Intel Sees Revenues Within Expectations

Shares of Gap and Abercrombie & Fitch get marked down; General Cable dips on news of asset sale; plus more of today's stocks in the news

After the close of the bell Thursday, Intel Corp. (INTC ) says Q3 revenues will be within the previous range of $6.2B to $6.8B. Investors had largely expected the chipmaker to narrow the forecast.

Motorola ( MOT ) shares were sharply lower after the company said it sees sequentially flat Q3 sales vs. its prior forecast of up 5% due to softer than expected demand in telecom. Motorola also sees a $0.05-$0.08 Q3 loss (pro forma) vs. a $0.05 loss consensus. S&P keeps hold.

Gap Inc. (GPS ) posted 17% lower August same store sales, and flat total sales. CIBC World downgraded to hold from strong buy.

UBS Warburg downgraded American States Water (AWR ) to hold from buy.

Workflow Management (WORK ) posted $0.18 vs. $0.14 Q1 EPS on 9.4% higher revenues and sees $1.12-$1.15 fiscal 2002 EPS.

Medtronic (MDT ) plans to offer $1.5B principal amount of debentures convertible into Medtronic stock.

Verisign (VRSN ) UBS Warburg says the selloff is unjustified, and buy on weaknesss.

Abercrombie & Fitch (ANF ) posted a 10% August same store sales drop, and 5% higher total sales.

Mattson Technology (MTSN ) sees $0.05-$0.10 Q3 loss on 6%-9% lower revenues, cites continued sales weakness in merchandising companies, and higher than expeced charge-offs in the private-label credit-card business.

Spiegel Inc. (SPGLA ) revised Q2 revenue from $82M to $71.4M due to unintentional bookkeeping error. The warnng has no impact on the net loss for the quarter, and Spiegel confirmed its previously stated Q3 revenue guidance of $75M-$80M.

Potters Financial (PTRS ) agreed to be acquired by United Community Financial Corp. in a deal valued at $23.6M, or $22 per Potters share.

Lehman says recent weakness of Yahoo! Inc. (YHOO ) creates a compelling buying opportunity.

Manugistics Group (MANU ) sees a $0.14-$0.16 Q2 adjusted loss on revenue of $68M-$70M, citing lengthened sales cycles, unanticipated order delays. Dain Rauscher downgraded to neutral from buy. CS First Boston cut estimates.

August Technology (AUGT ) expects Q3 revenue to be about 55%-65% below Q2. Adams Harkness downgraded to buy from strong buy.

Freemarkets (FMKT ) sees a $0.07-$0.09 Q3 loss from operations, $0.02-$0.04 better than previous guidance. The company expects revenues and fees to grow between 6%-8% sequentially to between $39.8M-$40.6M.

Fairchild Semiconductor (FCS ) says due to stronger orders in July, August, assuming order strength continues through September, it expects revenues to be down around 15% vs. down 15%-20% previous guidance.

Pier 1 Imports (PIR ) posted flat August same store sales, 6.3% higher total sales. Due to unpredictable sales trends, Pier 1 now sees -2% to +2% same store sales, gross margins, similar to the first half, for the second half of the year.

First Tennessee National (FTN ) expects Q3 EPS to exceed current consensus estimate by 15% or more.

According to press reports, Marriott International (MAR ) is preparing to tell investors that its business in August was even bleaker than in July, providing the worst year over year comparison the company has ever experienced.

Wal-Mart (WMT ) posted 7% higher August same store sales, 14% higher total sales.

Factory 2-U Stores (FTUS ) posted 3.9% lower August same store sales, 14.7% higher total sales and says sales in the final week of August were disappointing.

American Eagle (AEOS ) posted 2.1% higher August U.S. same store sales, and 25.6% higher total sales.

General Cable (BGC ) will sell substantially all of its building wire assets to Southwire Co., and will discontinue manufacturing of consumer cordsets. The company will take a charge of $67M and sees $1.05-$1.10 2001 EPS from operations vs. 2000's $1.39 EPS from ongoing operations.

Walt Disney (DIS ) and News Corp. (NWS ) inked a pact to establish a joint venture company to launch a new broadband entertainment service called, which will provide movies, other entertainment content on demand to consumers in the U.S.

Gemini Genomics (GMNI ) says its scientists have identified mutations in gene that may play an important role in the function of human heart muscle.

Cell Genesys ( CEGE ) says CV890, an oncolytic virus engineered to target, destroy liver cancer cells, and demonstrated significant synergistic antitumor activity in mouse model when used in combination with Doxorubicin.

Limited (LTD ) posted a 4% August same store sales drop, and a 5% total sales drop (excluding sales from Lane Bryant, which was sold to Charming Shoppes).

Intimate Brands (IBI ) posted a 8% August same store sales drop, and a 4.5% total sales drop.

Myriad Genetics (MYGN ) discovered a novel drug target for treatment of human infection by hepatitis C virus.