Tyco Jumps After Earnings Report

AT&T Wireless gains on upgrades, AOL Time Warner plans to restate results, plus more of today's stocks in the news

Tyco International (TYC ) shares rose after the conglomerate posted $0.30 vs. $0.82 fourth-quarter EPS from continuing operations (pro forma). The company sees $0.30-$0.33 first-quarter EPS from continuing operations, and rising to $1.50-$1.75 in fiscal 2003. The company also restated its results for the first three quarters of its just-ended fiscal year.

AOL Time Warner (AOL ) posted $0.19 vs. $0.24 third-quarter cash EPS despite a 6% revenue rise. The company sees 2002 EBITDA growth at the low end of previously guided 5%-9% range. The company will restate results for the quarters ended September, 2000, through June, 2002, due to an internal review of the AOL unit.

Nextel Communications (NXTL ) shares gained after it reported $0.58 third-quarter EPS, vs. $0.27 loss per share, on 26% higher operating revenues. S&P keeps hold.

AT&T Wireless (AWE ) shares rose after it posted $0.04 third-quarter loss per share excluding charges, vs. $0.03 EPS a year ago. JP Morgan upgrades to overweight from underweight.

SBC Communications (SBC ) posted $0.51 vs. $0.59 third-quarter EPS from operations on 5.4% lower total operating revenue. The company targets $2.26 2002 EPS.

Lehman Brothers downgraded Omnicom Group (OMC ) to equal-weight from overweight.

VitalWorks (VWKS ) shares skidded after the company reported $0.08 third-quarter EPS vs. $0.04 loss per share. It sees lower than expected $0.32-$0.39 2003 EPS. Wells Fargo downgraded the stock, and ST Robinson Humphrey cut estimates.

Foundry Networks (FDRY ) rose after the company posted $0.06 cents vs. $0.03 third-quarter EPS on 2.5% revenue rise. S&P and Wedbush Morgan raised estimates and reiterated hold.

LSI Logic (LSI ) reported $0.04 third-quarter EPS, vs. $0.29 loss per share (pro forma), on 23% revenue rise. The company sees about breakeven to $0.02 fourth-quarter EPS (pro forma). Wachovia raises 2002 EPS estimate. S&P reiterates hold ranking.

Chiron (CHIR ) posted $0.46 Q3 EPS (pro forma) on 22% revenue rise. Chiron sees $1.40-$1.50 2003 EPS. Goldman downgrades. CIBC World keeps sector underperform. S&P keeps accumulate.

MedImmune (MEDI ) reported $0.13 third-quarter loss on total revenue rise of 53%. S&P says Synagis sales of $30 million were lower than expected. S&P keeps hold.

Manhattan Associates (MANH ) shares rose after the company posted $0.21 vs. $0.18 third-quarter EPS from operations on an 8% revenue rise. It sees $0.20-$0.26 fourth-quarter operating EPS. It says it plans to buy Logistics.com. The company also extends $10 million buyback program. JP Morgan upgraded the stock to overweight.

Microchip Technology (MCHP ) posted $0.17 (excluding charge) vs. $0.11 second-quarter EPS on 20% revenue rise. S&P reiterates buy ranking.

Autonation (AN ) reported $0.33 vs. $0.24 third-quarter EPS on 3.7% revenue rise. It sees EPS of $0.25-$0.27 in the fourth quarter, $1.18-$1.20 in 2002, and $1.25-$1.30 in 2003.

Bebe Stores (BEBE ) posted lower-than-expected $0.20 vs. $0.25 first-quarter EPS on 10% same store sales drop and flat total sales. The apparel retailer cited lower average retail selling prices.

Expedia (EXPE ) reported $0.32 third-quarter EPS vs. $0.09 loss (GAAP) on sharp revenue rise. It posted $0.49 third-quarter EPS (adjusted). It expects to exceed its earlier revenue, earnings estimates for 2002. Sees $2.25 2003 EPS (adjusted). CIBC World ups estimates.

CS First Boston downgraded Qualcomm (QCOM ) to underperform from neutral.

Tekelec (TKLC ) posted $0.18 vs. $0.04 third-quarter EPS (pro forma) on a 26% revenue rise, excluding its network diagnostics business. Tekelec posted $0.16 GAAP EPS. The company says third-quarter orders decreased 12%. It sees $0.06-$0.08 fourth-quarter EPS (pro forma) on revenue of $58-$60 million.

Wellpoint (WLP ) posted $1.17 vs. $0.82 third-quarter operating EPS on a 41% total revenue rise. S&P reiterates buy.

ESS Technology (ESST ) posted $0.06 vs. $0.28 third-quarter EPS on 16% lower revenue. It sees $0.02-$0.05 Q4 EPS on $45-$50 million in revenue.

Genesis Microchip (GNSS ) posted $0.05 vs. $0.29 second-quarter EPS (pro forma) despite a 28% revenue rise. The company sees third-quarter revenue of $46-$47 million. Needham downgraded the shares to hold.

Amgen (AMGN ) posted $0.34 vs. $0.30 third-quarter EPS (pro forma) on a 49% revenue rise. S&P reiterates accumulate.

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