Goldman Says EMC Concerns Still Linger
Goldman says day two of the analyst meeting at EMC Corp. (EMC ) did not provide thorough answers to concerns; Goldman expects concerns to act as an overhang on the stock in the near term. S&P keeps accumulate.
Dial Corp. 's (DL ) board concluded that the company's interests would be best served if it were part of a larger enterprise. S&P maintains hold.
Cheap Tickets (CTIX ) posted $0.05 vs. $0.21 Q2 EPS on 3.6% lower revenues. CIBC World says results are in line with the company's preannouncement, and reiterates buy.
Tucker Anthony reiterates strong buy on Mercantile Bank (MBWM ).
Morgan Stanley downgraded Motorola (MOT ) to outperform from strong buy on valuation.
JD Edwards (JDEC ) ( posted preliminary $0.10 Q3 loss from operations on about $200M revenues. S&P maintains sell. First Union will bring estimates down.
Perrigo Co. (PRGO ) sees better than expected $0.05 Q4 EPS from operations on sales of about $180M. Fahnestock upgraded to strong buy from buy. S&P maintains hold.
Prudential downgraded Gentex Corp. (GNTX ) to hold from buy. On Thursday the company said it will ship its interiorautomatic-dimming mirror with compass display to Ford.
Syncor International (SCOR ) Tucker Anthony reiterates strong buy on. Thursday the company teamed up with Lilly to provide emergency response delivery service to hospitals for Xigris, Lilly's drug for severe sepsis.
CS First Boston downgraded Descartes (DSGX ) to buy from strong buy.
Creo Products (CREO ) posted $0.20 vs. $0.28 Q3 EPS (adjusted) despite a 4.6% revenue rise and sees Q4 net from operations close to breakeven on revenue of $145M-$150M, and $0.58 fiscal 2001 adjusted EPS.
CIBC World initiated coverage of Applied Films (AFCO ) with strong buy, and a $47 target.
Disney (DIS ) posted $0.23 vs. $0.23 Q3 EPS (pro forma) on a slight revenue decline. S&P maintains accumulate.
Cima Labs Inc. (CIMA ) posted $0.22 vs. $0.03 Q2 EPS on 40% sales rise and and raised 2001 EPS guidance to $0.90-$0.95. Fahnestock reiterates buy.
Protein Design (PDLI ) posted $0.07 vs. $0.12 Q2 EPS as higher costs offset 5.9% revenue rise. The firm sees breakeven 2001 net. S&P maintains hold. Lehman and CIBC World cut estimates.
Noven Pharmaceutical (NOVN ) posted $0.14 Q2 EPS and expects 2001 revenue to be modestly above the 2000 level, on $0.40-$0.45 EPS. Noven says 2002 revenue could be flat. S&P keeps hold. DB Alex Brown downgraded to buy.
Sensormatics El (SRM ) agreed to be acquired by Tyco International (TYC ) in deal valued at about $2.3B, including $116M debt assumption. Terms: $24 in Tyco stock per Sensormatics share. S&P upgraded Senstormatics to buy from accumulate.
Symmetricom (SYMM ) posted $0.20 vs. $0.15 Q4 EPS from continuing operations on a 14% sales rise, and sees $0.01-$0.08 Q1 EPS on revenue of $25M-$30M. The firm says fiscal 2002 revenue can range from down 12% to up 10%.
Fleetwood (FLE ) posted a preliminary 22% Q1 sales decline, citing the impact of weak industry conditions on manufactured housing and recreational vehicles.
Endocare (ENDO ) received FDA market clearance for cryoablation technology for surgical treatment of arrhythmias, including atrial fibrillation.
Copper Mountain (CMTN ) posted a $0.17 Q2 loss vs. $0.24 EPS pro forma on 26% revenue drop. The firm set a restructure; it will terminate low-end CPE, MTU product lines; cut 40% workforce, and take a charge. S&P maintains avoid. Kaufman Bros. downgraded.
Ethan Allen (ETH ) posted $0.50 vs. $0.59 Q4 EPS on flat sales, and higher operating costs. At this point, the company expects Q1 sales to be lower by about 5%, EPS in $0.40-$0.44 range.
Charles River (CRL ) posted $0.24 vs. 40.14 Q2 EPS from operations on 51% sales rise. The firm sees $0.21-$0.22 Q3 EPS on sales of $114M-$117M, and $0.85-$0.87 2001 EPS.
Teva Pharmaceutical (TEVA ) says FDA has awarded final approval for fluoxetine oral solution, a generic version of Prozac Oral Solution. Launch is anticipated to begin immediately.
Burlington Coat (BCF ) posted $0.04 vs. $0.16 Q4 EPS despite slightly higher same store sales and flat total sales.
Starbucks (SBUX ) posted 4% higher July same store sales, and 19% higher total sales.