business

GM Posts Lower Profits

Plus: other earnings news from JP Morgan Chase, Dow Chemical and Continental Airlines

General Motors (GM ) posted $0.60 vs. $1.15 4Q EPS. The current quarter includes $0.14 from unfavorable effect of currency devaluation in Argentina. The automaker targets $1.00 first-quarter EPS, and $3.00 2002 EPS, excluding Hughes Electronics.

JP Morgan Chase (JPM ) posted $0.12 vs. $0.37 fourth-quarter EPS from operations on a 9.7% revenue drop. The company cited impact from its exposure to private equity investments, Enron and Argentina. S&P maintains a buy rating on the stock.

Shares of Juniper Networks (JNPR ) were relatively flat after it posted $0.05 vs. $0.24 4Q EPS on a 49% revenue decline. S&P notes the company forecasts $0.03 1Q EPS on $150M-$155M revenue. Robertson Stephens downgraded the stoc, while UBS Warburg cuts its estimates.

Dow Chemical (DOW ) was trading lower after AG Edwards downgraded the company to sell from hold.

Shares of Continental Airlines (CAL ) were higher after it posts a narrower than expected $3.81 4Q loss vs. $0.70 EPS on 28% revenue drop. S&P upgraded the stock to accumulate from hold.

Intel (INTC ) posted $0.15 vs. $0.38 fourth quarter EPS from operations on 20% revenue decline. It also sees $6.4B-$7B 1Q revenue. S&P maintains a hold, while CS First Boston upgraded the stock, and Salomon and USB Piper raised estimates for Intel.

eBay (EBAY ) recorded $0.14 vs. $0.09 first quarter EPS (pro forma) on 64% revenue rise. The company also said it sees $0.32-$0.33 first half EPS on revenue of about $490M-$510M. S&P maintains a hold.

DoubleClick (DCLK ) posted $0.01 fourth quarter EPS vs. breakeven (pro forma) despite 27% revenue decline. The company sees $0.03-$0.06 1Q loss on revenue of $82M-$87M. Lehman upgraded the stock to buy from market perform. S&P maintains a strong buy.

Calpine CPN said it sees $1.95 2001 EPS, $1.6M EBITDA (as adjusted), from operations. The company also revised its capex plan; it will complete 27 power projects, while construction of an additional 34 advanced-stage development projects placed on hold.

Harrah's Entertainment (HET ) said it sees $0.44-$0.48 fourth quarter EPS (adjusted) vs. year ago's $0.20, consensus of $0.35. CIBC World and Merrill raised their estimates.

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