Level 3 (LVLT ) posted a $1.45 Q1 loss vs. a $0.77 loss as higher costs offset a sharp revenue rise. Level 3 sees about a $7.25 2001 loss ($0.25 narrower than previous guidance), and about a $330M 2001 EBITDA loss.

Interwoven (IWOV ) posted $0.02 Q1 EPS vs. a $0.02 loss on sharp revenue rise. CS First Boston reiterates strong buy. Tucker Anthony reiterates buy.

Dain Rauscher reiterates strong buy on Ciena (CIEN ) and has a $150 target.

Celestica(CLS ) posted $0.39 vs. $0.20 Q1 EPS on a 67% revenue rise. CS First Boston maintains strong buy. S&P maintains hold.

Storage Networks (STOR ) posted a $0.34 Q1 loss vs. a $1.09 loss and posted a narrower EBITDA loss on a sharp revenue rise. Raymond James reiterates strong buy and narrows loss estimates.

UAL Corp. (UAL ) posted a $5.82 Q1 loss vs. $0.84 EPS on 2.7% lower revenues. Based on current revenue trends, the year-over-year decline in Q2 unit revenue will be considerably worse than the Q1 decline; UAL sees a Q2 loss.

General Motors (GM ) posted $0.50 vs. $2.80 Q1 EPS from operations on a 10% revenue decline and says its comfortable with approximately $0.95 Q2 consensus estimate.

AT&T (T ) says it will issue 1.176 shares of AT&T Wireless Group tracking stock in exchange for each share of AT&T common validly tendered, not withdrawn.

Coca-Cola (KO ) posted a $0.35 Q1 EPS vs. $0.02 loss on 4% higher worldwide unit case volume. Coke takes a more conservative outlook, and now expects unit case volume growth of 5%-6% in 2001.

Gillette (G ) posted $0.17 vs. $0.24 1Q EPS on 7% lower revenues. S&P downgraded to hold.

Veritas Software (VRTS ) posted $0.21 vs. $0.12 Q1 EPS (pro forma) on 58% revenue rise. Veritas lowered its 2001 revenue growth range to 35%-50% from 40%-50%. S&P maintains hold. CS First Boston and Merrill cut estimates. Salomon downgraded.

Storage Networks (STOR ) posted a $0.34 Q1 loss vs. a $1.09 loss, and a narrower EBITDA loss on sharp revenue rise. Raymond James reiterates its strong buy and narrows loss estimates.

Celestica (CLS ) posted $0.39 vs. $0.20 Q1 EPS on a 67% revenue rise. S&P maintains hold.

RF Micro Device (RFMD ) posted a $0.04 Q4 loss vs. $0.08 EPS on a 35% revenue decline and expects a $0.05-$0.06 Q1 loss on a 20% sequential revenue rise. Dain Rauscher upgraded to buy from neutral. Banc of America raised its price target.

Dain Rauscher upgraded Nortel Networks (NT ) to buy from neutral.

Intel Corp. (INTC ) posted $0.16 vs. $0.43 Q1 EPS from operations on 16% revenue decline. Intel sees $6.2B-$6.8B Q2 revenue. S&P maintains hold. Banc of America and Prudential upgrade. S&P maintains hold.

Hewlett-Packard (HWP ) sees $0.13-$0.17 Q2 EPS (including $150M in one-time charges), and a sees 2%-4% Q2 sequential, year-over-year revenue decline. HP cited the worldwide IT spending slowdown.

Texas Instrument (TXN ) posted $0.18 vs. $0.28 Q1 EPS on 8% revenue decline and expects Q2 revenue to be down about 20% sequentially. Texas Instrument will lay off 6% of its workforce. S&P maintains hold.

Knight Trading (NITE ) posted $0.21 vs. $1.07 Q1 EPS on 56% revenue drop. Absent any economic catalyst, Knight believes self-directed investors will continue to remain cautious as the market cycle bottoms out.

Tyco Intl. (TYC ) posted $0.65 vs. $0.50 Q2 EPS from operations on 26% revenue rise.

AOL Time Warner (AOL ) posted 20% higher 1st quarter EBITDA, $0.23 vs. $0.19 cash EPS on 9% higher revenues.

Teradyne (TER ) posted $0.33 vs. $0.52 Q1 EPS from operations on slight sales decline. Teradyne says its current Q2 plan is to ship between $425M-$450M, and work to lower expenses to breakeven at that volume.

Pfizer (PFE ) posted $0.33 Q1 EPS from operations vs. a $0.03 loss (reflecting a payment from Warner-Lambert to American Home Products to terminate a merger deal) on 6.8% revenue rise.

Rational Software (RATL ) posted $0.22 vs. $0.18 Q4 EPS (pro forma) on 34% revenue rise. S&P maintains accumulate.

Sysco (SYY ) posted $0.21 vs. $0.15 Q3 EPS on 13% revenue rise.

Washington Mutual (WM ) posted $1.15 vs. $0.83 Q1 EPS on 25% higher net interest income. The current quarter includes partial quarter results from two acquisitions. The firm set a 3-for-2 stock split.

Tycom (TCM ) posted better than expected $0.13 vs. $0.16 Q2 EPS on 12% revenue drop, and raised its $0.69 fiscal 2001 EPS guidance to $0.71-$0.73.

Electronics For Imaging (EFII ) posted $0.23 vs. $0.44 Q1 EPS from operations on 7% revenue decline. S&P maintains accumulate.

Cadence Design (CDN ) posted $0.16 vs. $0.01 Q1 EPS from operations on 34% revenue rise, and expects 15% Q2 revenue rise, 18% for 2001. Cadence withdrew its IPO registration for Tality. S&P maintains accumulate.

RealNetworks (RNWK ) posted $0.02 vs. $0.05 Q1 EPS (pro forma) on 5.8% revenue decline. S&P maintains accumulate. CS First Boston cuts estimates and maintains hold. Hambrecht maintains hold.

Hutchinson Tech (HTCH ) posted a $0.46 Q2 loss vs. a $0.38 loss from operations on a 17% revenue decline and expects Q3 sales of $80M-$95M, with gross margins of 4%-7% resulting in a loss of $0.50-$0.70 per share.

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