBS Warburg reportedly downgraded Extended Stay (ESA) to hold from buy.

Scansource (SCSC) says revenue for the second quarter were slightly above the midpoint of $235 million to $255 million range previously provided.

Jones Lang (JLL) will take a $12.5 million total fourth quarter pre-tax charge as the result of a 4% workforce reduction, and an impairment charge for discontinued land investment. Jones Lang continues to expect 2002 earnings per share from operations to be at the low end of the $1.00-$1.20 range.

Southwest Air (LUV) says it flew 3.9 billion revenue passenger miles in Dec. 2002, a 9.7% increase from 2001, but says its year to date load factor was 65.9%, vs. 68.1%.

Biovail (BVF) recieved FDA approval for Zovirax cream, a topical medication used for the treatment of recurrent herpes labialis in adults and adolescents 12 years of age and older.

Forest Labs (FRX) expects to exceed the third quarter consensus earnings per share estimate of 77 cents by at least 15%, citing strong net sales volume, primarily driven by the company's anti-depressant franchise. Deutsche Bank reportedly upgraded.

Guidant (GDT) says preliminary results of a trial comparing the paclitaxel-coated Achieve Drug Eluting Coronary Stent (made by Cook Inc.) to Guidant's Multi-Link Penta Stent indicate its objectives won't be met. S&P reiterates hold. CIBC World reiterates sector underperform.

Buca (BUCA) sees lower than expected 14 cents fourth quarter earnings per share on sales of $63.5 million.

CNA Surety (SUR) reached a settlement with J.P. Morgan in litigation relating to surety bonds furnished on behalf of Enron and its subsidiaries. CNA will pay $40.7 million.

RadioShack (RSH) sees 58 cents to 60 cents fourth quarter earnings per share vs. the 63 cents to 68 cents previously forecast. RadioShack notes below-plan sales, with gross margin trends aggravating the earnings per share picture.

Starbucks (SBUX) posted 7% higher December comparison store sales, and 22% higher total sales.

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