AMD Sees Revenue Shortfall

A number of other tech companies issue profit warnings; Martha Stewart shares drop yet again; plus more of today's stocks in the news

Genentech (DNA ) shares dropped after the company said it had revised its AIDS vaccine pact with Vaxgen. Deutsche Bank reportedly downgraded the shares to market perform from buy.

Shares of SPX Corp. (SPW ) were seen lower in sympathy with those of its unit Inrange Technologies (INRG ), which preannounced a Q2 shortfall. SPX says notwithstanding the Inrange news, it is comfortable with the $2.13 2Q consensus EPS estimate. S&P keeps hold.

Shares of Martha Stewart Living Omnimedia (MSO ) fell after Martha Stewart canceled her regular Wednesday appearance on the CBS "Early Show" after the network said it would ask her more questions about her December sale of ImClone (IMCL ) shares.

Advanced Micro Devices (AMD ) expects Q2 sales of about $600M vs. previously projected sales of $620M-$700M. S&P reiterates avoid. Needham cuts estimates.

Midway Games (MWY ) shares plunged after the company said it sees $11.5M-$12.5M Q2 pre-tax operating loss on revenue of $28M-$30M. The company cites delay of product shipments and lower than expected sales of games launched late in quarter. Both Jefferies and Wedbush downgraded the shares.

AG Edwards downgraded Manugistics (MANU ) to sell from hold.

JP Morgan downgraded Fleming Cos. (FLM ) to market perform from long term buy.

Vivendi Universal (V ) shares continued to slide on fears over its finances. Also, today its board is set to pick a successor to ousted CEO Jean-Marie Messier.

Concord Communications (CCRD ) sees lower than expected breakeven to $0.02 Q2 EPS on sales of $22.5M-$23M.

Polycom (PLCM ) sees lower than expected $0.13-$0.14 Q2 EPS from operations on revenues of $124M-$126M.

Thomas Weisel downgraded shares of Business Objects (BOBJ ) to buy from strong buy.

Tweeter Home Entertainment (TWTR ) thinks it is likely it will not produce Q2 EPS in the expected range of $0.07-$0.08, due to lower than expected sales results in June.

Scientific-Atlanta (SFA ) says it discontinued a third production shift at its Juarez, Mexico facility last week, resulting in the elimination of about 1,300 positions. HC Wainwright downgrades to accumulate from strong buy.

Vical (VICL ) says the U.S. National Institute of Allergy & Infectious Diseases will fund a 1-year research grant to collaborate on a preclinical research project to develop DNA vaccines against anthrax.

Research In Motion (RIMM ) posted a $0.14 Q1 loss per share vs. $0.05 EPS on 7% revenue decline. The company trimmed guidance on a conference call. S&P reiterates sell.

IDT Corp (IDT ) says it is making offers for two units of WorldCom: MFS and Brooks Fiber

Bell Microproducts (BELM ) sees a $0.21-$0.23 Q2 loss per share from operations on sales of about $490M. Bell says sales were lower than expected in all geographies. Raymond James downgraded the shares to underperform from buy.

Quadramed (QMDC ) sees $0.08-$0.12 Q2 loss on $31-$32M rev. vs. previously stated $0.06 EPS estimate on $34-$35M revenues. WR Hambrecht downgrades to market underperform.

Openwave Systems (OPWV ) sees a worse than expected $0.17-$0.22 Q4 loss per share (pro forma) on revenue of $64M-$71M. CIBC World downgrades to hold from strong buy.

Inrange Technologies (INRG ) sees a worse than expected $0.01-$0.03 Q2 loss per share (pro forma) on revenue of $50M-$52M. First Albany reportedly downgrades to neutral from buy.

E.piphany Inc (EPNY ) says its Q2 loss from operations will not exceed $0.18, vs. Street estimate of $0.16 loss. It sees revenue of about $19M.

PF Chang's (PFCB ) posted 6.3% higher Q2 same-store sales, 33% higher total sales.

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