FTC Files Suit against Rambus

Apple Computer shares drop; Oak Technology sees weaker revenues; plus more of today's stocks in the news

In response to a FTC antitrust suit filed against Rambus (RMBS ), the company believes it fully complied with the disclosure policy at issue, and had no undisclosed patents or applications during the relevant time period.

Jabil Circuit (JBL ) posted $0.12 vs. $0.16 Q3 cash EPS on 18% revenue decline and sees $0.14-$0.16 Q4 cash EPS on sales of $920M-$960M. S&P cuts estimates. JP Morgan added the stock to its Focus List.

Morgan Stanley (MWD ) posted $0.72 vs. $0.82 Q2 EPS on 17% lower revenue.

Lennar (LEN ) posted $1.51 vs. $1.40 Q2 EPS on a 13% revenue rise and sees fiscal 2002 EPS of $6.50; at the high end of its previous goal. Lennar also raised its fiscal 2003 EPS guidance to $7.50- $8.00.

GTech (GTK ) reportedly sees better than expected Q2 and fiscal 2003 results.

Intel (INTC ) plans to wind down its Intel Online Services Web hosting business and record a $100M Q2 charge.

Apple (AAPL ) sees $0.08-$0.10 Q3 EPS on lower than expected revenues of $1.4B-$1.45B. S&P maintains hold. Merrill downgraded to long term neutral from buy.

Oracle (ORCL ) posted better than expected $0.14 vs. $0.15 Q4 EPS from operations on 15% lower revenues. CS Boston, Lehman reiterates buy. Morgan Stanley maintains overweight. CIBC World keeps hold.

Advanced Micro (AMD ) expects a substantial Q2 operating loss on sales of $620M-$700M, vs. the previous estimate for sales of $820M- $900M. S&P downgraded to avoid; UBS Warburg reportedly downgraded to hold.

Micron Technologies (MU ) confirmed that the Antitrust Division of the Justice Dept. is conducting an industry-wide investigation into alleged anticompetitive practices among DRAM makers; it has received a grand jury subpoena seeking information relating to the government's investigation.

Ciena (CIEN ) says Q3 revenue, including the purchase of ONI Systems, could be down meaningfully from its stand alone Q2. Ciena says it will eliminate 335 employees. S&P reiterates sell.

Caraustar (CSAR ) sees a $0.03 loss to $0.02 EPS for Q2, citing rapid increases in basic raw material and recovered fiber.

Oak Technology (OAKT ) sees a $0.05-$0.09 Q4 loss (pro forma), including inventory reserves, but excluding charges and expenses; the company expects revenues to decline sequentially rather than the previous outlook of up slightly.

Pulitzer (PTZ ) expects Q2 EPS to be within middle of $0.43-$0.49 range; it reaffirmed the $1.60-$1.67 2002 EPS outlook. Pulitzer also expects newsprint prices to increase 15% or more over the rest of the year.

According to a press report, Congressional investigators are examining why a Merrill Lynch (MER ) biotech analyst said on Dec 27-- the day before ImClone's Erbitux drug was rejected -- that there was "speculation" that the FDA might refuse ImClone's application.

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