Waste Management Shares Take a Spill
Waste Management (WMI ) sees $0.24-$0.25 4Q EPS ($0.30-$0.31 pro forma), and says the results include a $16M expense related to the Enron bankruptcy; and says it has no further exposure to Enron. S&P downgraded.
TMP Worldwide (TMPW ) says statements in Forbes' Streetwalker column are inaccurate, irresponsible and intentionally disregard written corrections provided on Jan. 29, 2002. Forbes said TMP incurred lots of "one-time" merger and integration expenses that it glosses over to make results shinier. Merrill rates neutral.
Luminex Corp. (LMNX ) posted a $0.13 fourth quarter loss vs. $0.13 loss despite 77% revenue rise. Thomas Weisel downgraded to market perform from buy.
Walt Disney (DIS ) posted better than expected $0.15 vs. $0.31 first quarter EPS from operations on a 7% revenue decline. Merrill upgraded to near term buy from neutral.
The FDA approved Amgen's (AMGN ) Neulasta, administered as a single fixed dose per chemotherapy cycle. DB Alex Brown reportedly upgraded to strong buy from buy.
UAL Corp. (UAL ) posted an $11.74 fourth quarter loss vs. a $2.41 loss on 39% lower passenger revenues. UAL sees January passenger unit revenue 15%-17% below last year, and expects to report a significant first quarter loss.
Viacom (VIA.B ) CEO Sumner Redstone will not renew contract of president Mel Karmazin, after Karmazin's term ends in May 2003, according to press reports.
Footstar (FTS ) posted 8.9% higher January same store sales rise, and 16% higher total sales. He notes that it has received payment for all sales proceeds due from Kmart.
Adobe Systems (ADBE ) believes the first quarter is on track to achieve previous gudiance of $0.20-$0.22 EPS (pro forma) on revenue of $265M-$280M.
Zoran Corp. (ZRAN ) posted $0.21 vs. $0.03 fourth quarter EPS (pro forma) on an 86% revenue rise, and sees $0.07-$0.11 first quarter EPS on 16%-20% revenue growth.
Celestica (CLS ) posted $0.31 vs. $0.53 fourth quarter cash EPS on 29% revenue decline, and sees $0.25-$0.32 cash EPS on revenue of $2.1B-$2.5B. S&P cuts estimate, but keeps accumulate.
Computer Science (CSC ) posted $0.51 vs. $0.38 third quarter EPS on 9% revenue rise. S&P raises estimate. Lehman upgraded to buy.
Eastman Chemical (EMN ) posted $0.16 fourth quarter loss from operations vs. $0.68 EPS on 7% lower revenue. The company continues to expect markets during first half 2002 to look much like they did in last half of 2001.
Tower Automotive (TWR ) will discontinue all stamping, ancillary processes performed at Milwaukee Press facility, relocate to other Tower Automotive plants, Tier II suppliers. JP Morgan upgraded.
CIBC World reiterates strong buy on Protein Design (PDLI ), citing the time line for the release of efficacy data for two key pipeline compounds.
Regeneration Technology (RTIX ) delayed the release of fourth quarter results while management completes an evaluation of inventory issues. The company says CFO Richard Allen and VP James Abraham are leaving the company, effective immediately.
Sapient (SAPE ) posted a $0.11 fourth quarter loss vs. $0.10 EPS on 55% revenue decline. S&P maintains hold.
ESS Technology (ESST ) offere 4.8M shares at $19.38 per share.
KPMG Consulting (KCIN ) posted $0.12 vs. $0.13 second quarter EPS (pro forma) on a 16% revenue decline.
Career Education (CECO ) posted $0.42 vs. $0.28 fourth quarter EPS on 57% revenue rise. Banc of America upgraded to strong buy.