Exxon Falls on Weak Fuel Prices

Cisco falls on rumors; Adobe slashes revenue outlook; plus more of today's stocks in the news

Exxon Mobil (XOM ) posted $0.39 vs. $0.64 Q2 EPS (excluding special items) on 9.4% lower revenue, amid the depressed business of producing gasoline, heating oil and other fuels. S&P reiterates buy despite weaker than expected results.

Merrill downgraded Peoples Energy (PGL ) to near term reduce/sell from neutral, and maintains long term neutral.

Plato Learning (TUTR ) sees breakeven to $0.02 Q3 EPS (excluding a charge) on $20M-$21M revenue. Plato says federal monies have been slow in moving from the government to schools and districts -- and that many administrators are cautious in spending.

Administaff (ASF ) posted a $0.11 Q2 loss vs. $0.13 EPS as higher operating costs offset an 11% revenue rise.

Newell Rubbermaid (NWL ) posted $0.39 vs. $0.29 Q2 EPS on a 9.9% revenue rise, and sees $0.42-$0.47 Q3 EPS (excluding charges). The company also raised its $1.48-$1.58 2002 EPS forecast to $1.53-$1.58. Merrill upgraded.

CS First Boston downgraded Bebe Stores (BEBE ) to hold from buy. On Tuesday the company posted $0.15 vs. $0.22 Q4 EPS on a 7.9% same store sales drop.

AdvancePCS (ADVP ) is resisting attempts by the Justice Department's assistant U.S. attorney to interview some of its employees and comb through potentially thousands of its internal e-mails, according to The Wall Street Journal. ST Robinson Humphrey and First Albany downgraded.

PG&E (PCG ) posted $0.50 vs. $0.67 Q2 operating EPS, excluding headroom, and sees $2.25-$2.35 2002 EPS from operations, excluding headroom, vs. the previous $2.50-$2.55. California's largest utility said the credit rating on its power-generation unit was cut to junk status.

CS First Boston downgraded Bebe Stores (BEBE ) to hold from buy. On Tuesday the company posted $0.15 vs. $0.22 Q4 EPS on a 7.9% same store sales drop.

UBS Warburg downgraded Getty Images (GETY ) to hold from buy, citing concerns that the advertising market may be weakening.

Circuit City (KMX ) sees $0.27-$0.28 Q2 EPS (including a one-time cost) on high-single- to low-double-digit comp-store used-united sales growth.

CS First Boston downgraded Qualcomm (QCOM ) to hold from buy.

Adobe Systems (ADBE ) reduced its Q3 EPS target to $0.18-$0.23 (pro forma) on $270M-$290M revs., down from $0.24-$0.27 EPS on $300M-$320M, citing lower than expected revenue in July. CSFB cut estimates. Goldman downgraded. CS First Boston cut estimates.

Banc of America says playing Cisco's (CSCO ) short term events like quarterly results was very risky, but over the long term the company has a balance sheet to emerge as a leader.

Oshkosh B'Gosh (GOSHA ) raised its quarterly dividend by 17%.

Williams (WMB ) reached preliminary pacts for about $2 billion in secured debt financing from its banks and Berkshire Hathaway and plans to sell over $1 billion in assets.

Priceline.com (PCLN ) posted pro forma Q2 $0.03 EPS, in line with estimates on $304.5 million in revenues.

Compudyne (CDCY ) posted $0.09 vs. $0.16 Q2 EPS as the higher cost of goods sold, and lower expenses, offset a 26% revenue rise. He thinks the outlook for the second half is significantly better than the first-half outlook, and sees $0.60-$0.65 2002 EPS.

Ingram Micro (IM ) posted $0.08 vs. $0.02 Q2 EPS from operations as lower costs offset an 11% sales decline, and sees $0.09-$0.11 Q3 EPS from operations on $5.30B-$5.45B sales.

Computer Science (CSC ) posted $0.46 vs. $0.28 Q1 EPS on a 2% revenue rise. S&P reiterates hold.

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