Texaco Trumps Estimates

DuPont beats lowered Street forecast; stronger earnings for Ticketmaster; plus other stocks in the news

Texaco (TX ) posted $1.50 vs. $1.17 Q2 EPS from operations on a 12% revenue rise.

Ticketmaster (TMCS ) posted $0.14 Q2 cash EPS vs. a $0.02 loss on a 13% revenue rise. The company posted $27.3M Q2 EBITDA vs. $13.7M. S&P reiterates accumulate. Prudential raised estimates.

DuPont (DD ) posted $0.41 vs. $0.90 Q2 EPS from operations on lower volumes, higher raw material costs, and 12% lower sales. DuPoint Does not think Q2 is the market bottom of the economic downturn, and sees conditions deteriorating into Q3.

CEC Entertainmnt (CEC ) posted $0.43 vs. $0.44 Q2 EPS on slightly lower same store sales, and 6.6% higher total sales, and cut the 20001 EPS guidance to $2.21-$2.24. Banc of America downgraded to market perform from buy.

Qlogic Corp. (QLGC ) posted $0.23 vs. $0.21 Q1 EPS on a 19% revenue rise. Dain Rauscher cut estimates. CIBC World cut the target.

Dollar Tree (DLTR ) posted $0.19 vs. $0.22 Q2 EPS. DB Alex Brown downgraded to market perform from buy.

Peregrine Systems (PRGN ) posted $0.12 vs. $0.10 Q1 EPS on a 82% revenue rise S&P maintains accumulate. CIBC World maintains strong buy.

Robertson Stephens upgraded AT&T Wireless (AWE ) to strong buy, abd raised his target to $21. S&P maintains hold. Tuesday the company posted a $0.02 Q2 loss, and 37% higher Q2 total revenue.

Cymer Inc. (CYMI ) posted better than expected $0.15 vs. $0.15 Q2 EPS on on 18% lower sales, and believes Q3 total revenue will decline by 20%-25% sequentially, but could potentially decline by as much as 25%-30%.

AT&T Corp. (T ) is looking to fend off an unsolicitied suitor for its cable TV business and its in preliminary talks with AOL Time Warner about a friendly deal to merge their cable operations: Wall Street Journal.

Peoplesoft (PSFT ) posted $0.14 vs. $0.06 Q2 EPS (recurring operations) on a 27% revenue rise. S&P maintains hold.

Xerox (XRX ) posted a $0.10 Q2 loss vs. $0.27 EPS from operations on 13% lower revenues. Xerox continues to expect a return to profitability in the second half, but economic environment, normal Q3 seasonality will likely delay this to Q4.

Microsemi (MSCC ) posted $0.33 vs. $0.27 Q3 EPS (pro forma) despite flat sales, and expects Q4 sales to "buck the current trend" of declines among industry peers.

Credence Systems (CMOS ) says business across entire automatic test equipment sector appears to be reaching record lows, now sees $15M-$20M Q3 revenue, and a $0.40-$0.45 loss from operations.

Lam Research (LRCX ) posted $0.28 Q4 EPS from operations vs. Q3 's $0.48 on a 21% sequential revenue decline. The company did not provide year ago figures.

CNET Networks (CNET ) posted a $15.8M Q2 EBITDA loss vs. a $5.1M EBITDA (pro forma) on a 32% revenue decline. CNET will cut workforce by 15% and sees a Q3 EBITDA loss of $10M-$17M on revenue of $70M-$75M, and a 2001 EBITDA loss of $40M-$55M.

Varian Semiconductor (VSEA ) posted $0.08 vs. $0.81 Q3 EPS on 34% lower revenues. S&P maintains hold. CS First Boston cut estimates.

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