Storage Stocks Finish Lower
Deutsche Bank intiated coverage on Waters Corp. (WAT ) with buy.
Sidoti upgraded Cognizant Technology (CTSH ) to buy from neutral. On Tuesday the company posted $0.35 vs. $0.28 Q1 EPS. Harrah's Entertainment (HET ) posted $0.74 vs. $0.47 Q1 EPS (pro forma) on a 13% revenue rise. S&P upgraded to accumulate from hold. Merrill raised estimates.
S&P says the EMC Corp.'s (EMC ) stock is down in sympathy with Veritas, on the view that a new IBM and Hitachi agreement could result in EMC marketshare erosion. S&P keeps hold.
Metris Companies (MXT ) posted $0.54 vs. $0.57 Q1 EPS, and cut the 2002 EPS guidance to $1.75-$2.25. Merrill, Bear Stearns and JP Morgan downgraded.
Silicon Image (SIMG ) posted a narrower than expected $0.05 Q1 loss (pro forma) on a 63% revenue rise. Needham upgraded to strong buy. Wachovia raised estimates. CS First Boston reinstated coverage with buy.
Veritas Software (VRTS ) posted $0.16 vs. $0.21 Q1 EPS (pro forma) on a 1% revenue fall and sees $0.12-$0.15 Q2 EPS. Pacific Crest and Bear Stearns downgraded. S&P, Morgan Stanley, and HC Wainwright cut estimates.
Nextel Communications (NXTL ) posted a $0.35 Q1 loss from operations on 24% higher operating revenue, and says it is on track to meet or exceed agressive targets for 2002.
JP Morgan Chase (JPM ) posted better than expected $0.57 vs. $0.74 Q1 operating EPS on 15% lower operating revenue. S&P keeps hold.
Webex (WEBX ) posted $0.03 Q1 EPS vs. a $0.31 loss on a sharp revenue rise, and sees $0.20-$0.25 2002 EPS on $140M revenues. CIBC World and Thomas Weisel raisd estimates.
Williams-Sonoma (WSM ) raised Q1 EPS guidance to $0.17-$0.19, vs. previous $0.03-$0.04 gudiance; and upped Q2 to $0.07-$0.09, as well as raised fiscal 2003 to $1.69-$1.75. The company set a 2-for-1 stock split. Banc of America upgraded.
MGI Pharmaceutical (MOGN ) stopped its Phase 3 trial of anti-cancer drug candidate, irofulven, for pancreatic cancer.
Advent Software (ADVS ) posted $0.23 Q1 EPS on 3% revenue rise. S&P downgrades to hold.
Harley-Davidson (HDI ) posted $0.39 vs. $0.30 Q1 EPS on a 19% revenue rise and raised 2002 production target for motorcycles to 261,000 units. RBC Capital upgraded to outperform from sector perform.
After the closing bell, Intel (INTC ), reported earnings of $0.15 a share, meeting analysts' estimate. Revenue rose 3% to $6.78 billion. The chipmaker sees second quarter revenue ranging between $6.4 billion and $7 billion.
Ford (F ) reported a narrower than expected first quarter operating loss of $0.06 per share, vs. $0.60 EPS a year ago, on a 6.1% drop in revenues. The automaker says it is on schedule to meet or surpass its 2002 EPS milestone.
JP Morgan Chase (JPM ) reported first quarter operating EPS of $0.57, vs. $0.74 a year ago, on 15% lower operating revenue.
Veritas Software (VRTS ) reported first quarter EPS of $0.16, vs. $0.21 (pro forma), on a 1% revenue decline. The software maker reportedly sees $0.12-$0.15 EPS in the second quarter. S&P cuts estimate, keeps hold.
Motorola (MOT ) reported a first quarter operating loss of $0.08 per share, vs. $0.10 loss, on a 20% sales decline (from ongoing operations). The company still expects to return to profitability during the second half of 2002. Lehman Brothers reportedly upgrades the stock.
RF Micro Devices (RFMD ) reported fourth quarter EPS of $0.02, vs. $0.04 loss, on 83% revenue rise. It sees $0.02-$0.03 first quarter EPS on $107-$110 million in revenue. Merrill Lynch keeps near-term buy, long-term strong buy. CS First Boston and CIBC World keep buy.
Boston Scientific (BSX ) reported first quarter operating EPS of $0.22, vs. $0.21, on a 6% revenue rise. S&P keeps hold.