Dow Chemical Comes Up Short

Peregrine Systems sees a loss; JP Morgan bullish on Intel; plus more of today's stocks in the news

Dow Chemical (DOW ) does not expect to meet its previous $0.10-$0.20 fourth quarter EPS forecast. The company cites softer volume in several businesses and continued margin compression in basic chemicals. Merrill upgraded its rating on the shares.

Peregrine Systems (PRGN ) sees a $0.07-$0.08 third quarter loss per share (pro forma) on revenue of about $175 million. S&P maintains buy. Bear Stearns put its rating and estimates under review.

JP Morgan says a number of data points from PC and motherboard manufacturers in Taiwan suggest that December PC sell-through had been strong. The firm recommends buying Intel Corp. (INTC ) ahead of its fourth quarter earnings release, scheduled for the week of Jan. 14.

Corillian Corp. (CORI ) sees a $0.23-$0.25 fourth quarter loss per share (pro forma) on lower than expected revenue of about $10 million. The company cites deferred expenditures. UBS Warburg, Wachovia, and JP Morgan each downgraded the stock.

Cyrolife (CRY ) says that based upon early analysis of financial results, it expects revenues for 2001 to set a new record.

Provident Financial (PFGI ) says fourth quarter EPS would be reduced by $49 million after tax, or $0.97 per share, due to higher than expected credit costs; the impact of these actions will result in a $0.57 fourth quarter loss and EPS of $0.46 for all of 2001.

Parametric Technology (PMTC ) expects first quarter revenue to be at or slightly below $200 million, vs. its previous $205 million forecast. The company sees $0.03 first quarter EPS (pro forma), in line with guidance.

Salomon SB upgraded EMC Corp. (EMC ) to buy from outperform.

Pier 1 Imports (PIR ) raised its fourth quarter EPS estimate to $0.44-$0.46 on stronger than expected same-store sales. S&P, Lehman raise estimates.

Banc of America upgraded Concord Communications (CCRD ) to buy from market perform.

Walgreen Co . (WAG ) posted $0.18 vs. $0.15 first quarter EPS on a 17% sales rise. S&P maintains hold.

Isis Pharmaceuticals (ISIP ) says its GeneTrove division has entered into a functional genomics alliance with Amgen whereby that company gains access to Isis' antisense gene functionalization, target validation expertise, and specific patents.

Constellation Brands (STZ ) posted $1.11 vs. $0.93 third quarter EPS on a 21% sales rise. Constellation sees EPS of $0.56-$0.59 for the fourth quarter and $3.05-$3.08 for all of fiscal 2002.

PacifiCare Health (PHSY ) set a restructuring plan, including consolidation of operations, 15% staff reduction, and outsourcing of its IT production and software maintenance services. The company sees 2002 EPS of $3.55-$3.65, including a $1.60 gain from goodwill elimination.

Newmont Mining (NEM ) increased the cash portion of its offer for Normandy Mining to A$0.50 from A$0.40. The bid now has a value of A$1.93 per Normandy share. Normandy recommends shareholders accept the revised offer.

Delta and Pine Land (DLP ) posted a $0.12 first quarter loss vs. a $0.13 loss as higher gross margin and lower operating expenses offset 14% lower revenues.

According to a press report, General Motors (GM ) plans a new sales drive using big cash rebates instead of 0% interest loans. The move is an acknowledgement that without heavy discounts, sales of many Big Three models would drop.

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