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Career Education Plunges

Career Education (CECO) shares plunged more than 16% after the company says it reviewed a copy of an amended class action complaint; it says the complaint is without merit. Piper Jaffray says allegations in the amendment have re-kindled investor concerns surrounding alleged falsification of student records. S&P downgraded the stock to hold.

Solectron (SLR) posted third-quarter earnings per share of 1 cent (pro forma), vs. 10-cents loss a year ago, on a 29% sales rise. It sees 3 cents to 5 cents fourth-quarter EPS from continuing operations (excluding items) on sales of $3.05 billion to $3.2 billion. S&P reiterates hold.

Red Hat (RHAT) reported first-quarter earnings per share of 5 cents, vs. 1 cent a year ago, on a 53% revenue rise. Schwab SoundView says top-line miss is masking strengthening fundamentals; it kept an outperform ranking. First Albany downgraded its ratign to neutral from buy.

Adobe Systems (ADBE) posted second-quarter earnings per share of 44 cents (GAAP), vs. 27 cents a year ago, on a 28% revenue rise. The software maker sees third-quarter EPS of 31 cents to 36 cents on revenue of $360 million to $380 million. It expects to exceed previous full year targets.

American Healthways (AMHC) posted third-quarter earnings per share of 22 cents, vs. 14 cents a year ago, on a 56% revenue rise. The company raised its 71 cents to 73 cents fiscal year 2004 EPS guidance to 74 cents to 75 cents.

Progress Software (PRGS) posted second-quarter earnings per share of 21 cents, vs. 18 cents (GAAP), on 17% revenue rise. It sees $88 million to $90 million third-quarter revenue and 20 cents to 21 cents EPS (GAAP), and $360 million to $365 million fiscal year 2004 revenue and 77 cents to 80 cents EPS.

Leaders of Delta Air Lines (DAL) pilots union signaled they're preparing a new concessions offer to try to jump-start wage-cut talks with Delta, after getting new information from the company detailing its financial peril, according to a report.

Bear Stearns downgraded Central Freight (CENF) to peer perform from outperform. On Thursday, the company forecast 9 cents to 14 cents second-quarter loss (including an 11-cents tax benefit).

Chattem (CHTT) reported second-quarter earnings per share of 52 cents, vs. 38 cents a year ago (excluding charges), on a 10% revenue rise. The company sees EPS of 41 cents to 43 cents in the third-quarter and $1.60 to $1.65 in fiscal year 2004. S&P raises estimates and target; reiterates buy.

Fremont General (FMT) says California Insurance Commissioner John Garamendi reportedly filed a suit against the company on June 2, alleging improper use of net operating loss deductions belonging to one of its discontinued operating units.

Citigroup upgraded Orient Express (OEH) to buy from hold.

Georgia Gulf (GGC) raised its second-quarter earnings per share guidance to 85 cents to 90 cents. It cited greater-than-expected improvement in its aromatics business.

Guidant (GDT) says the FDA will review the company's submission to expand user labeling, including indications, for its cardiac resynchronization therapy defibrillators on July 28, 2004.

Tweeter Home Entertainment (TWTR) expects third-quarter comp-store sales to be down 3% to 5%, vs. previous expectation of up between 0% and 4%.

Tibco Software (TIBX) reported second-quarter earnings per share of 5 cents, vs. breakeven a year ago, on a 32% revenue rise.

California Micro Devices (CAMD) reaffirms first-quarter guidance of 7 cents to 9 cents EPS on revenue of $16.4 million to $16.7 million. However, the company says revenue from Computing and Digital Consumer markets are expected to be flat to up modestly from the fourth quarter on weaker-than-expected demand for computers.

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