Wireless Stocks Fall on Sprint News

Qualcomm slides; Adobe hit with downgrades; plus more of today's stocks in the news

Sprint Corp. (FON Group) (FON ) continues to expect 2002 EBITDA of about $4.6 billion and EPS that approaches $1.40. Sprint says 2002 revenues are expected to decline at the mid-single digit rate vs. the company's previous expectation of a decline in the low-single digit range.

Sprint PCS (PCS ) sees second quarter net customer adds of about 300,000. Merrill and JP Morgan downgraded the stock.

Deutsche Bank downgraded Qualcomm (QCOM ) to market perform. S&P downgraded to accumulate from buy.

TRW Inc. (TRW ) sees $1.08-$1.10 Q2 EPS, and $3.70-$3.75 for 2002, citing vehicle production increases in North America, and benefits accruing TRW's company-wide restructuring actions initiated during the past year.

Adobe Systems (ADBE ) posted $0.22 vs. $0.25 2Q GAAP EPS on 7.8% lower revenue, and lowered its outlook to $0.24-$0.27 3Q EPS (pro forma) and $0.26-$0.29 Q4 EPS. USB Piper downgraded. Late Thursday, S&P downgraded the stock.

S&P says Cirrus (CRUS ) did not comment on its current quarter at an analyst meeting Thursday, but did forecast revenue growth potential of 40%. S&P reiterates hold. Salomon SB downgraded.

Syncor (SCOR ) agreed to be acquired by Cardinal Health for about $1.1 billion. Terms: 0.52 Cardinal share per Syncor. S&P reiterates hold.

Silicon Labs (SLAB ) sees higher than expected $0.06 Q2 EPS on 30% sequential revenue growth.

Sanmina-Scientific (SANM ) says it didn't change previously issued Q3 guidance of $0.02-$0.04 cash EPS from operations on sales of about $2.5B-$2.7B. S&P reiterates accumulate. CS First Boston downgraded to hold from buy.

Gildan Activewear (GIL ) raised the $0.75-$0.80 Q3 EPS on $175M-$180M sales forecast to $0.85-$0.90 EPS on $190M sales, citing stronger than expected market conditions for activewear and strong market share performance in all segments.

Biogen (BGEN ) receives a a Complete Response Letter from the FDA in which the FDA requested clarification and information related to data Biogen previously submitted for U.S. marketing approval of Amevive.

Before it's here, it's on the Bloomberg Terminal.