Ciena Shares Slide Lower
DB Alex. Brown cuts estimates on Ciena Corp..
Hoak Breedlove upgraded Travelocity.com (TVLY ) to strong buy from buy.
SignalSoft (SGSF ) signed a contract with Radiolinja, a Finnish wireless carrier. SignalSoft also launched Access Manager, a location-based services software product. CS First Boston reiterates buy.
Microsemi (MSCC ) Banc of America upgraded to strong buy from buy. The company noted analyst's comments.
Oracle (ORCL ) posted better than expected $0.15 vs. $0.15 Q4 EPS from operations on a 3% revenue decline. S&P reiterated its accumulate rating. CS First Boston upgraded the stock to strong buy. Merrill Lynch upgraded the shares to long-term buy from long-term accumulate. Salomon upgraded to outperform from neutral.
Lehman Bros. (LEH ) posted $1.57 vs. $1.39 Q2 EPS from operations on a 15% revenue rise. Merrill upgraded to near-term accumulate from near-term neutral.
Superconductor Technologies (SCON ) forecasted its unaudited Q2 net commercial revenues to be about $2.9M vs. $1.2M a year ago. The company expects gross commercial product revenues for Q2 will increase about 120%.
Atlas Air (CGO ) sees breakeven Q2, and $0.90-$1.10 2001 EPS from operations. Atlas Air will reduce its ground-staff workforce by about 200, and will decrease fleet service levels by up to six aircraft. Atlas also will take a $40M-$50M Q2 charge.
Bruker Daltonics (BDAL ) believes shares are lower in sympathy with its direct mass spectrometry competitor Waters Corp.
Waters Corp. (WAT ) cut the Q2 guidance to $0.29 EPS on sales growth before currency effects of 7%-10%. JP Morgan downgraded to long-term buy. S&P maintains hold.
Right Manage (RMCI ) says Q2 results are expected to substantially exceed market expectations, and sees Q2 EPS above $0.50 on revenues in excess of $70M.
Raymond James upgraded Sonus Networks (SONS ) to buy from market perform.
Salomon upgraded Siebel Systems (SEBL ) to outperform from neutral.
CNB Financial Corp. (CNBF ) agreed to be acquired by NBT Bancorp Inc. (NBTB ) in a $140M deal. Terms: 1.2 NBT shares for each CNB share.
DB Alex. Brown downgraded Level 3 Communications (LVLT ) to market perform from buy. On Monday the company forecast $2.1B for 2001, $2.5B-$2.6B for 2002, and $3.5B-$3.6B for 2003 communications cash revenue.
On Assignment (ASGN ) sees $0.18-$0.19 Q2 EPS on flat revenues and sees $0.82-$0.85 2001 EPS. The company raised its buyback program to 10% of stock, and plans to remain independent. CS First Boston cut the estimates and target.
Needham upgraded Juniper Networks (JNPR ) to buy from hold.
Trex Co. Inc. (TWP ) sees $24M-$26M Q2 revenue vs. a year ago's $36.5M. BB&T Capital downgraded to hold from strong buy.
CS First Boston upgraded Charlotte Russe (CHIC ) to buy from hold. On Monday the company forecast Q3 comps in the negative mid-single digit area, and Q3 EPS at least flat vs. year ago but less than expected.
Lehman says Sirius Satellite's (SIRI ) analyst meeting boosts confidence, and reiterates strong buy.
CS First Boston downgraded Exodus Communications (EXDS ) to hold from buy.
Identix Inc. (IDX ) gets contracts from two major airports to assist them in meeting compliance terms of the Airport Security Improvment Act of 2000; they will install the systems by June 30, 2001.
Amtran Inc. (AMTR ) entered a pact whereby the 28% of its stock not owned by Chariman J.G. Mikelsons will be converted into the right to receive $23 cash per share.
Champion Enterprises (CHB ) sees $420M Q2 sales, and reduced the loss estimate to the range of $0.02-$0.05.
Robertson Stephens downgraded TTM Technologies (TTMI ) to market perform from buy.
Datum Inc. (DATM ) sees $0.10-$0.13 Q2 EPS on revenues of $27M-$29M. Datum says in the first half of June, the company began to notice more pronounced weakness in the wireless division.
Dean Foods (DF ) sees $0.40-$0.43 Q4 EPS from operations vs. $0.64 consensus, and $2.25-$2.28 fiscal 2001 (May). The company cites weakness in its Specialty Foods and National Refrigerated Product segments.
Suiza Foods (SZA ) says it's comfortable with consensus $1.11 Q2 EPS estimate and still thinks a Dean-Suiza merger will create significant shareholder value.
Qwest Communications (Q ) reiterated its 12%-13% Q2 revenue growth forecast and $21.3B-$21.7 billion 2001 revenue, along with $8.5B-$8.7B 2001 EBITDA guidance, citing strong service demand.
Solectron (SLR ) posted $0.12 vs. $0.30 Q3 cash EPS despite a 9% revenue rise, and sees $0.05-$0.09 Q4 EPS on $3 to $3.5 billion revenues. Solectron plans to file for a $3 billion universal shelf offering. S&P maintains hold. Lehman cut estimates. Banc of America maintains strong buy.
CS First Boston upgraded Citrix Software (CTXS ) to buy from hold.
Entegris Inc. (ENTG ) posted $0.14 vs. $0.19 Q3 EPS from operations on a 11% revenue decline, and sees a 25%-35% Q4 sequential revenue decline.
Gucci Group ( GUC ) posted $0.55 vs. $0.46 Q1 EPS on a 5.5% revenue rise. Gucci cut the $2.6 billion fiscal 2002 revenue projection to $2.45 billion, and cut the $3.40 EPS forecast to $3.00. Gucci notes lower U.S. interest rates, which will reduce net interest income.
First Consulting (FCGI ) sees Q2 revenues at the lower end of the $69M-$71M projection, and says it has experienced slowdown in some units.
Pier 1 Imports (PIR ) posted $0.13 vs. $0.17 Q1 EPS despite a 2.8% same-store sales rise, noting lower margins due to greater promotional sales and higher advertising expenses as percentage of sales.
Cyberonics Inc. (CYBX ) says net sales for ten months ended April 27 totaled $43.4 million vs. the $37.7 million posted for the year ago; the loss was $1.27 per share vs. a $0.14 per share loss. The company sees greater than 9% growth for fiscal 2002 worldwide sales.
Advanced Power ( APTI ) expects Q2 revenue to finish within the low end of $11 to $11.9 million guidance given on April 19 and sees Q3 revenue of $8.2 to $9 million. The company will institute wage freeze and graduated pay reductions for domestic workers.
Eaton Vance (EV ) will be added to S&P MidCap 400 Index at close of trading on date to be announced, replacing True North Communications, which is being acquired.
Surmodics (SRDX ) will be added to S&P SmallCap 600 Index after the close of trading on a date to be announced, replacing Eaton Vance, which is being added to S&P MidCap 400 Index.
Financial Fedderal (FIF ) will be added to S&P SmallCap 600 Index after the close of trading on a date to be announced, replacing M.S.Carriers, which is being acquired.