Intel Misses Targets

J&J finishes higher on strong results; Caterpiller lowers revenue forecast; plus more of today's stocks in the news

Intel (INTC ) posted Q2 EPS of $0.09 on revenue of $6.3 billion -- missing analysts' expectations for EPS of $0.11. The world's largest chipmaker expects a "modest" increase in demand in the second half of 2002. Intel also will eliminate 4,000 jobs through attrition.

Amgen (AMGN ) completed its acquisition of Immunex. S&P upgraded to accumulate from hold. CIBC World reiterates buy.

CIBC World reiterates buy on Texas Instruments (TXN ) after Monday's news that the chipmaker had been named as a primary supplier of DSL chipsets to a unit of Siemens.

Caterpillar (CAT ) posted lower than expected $0.58 vs. $0.78 Q2 EPS on 3.6% lower revenues, and lower physical sales volumes of larger machines. AG Edwards downgraded to hold from strong buy.

Janney Montgomery downgraded FleetBoston (FBF ) to hold. Legg Mason reportedly downgraded. On Monday the company posted $0.60 2Q EPS from operations, and said it would wind down operations of Robertson Stephens.

L-3 Communications (LLL ) posted $0.49 vs. $0.41 Q2 EPS (adjusted) on a 70% revenue rise.

Nike (NKE ) rose after Merrill upgraded the footwear apparel company to near term strong buy from buy. Merrill maintains its long term strong buy.

UBS Warburg initiated coverage of Wind River (WIND ) with strong buy.

Exar (EXAR ) was higher after posting $0.03 vs. $0.03 Q1 EPS as higher total costs offset a 45% revenue rise. Exar sees $0.03-$0.04 Q2 EPS on 5%-8% higher revenue.

Whitehall Jewel (JWL ) sees Q2 same store sales down in the low single digits, with EPS to be at the low end of previous guidance, or $0.04. The company maintains fiscal 2003 guidance.

Cognizant Tech (CTSH ) climbed after posting $0.41 vs. $0.29 Q2 EPS on a 20% revenue rise. CS First Boston reiterates buy. Bear Stearns reiterates attractive.

Thomas Weisel downgraded Impath (IMPH ) to market perform from buy.

JP Morgan added Pinnacle Systems (PCLE ) to its Focus List

Advanced Marketing (MKT ) sees lower than expected Q1 EPS of $0.10-$0.12. Banc of America cut estimates.

Johnson & Johnson (JNJ ) posted $0.60 vs. $0.51 Q2 EPS from operations on an 11% sales rise, citing the strong performance of worldwide medical devices and its diagnostics business. S&P reiterates accumulate.

General Motors (GM ) posted $2.63 vs. $1.37 Q2 EPS from operations, excluding Hughes. GM expects total U.S. industry vehicle sales for 2002 to be in the mid-to-high 16 million unit range. For 2003, the world's largest auto manufacturer expects total U.S. industry sales about same as 2002.

Merrill Lynch (MER ) posted $0.66 vs. $0.56 Q2 EPS as widened profit margin offset 11% lower net revenue. Merrill remains cautious on its revenue outlook for the remainder of 2002, and says it cut 1,800 jobs during Q2. The securities firm cited cost cutting for the stronger results.

Duke Energy (DUK ) says in response to an SEC inquiry, it says that to date, the company has not found any evidence of transactions that were generated for the purpose of increasing reported revenues or influencing prices.

Continental Airlines (CAL ) posted a narrower than expected $0.55 Q2 loss from operations vs. $0.74 EPS on a 14% revenue drop. Continential blamed its Q2 loss of of $139 million on increased security costs and slow demand.

Morgan Stanley upgraded Boeing (BA ) to overweight from underweight.

JP Morgan (JPM ) is trading lower in Europe amid unconfirmed rumors that a major bank has liquidity problems.

Electro Scientific (ESIO ) posted a $0.03 Q4 loss from operations vs. $0.78 EPS on a 53% revenue decline. UBS Warburg downgraded to hold from strong buy.

Goldman reportedly moved Tyco (TYC ) to "not rated." The stock was on Goldman's recommended list.

Mohawk Industries (MHK ) posted $1.10 vs. $0.88 Q2 EPS on a 42% sales rise. Based on a slowing economy, Mohawk expects Q3 and Q4 EPS will be 2%-5% above Q2's level; and thinks 2002 will be 15%-17% above 2001. Raymond James downgraded; S&P keeps buy.

Maytag (MYG ) posted $0.86 vs. $0.35 Q2 EPS from continuing operations on a 22% sales rise, and says year over year growth may not be as strong in the second half of 2002 as in the first half. Maytag sees $3.10 2002 EPS from continuing operations on a 15% sales rise.

GlaxoSmithkline (GSK ) is trading lower in Europe on news that a Novartis unit launched the generic version of Glaxo's augmentin.

Morton's Restaurant (MRG ) says Castle Harlan offered to sweeten its bid to acquire Morton's to $17 per share.

Too (TOO ) sees better than expected $0.14-$0.15 Q2 EPS on flat to slightly positive same store sales.

Nextel Communications (NXTL ) posted $0.37 Q2 EPS vs. a $0.56 loss on a 25% revenue rise. Nextel raised guidance for 2002 domestic operating cash flow to at least $3 billion.

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