Express Scripts Dives on Profit Taking
AG Edward downgraded Qualcomm (QCOM ) to hold from strong buy.
S&P downgraded EchoStar Communictions (DISH ) to hold. Ladenburg cuts estimates, but sees price weakness as a buying opportunity. On Thursday the company posted a $0.20 Q1 loss vs. a $0.36 loss.
Goldman cut estimates on Oracle (ORCL ) and maintains market outperform.
Advanced Digital Information (ADIC ) sees about $80M-$82M Q2 sales vs. $95M-$105M forecast and notes Q2 original equipment manufacturer sales down about 30%. Bear Stearns downgraded to neutral.
Sapient (SAPE ) posted a $0.16 Q1 loss vs. a $0.05 loss on 54% lower consolidated service revenue. RW Baird downgraded to market underperform. S&P reiterates avoid.
SWS Securities downgraded Express Scripts (ESRX ) to market outperform. On Thursday the company disclosed in an 8K the receipt of a subpoena from a U.S. Attorney in Boston related to dealings with TAP Pharmaceuticals.
S&P says Vodafone Group (VOD ) VOD reduced fiscal 2003 (Mar.) projections for German and Italian cell phone operations, and keeps avoid.
Raymond James upgraded Administaff (ASF ) to buy from market perform. On Wednesday the company posted a wider than expected Q1 loss.
Adobe Systems (ADBE ) received a favorable jury verdict in its intellectual property case against Macromedia (MACR ), finding willful patent infringement.
Sinclair Broadcasting (SBGI ) posted slightly higher Q1 broadcast cash flow from operations and sees $0.37-$0.39 Q2 operating cash flow (after taxes), with 2002 to be up in the high single digits to low teen percents vs. $1.08 year ago. Goldman upgraded to market outperform.
Resmed (RMD ) posted $0.27 vs. $0.24 Q3 EPS from operations on 24% revenue rise. The company says if current uncertainties in German SDB market continue, it will be a challenge for it to meet the consensus Q4 EPS estimate of $0.30.
Guidant (GDT ) announced FDA approval of its CONTAK CD/EASYTRAK system for treatment of heart failure.
Agrium (AGU ) posted a $0.25 Q1 loss per share, before net losses in Argentina from foreign exchange effects, vs. $0.04 EPS on a 17% sales decline. Agrium says competitive pressures will result in lower nitrogen prices and therefore a lower overall gross profit in the first half of 2002.
Amkor Technology (AMKR ) posted a $1.15 Q1 loss per share (including items) from operations on a 27% revenue decline. The company posted Q1 EBITDA of $22M vs. $103M and expects Q2 revenue to increase about 20%.
American Power Conversion (APCC ) posted $0.08 vs. $0.14 Q1 EPS on a 16% revenue decline. The company says IT spending, particularly within the corporate environment, continues to lack signs of near term improvement. S&P keeps its hold recommendation on the shares.
Avant (AVNT ) posted $0.79 vs. $0.48 Q1 EPS (pro forma) on a 15% revenue rise.
Emerson (EMR ) posted $0.65 vs. $0.83 Q2 EPS on a 17% revenue decline.
Immunex (IMNX ) will sell its Leukine business to Schering for $380 million in cash, plus payment of additional cash consideration upon achievement of certain milestones.
First Tennessee (FTN ) will be added to the S&P 500 Index after the close of trading on May 3, 2002, replacing Compaq, which is being acquired.