Higher Forecast for Adobe Systems

S&P revises earnings estimates for Wet Seal and others

Mar. 19

Company: Adobe Systems (ADBE )

Year ending: Nov-2004

Prior estimate: 1.50

New estimate: 1.67

Rationale: Second quarter results; fiscal year 2004 guidance

Company: Solectron (SLR )

Year ending: Aug-2004

Prior estimate: -.06

New estimate: -.04

Rationale: Better end-market demand; cost control

Company: Tektronix Inc (TEK )

Year ending: May-2004

Prior estimate: .90

New estimate: .99

Rationale: Better than expected third quarter results

Company: Valmont Industries (VMI )

Year ending: Dec-2004

Prior estimate: 1.16

New estimate: 1.02

Rationale: Changed margin assumptions

Company: Wet Seal (WTSLA )

Year ending: Jan-2005

Prior estimate: -.35

New estimate: -1.25

Rationale: Company expects soft sales volumes

Mar. 18

Company: J.B. Hunt (JBHT )

Year ending: Dec-2004

Prior estimate: 1.45

New estimate: 1.62

Rationale: Retail sales, industrial production up

Company: Scholastic (SCHL )

Year ending: May-2004

Prior estimate: 2.25

New estimate: 1.89

Rationale: Lower trade sales; do-not-call rules

Mar. 17

Company: Bear Stearns (BSC )

Year ending: Nov-2004

Prior estimate: 7.50

New estimate: 9.00

Rationale: Continued strength in Fixed Income

Company: Forest Oil (FST )

Year ending: Dec-2004

Prior estimate: 1.82

New estimate: 1.05

Rationale: Higher unit depletion, depreciation

Company: Pixar (PIXR )

Year ending: Dec-2004

Prior estimate: 1.50

New estimate: 1.92

Rationale: Profits from theatrical releases

Company: Post Properties (PPS )

Year ending: Dec-2004

Prior estimate: .09

New estimate: -.17

Rationale: Weak fundamentals

Mar. 16

Company: Insituform (INSU )

Year ending: Dec-2004

Prior estimate: .60

New estimate: .20

Rationale: Weak rehab demand, project delays

Company: Ionics Inc (ION )

Year ending: Dec-2004

Prior estimate: .60

New estimate: .45

Rationale: See lumpiness in bookings

Company: Lehman Brothers (LEH )

Year ending: Nov-2004

Prior estimate: 6.40

New estimate: 7.25

Rationale: See sustainable revenue growth

Company: Metris Cos (MXT )

Year ending: Dec-2004

Prior estimate: -.75

New estimate: -.25

Rationale: Lower operating expenses

Company: Tenet Health (THC )

Year ending: May-2004

Prior estimate: .86

New estimate: .10

Rationale: Weak managed care prices; higher costs

Mar. 15

Company: Electroglas (EGLS )

Year ending: Dec-2004

Prior estimate: -.74

New estimate: -.40

Rationale: Aggressive cost cutting

Company: ImClone Systems (IMCL )

Year ending: Dec-2004

Prior estimate: -.04

New estimate: .37

Rationale: Lower cost estimate; higher milestones

Company: Phelps Dodge (PD )

Year ending: Dec-2004

Prior estimate: 5.90

New estimate: 6.90

Rationale: See higher average copper price

Company: Stewart & Stevenson (SVC )

Year ending: Jan-2005

Prior estimate: .91

New estimate: .78

Rationale: Changed margin assumptions

Company: Winn-Dixie (WIN )

Year ending: Jun-2004

Prior estimate: -.20

New estimate: -.27

Rationale: Weaker prospects

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