H-P Will Slash 6,000 Jobs
Hewlett-Packard (HWP ) expects a 14%-16% Q3 revenue decline, including a 3% negative currency impact. The company will cut about 6,000 jobs. S&P maintains hold. Goldman cut the estimates.
Allergen (AGN ) posted $0.47 vs. $0.39 Q2 EPS from operations on a 3% sales rise, and sees about $0.50 Q3 EPS, $0.60 Q4, and $1.94 2001 from operations. S&P keeps hold.
Corning (GLW ) posted better than expected $0.29 vs. $0.31 Q2 EPS from operations despite a 5.1% revenue rise. S&P maintains hold.
CVS Corp. (CVS ) says that on Wednesday, an inadvertent disclosure was made to an institutional investor that 2002 EPS growth rate would be in the low double digits. S&P maintains hold.
Schering-Plough received marketing approval from FDA for Rebetol Capsules as a separately marketed product for use only in combination with Intron A Injection for chronic hepatitis C. Enzon Inc. (ENZN ) will receive royalties.
Vignette Corp. (VIGN ) posted a $0.04 Q2 loss vs. $0.01 EPS as higher costs offset a 9% revenue rise. Salomon SB upgraded to buy from outperform. Legg Mason upgraded to buy from market perform.
NetIQ Corp. (NTIQ ) posted better than expected $0.14 vs. $0.14 Q4 EPS from operations as more shares offset a sharp revenue rise. Pacific Crest reportedly upgraded to strong buy from buy.
Affymetrix (AFFX ) posted a $0.16 Q2 loss vs. a $0.11 loss as higher costs offset a 9.1% revenue rise. S&P keeps hold, and CS First Boston upgraded to strong buy, while JP Morgan reportedly upgraded.
Eden Bioscience (eden ) inked a pact to explore the use of the company's messenger product in the home usage market.
Netegrity (NETE ) posted $0.09 Q2 EPS vs. breakeven on sharply higher revenues. Tucker Anthony reiterates strong buy. UBS Warburg reiterates buy.
Sony Corp. (SNE ) posted a yen 39.26 Q1 loss vs. yen 12.71 EPS as higher costs offset a 5% sales rise. Sony sees yen 7.7B in fiscal 2002 sales, and yen $250M operating income, citing Electronics business weakness. Merrill downgraded.
Unumprovident (UNM ) posted lower than expected $0.60 vs. $0.59 Q2 EPS despite slightly lower revenues.
Adolph Coors ( RKY ) posted $1.35 vs. $1.43 Q2 EPS as soft sales to retail trends offset a 3.4% net sales rise.
Kos Pharmaceutical (KOSP ) received an approvable letter from FDA for Advicor tablets, its dual component product for cholesterol disorders. Kos notes formal approval is expected after a plant inspection on December 15.
Next Level ( NXTV ) posted a $0.21 Q2 loss vs. a $0.18 loss from operations on a 21% revenue decline, and sees Q3 revenue of $28M-$30M, below Q2 's $31.9M estimate. CS First Boston downgraded to hold.
Celera Genomics (CRA ) posted a $0.56 Q4 loss vs. a $0.43 loss despite a 83% revenue rise. Celera sees 40%-50% fiscal 2002 revenue growth. S&P maintains hold.
Hewlett-Packard (HWP ) expects a 14%-16% Q3 revenue decline, including a 3% negative currency impact. The company will cut about 6,000 more jobs, citing global economic woes and weak tech spending, particulary in the consumer sector.
Callaway Golf (ELY ) posted $0.44 vs. $0.61 Q2 EPS from operations on a 13% sales decline, and sees $1.00-$1.05 2001 EPS on $830M-$840M sales.
Hotjobs.com (HOTJ ) posted $0.04 Q2 EPS vs. a $0.23 loss from operations on 41% revenue rise and notes it achieved profitability a full quarter ahead of expectations. Hotjobs sees $0.04 Q3 EPS from operations (pro forma) on 4%-6% higher total revenue.
Cytyc Corp. (CYTC ) posted $0.11 vs. $0.04 Q2 EPS (pro forma, fully taxed) on 58% revenue rise. Robertson Stephens upgraded to strong buy from buy.
GoTo (GOTO ) posted a $0.06 Q2 loss vs. a $0.42 loss on a sharp revenue rise. GoTo sees $0.02 Q3 EPS on $64M revenue; and sees $0.05 Q4 EPS, $0.31 for 2002. CS First Boston raised the estimates and target; and reiterates buy.
Homestore.com (HOMS ) posted $0.13 Q2 EPS vs. a $0.29 loss (pro forma) on a 79% revenue rise, and sees $0.55 2001 EPS (pro forma), and $0.93 for 2002. Robertson Stephens upgraded to strong buy from buy.
Compaq (CPQ ) posted $0.04 vs. $0.21 Q2 EPS on a 17% revenue decline. Compaq sees $8B-$8.4B Q3 revenue, and $0.07-$0.08 EPS. S&P and CS First Boston maintain hold.
Quest Software (QSFT ) posted $0.07 Q2 EPS (pro forma) vs. a $0.12 loss on 82% higher revenues. CS First Boston raised estimates. Morgan Stanley reiterates outperform.
New Focus (NUFO ) posted a $0.17 Q2 loss vs. a $0.13 loss from operations despite a 83% revenue rise. The company also expects Q3 revenue to decline sequentially to about $16M-$20M, and sees a $0.24-$0.29 Q3 loss (pro forma).
Viewpoint Corp. (VWPT ) entered a broadcast licensing and distribution pact with AOL under which AOL will pay to Viewpoint undisclosed annual license fees.
ADAPTEC (ADPT ) posted better than expected $0.06 vs. $0.26 Q1 EPS (pro forma) on a 28% revenue decline. S&P maintains hold.
Electronic Data (EDS ) posted $0.62 vs. $0.53 Q2 EPS from operations on 13% higher base revenue. S&P maintains hold. Morgan Stanley downgraded to neutral from outperform.
Hibbett Sporting (HIBB ) Lowers Q2 EPS guidance to $0.27-$0.29 on 1.5%-2% same store sales; projects Q3 EPS to be slightly below or flat with year ago, fiscal 02 EPS in $1.70-$1.75 range.
Brooks Automation BRKS posted $0.22 vs. $0.44 Q3 EPS despite a 7% sales rise, and expects Q4 revenues will be about $70M-$80M, and says ot will achieve breakeven or better results; could report results between breakeven and a loss per share of $0.10.
Dow Chemical (DOW ) posted $0.33 vs. $0.72 Q2 EPS from operations on 3.2% sales drop, citing lower pricing, and higher energy and feedstock costs.
Baker Hughes (BHI ) posted $0.31 vs. $0.12 Q2 EPS from operations on a 6.9% revenue rise, and sees $0.33-$0.35 Q3 operating EPS, and $1.20-$1.25 for 2001.
Varian Medical (VAR ) posted $0.56 vs. $0.43 Q3 EPS on a 12% sales rise. Varian looks for fiscal 2001 EPS from operations to increase about 30% over fiscal 2000's $1.64. S&P maintains accumulate.