Dillard's Reports Higher Profits

AnnTaylor, Intuit, Brocade report earnings; ImClone gets bad news from Merck unit; and more stocks in the news

Dillard's (DDS ) posted first quarter EPS from operations of $0.68, vs. $0.30, as higher gross margin and lower SG&A costs offset slightly lower same-store sales and flat total sales.

AnnTaylor Stores (ANN ) reported $0.67 versus $0.37 first quarter earnings per share as stronger than expected gross margins offset flat same store sales. The retailer raised second quarter earnings per share guidance to $0.38-$0.40, third quarter to $0.67-$0.69, fourth quarter to $0.48-$0.50. S&P raises estimates.

Intuit (INTU ) reported third quarter EPS of $0.75 a share, three cents above the consensus forecast. Revenues rose 28% to $545.2 million. Based on strong third quarter performance, the software maker raised the low end of its 2002 guidance ranges for EPS and revenues.

ImClone Systems (IMCL ) shares may be under pressure after Merck KGaA reportedly says it supply clinical data to support IMCL/BMY's application for approval of its anti-cancer antibody Erbitux in the U.S.

Adelphia Communications (ADLAE) did not trade yesterday. Announced Timothy Rigas' resignation is effective immediately, but he will retain a seat on the board. The Special Committee will conduct full investigation into company's issues.

Lands' End (LE ) posts $0.54, vs. $0.20 first quarter EPS on 10% higher total revenue.

Navistar (NAV ) posts $0.07 second quarter loss per share, vs. $0.05 EPS, on 6.9% lower revenue. Lowers medium truck fiscal year 2002 forecast to 101,500, school bus forecast to 26,000 units.

Brocade Communications (BRCD ) reported second quarter earnings per share of $0.06, vs $0.05 a year ago, on 17% revenue rise. Bear Stearns has some concerns, but maintained an attractive rating. S&P keeps avoid.

At yesterday's analyst meeting, IBM (IBM ) CEO says the company is comfortable with $4.16 earnings per share on revenue of $83 billion for 2002. The company would not comment on previously rumored headcount reductions. S&P keeps accumulate.

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