Applied Films Remains Lower after Warning of Lower Earnings
Applied Films (AFCO ) lowered guidance a to $0.07-$0.12 Q3 GAAP loss on $30M-$32M revenue, citing continued downward pricing pressure in the coated glass business, and delays in capital spending from two customers. LH Friend says news not surprising.
According to press reports, WorldCom (WCOM ) employees expect the company to cut 6%-10% of its 75,000-plus workforce this week. The company declined to comment on the news story. S&P keeps its hold rating.
Legg Mason downgraded Haverty Furniture (HVT ) to buy from strong buy.
With Aleron's bankruptcy filing, and the possibility of an additional filing by another customer, Universal Access (UAXS ) withdrew its 2002 revenue guidance and profitability target. RBC downgraded to sector perform.
MedCath (MDTH ) reached a $11.2M settlement that resolves a billing dispute tied to in-patient procedures performed by Sun City Cardiac Center. JP Morgan downgraded to long-term buy from buy.
Wachovia cut its estimates on Metris Cos. (MXT ) after the release of its 10-K on Friday revealed increased risk.
UBS Warburg downgraded Intersil (ISIL ) to hold from buy. Elantec Semiconductor (ELNT ) is being acquired by Intersil. Both stocks are trading lower.
Sepracor's (SEPR ) stock sold off sharply last week as the FDA refused approval of Sepracor's new allergy drug, but Sepracor is by no means a one-drug outfit, says a press report.
Right Management (RMCI ) completed its acquisition of Coutts Consulting Group, and sees Q1 revenue of more than $95M, over $0.52 EPS; and sees 2002 revenues (including Coutts) expected to be between $375M-$400M, with EPS of $1.90-$2.00.
UBS Warburg upgraded FMC Corp. (FMC ) to strong buy from hold.
Insignia Solutions (INSG ) announced its participation in Microsoft's Mobility Partner Advisory Council.
CS First Boston upgraded United Rentals (URI ) to strong buy from buy.
Salomon SB raised targets on KLA-Tencor (KLAC ).
CS First Boston upgraded Coca-Cola (KO ) to buy from hold.
Pinnacle Systems (PCLE ) sees $59M-$61M Q3 sales vs. $53M consensus, and $0.01-$0.03 Q3 EPS (pro forma) vs. a $0.02 loss consensus.
Waters Corp. (WAT ) got an unfavorable ruling in patent litigation involving certain mass spectrometry products sold in US; the company will hold shipment of certain products; and also revised its reported 2001 EPS to $0.83. Waters sees $1.37-$1.45 2002 EPS.
MDC Holdings (MDC ) sees Q1 EPS exceeding high end of analysts' estimates of $0.86-$0.96, citing higher than anticipated home closings.
Overture Service (OVER ) extended an existing pact with AOL until April 24 to allow the companies to continue renewal negotiations. CS First Boston says it is confident a deal will be reached.
Quigley (QGLY ) says preliminary results of a clinical study proved there was dramatic statistical reduction in the use of antibiotic prescriptions for upper respiratory problems when Cold-Eeze was taken as directed.