Corning Beats the Street, Reduces Earnings Forecast
Corning (GLW ) posted $0.34 vs. $0.18 Q4 EPS (pro forma) on a 52% sales rise, beating Street estimates. The chemical concern widened its Q1 EPS guidance to $0.28-$0.31 from $0.29 cents to $0.30. Salomon Smith Barney downgraded Corning's rating, while Merrill Lynch reportedly also downgraded the company's rating. S&P maintained its accumulate rating.
Polaroid (PRD ) posted a $0.26 Q4 loss from operations vs. $0.64 EPS on a 22% sales drop. The seller of photographic equipment believes conservative trade buying patterns will continue into 2001.
JDS Uniphase (JDSU ) and SDL Inc. (SDLI ) are expected to complete their merger in February 2001. Salomon Smith Barney downgraded the company to outperform from buy.
Schering-Plough (SGP ) posted $0.39 vs. $0.34 Q4 EPS on a 5.6% sales rise.
Dow Chemical (DOW ) posted $0.36 vs. $0.50 Q4 EPS from operations as higher hydrocarbon, energy costs and flat selling prices offset a 2.8% sales rise.
Eli Lilly (LLY ) posted $0.70 vs. $0.61 Q4 EPS from operations on a 5.6% sales rise. The drug maker sees $0.71-$0.73 Q1 EPS, and $2.75-$2.85 2001 EPS.
E*Trade Group (EGRP ) posted $0.02 Q1 EPS vs. a $0.13 loss from ongoing operations on a 22% revenue rise. The online trading company sees 2001 revenue of $1.6 billion and $0.25 EPS from operations. S&P maintained its hold rating.