Lowe's Puts Up Solid Numbers
Toys 'R' Us (toy ) posted an as-expected $0.15 Q2 loss on slightly higher sales. The company says it is comfortable with fiscal 2002 estimates. S&P maintains accumulate. Tucker Anthony upgraded the shares to buy.
Lehman downgraded Ciena Corp. (CIEN ) to market perform from strong buy.
Robertson Stephens upgraded Micromuse (MUSE ) to buy from market perform.
Korn/Ferry International (KFY ) will incur a $86M charge as the result of an additional 20% workforce reduction and infrastructure streamlining. The firm now sees a $0.05-$0.08 Q1 loss on about $114M revenue.
Morgan Stanley downgraded Extreme Networks (EXTR ) to neutral from outperform. The company was unavailable for comment.
Morgan Stanley downgraded Enterasys (ETS ) to neutral from outperform. The company was unavailable for comment.
Merrill Lynch downgraded Ford Motor Co. (F ) to near term neutral from accumulate; the firm maintains its long term buy rating on the automaker. Meanwhile, CS First Boston and UBS Warburg each cut their estimates on Ford, which on Aug. 17 forecast $0.70 2001 EPS from operations.
Lowe's Cos. (LOW ) posted $0.42 vs. $0.36 Q2 EPS on a 16% sales rise. The company expects Q3 sales to increase by about 20%, and same store sales to increase by 2%-4%.
JC Penney 's (JCP ) stock has rallied since bottoming at $8.63 in December, on investors' hopes CEO Allen Questrom has the magic touch. Bill Nygren of Oakmark Fund thinks shares could climb to $60 over next the four years: Barron's.
Pall Corp. (PLL ) sees $1.04-$1.06 fiscal 2001 EPS from operations. In addition to a $8M Q4 charge related to a workforce reduction, Pall will also take a charge of about $10M primarily for environmental matters and a facility closure.
Green Mountain Coffee (GMCR ) posted $0.18 vs. $0.11 Q3 EPS on a 9% sales rise. The company now expects stronger $0.17-$0.19 Q4 EPS and $0.78-$0.80 fiscal 2001 EPS.
Fleming Cos. (FLM ) affirmed its previous $1.96 2001 EPS (adjusted) guidance, as well as $2.50 for 2002, and $3.30 'for 203.
Callaway Golf (ELY ) set a stock buyback of up to $100 million.
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