Wabash National Soars
Truck trailer firm Wabash National (WNC ) posted 5 cents earnings per share, vs. a loss of 65 cents -- beating the Street's consensus estimate for a loss of 14 cents per share. Sales jumped 38% to $223 million.
Healthcare software maker McKesson (MCK ) posted 61 cents vs. 42 cents fourth-quarter earnings per share on a 15% revenue rise. It posted 62 cents vs. 43 cents fourth-quarter earnings per share from continuing operations. Bear Stearns reiterated outperform. S&P keeps accumulate.
American Italian Pasta (PLB ) posted 48 cents vs. 54 cents second-quarter earnings per share on a 17% revenue rise. The dry pasta maker, whose brands include Mueller's and Pennsylvania Dutch, posted 61 cents vs. 54 cents second quarter earnings per share before a provision for acquisition expenses. The company sees $2.50-$2.56 fiscal 2003 earnings per share before charges. Janney Montgomery downgraded.
QLogic (QLGC ) posted 33 cents vs. 22 cents fourth-quarter earnings per share (excluding items) on 31% higher revenue. First Albany upgraded to buy from neutral. S&P reiterates avoid.
Thousand Trails (TRV ) agreed to be acquired by affiliates of private equity firm Kohlberg & Co., for $14.50 per share cash.
Candela (CLZR ), a maker of medical and aesthetic lasers, posted 25 cents third-quarter earnings per share vs. a 3 cent loss on a 36% revenue rise. The current quarter includes a 7 cent gain.
Southwest Securities upgraded Bombay Company (BBA ) to strong buy from market outperform.
Amkor Technology (AMKR ) posted a 24 cent first-quarter loss vs. a $1.17 loss from continuing operations on 19% higher revenues. Amkor sees a 12 cent 2003 loss on 10% revenue growth. S&P reiterates accumulate. Soundview raised estimates.
Darden Restaurants (DRI ) shares fell after April same-restaurant sales at Red Lobster rose 0%-1%, but declined 0%-1% at Olive Garden. Darden also cut the 3%-5% fiscal 2003 combined same-restaurant sales forecast to 2%-3%, and sees $1.29 to $1.32 fiscal 2003 earnings per share. CIBC World and Goldman Sachs downgraded.
Tyco (TYC ) shares are halted as the diversified manufacturing and service company said it expects a 23 cent second-quarter loss from continuing operations, including a 55 cent after-tax charge related to non-cash adjustments. The new charges arise out of internal audits, detailed controls, operational reviews, and a change to its accelerated amortization method for the ADT dealer program. Also, Tyco posted 9 cents vs. 20 cents first-quarter earnings per share from continuing operations on 7% lower commissions and fees.
Shares of recruitment and advertising firm TMP Worldwide (TMPW ) advanced, after TMP posted 9 cents vs. 20 cents first-quarter earnings per share from continuing operations on 7% lower commissions and fees. TMP posted a 26 cent first-quarter loss (GAAP). Thomas Weisel upgraded to outperform from peer perform. S&P downgraded to sell.
Education provider Corinthian Colleges (COCO ) posted 39 cents vs. 25 cents third-quarter earnings per share on a 53% revenue rise. It sees 51% revenue growth for fiscal 200303, and 20%-25% revenue growth for fiscal 2004. ST Robinson Humphrey reiterates outperform.
Smith Barney downgraded information technology firm Tech Data (TECD ) to underperform from outperform primarily on valuation.
MicroStrategy (MSTR ), a maker of e-business software, posted 12 cents vs. 15 cents first-quarter earnings per share (excluding items) as expenses offset a 5% revenue rise. Excluding items, MicroStrategy sees 10 cents to 21 cents second quarter earnings per share on revenue of $35 million to $39 million, and $1.00 to $1.40 2003 earnings per share on revenue of $150 million to $160 million. First Albany cut estimates.
Cosmetics company Estee Lauder (EL ) posted 33 cents vs. 19 cents third-quarter earnings per share on a 10% sales rise (including foreign exchange. It maintains the $1.28-$1.33 fiscal 2003 earnings per share guidance. S&P reiterates accumulate.
Bio-Rad Labs (BIO ) posted $1.01 vs. 73 cents first-quarter earnings per share on a 17% sales rise.
Martha Stewart Living Omnimedia (MSO ) posted a 9 cent first-quarter loss vs. 8 cents earnings per share (continuing operations) on a 15% revenue decline. The media company sees a 3 cent to 5 cent second-quarter loss (continuing operations).
Symbol Technologies (SBL ) will restate 1998 to 2002 results. Symbol posted 2 cents vs. 1 cent first-quarter earnings per share on a 19% revenue rise (results are before the impact of the restatement). Due to greater than expected expenses, Symbol sees 20 cents to 26 cents 2003 earnings per share (before the restatement).
Teva Pharmaceuticals (TEVA ) settled all litigation pending between the company and GlaxoSmithKline relating to patent actions regarding nabumetone, the generic version of Glaxo's Relafen, and antitrust claims asserted by Teva related to such patent litigation.
Goodyear Tire (GT ) posted a 93 cent lQ loss vs. a 39 cent loss as consolidation charges offset a 7.1% sales rise.
BearingPoint (BE ) posted 6 cents vs. 15 cents third-quarter earnings per share despite a 43% revenue rise. The consulting firm posted 13 cents third-quarter earnings per share excluding a restructuring charge.
Host Marriott (HMT ) posted a 16 cent first-quarter loss vs. a 3 cent loss despite a 2.3% revenue rise. The hotel and resort operator posted 16 cents vs. 24 cents first-quarter funds from operations per share. Marriott says it's unlikely to pay a meaningful dividend in 2003. It sees a 57 cent to 65 cent 2003 loss, and 73 cents to 81 cents funds from operations per share.
Tyco (TYC ) is likely to disclose roughly $1.2 billion in fresh accounting problems when it announces second-quarter results on Thursday, according to The Wall Street Journal.
Gen-Probe (GPRO ) posted 36 cents vs. 13 cents first-quarter earnings per share on a 37% revenue rise. The maker of nucleic acid testing products sees $1.00 to $1.05 2003 earnings per share on $180 million to $190 million revenues. J.P. Morgan reportedly upgraded to overweight from neutral.
Fluor (FLR ) posted 21 cents vs. 51 cents first-quarter earnings per share on a 17% revenue drop. It posted 51 cents vs. 45 cents first-quarter earnings per share from continuing operations. Fluor maintains the $2.13 to $2.35 2003 earnings per share forecast.
Borland Software (BORL ) posted better than expected breakeven first-quarter vs. 8 cents earnings per share on a 30% revenue rise. It posted a 22 cent first-quarter loss (GAAP). Borland sees 3 cents to five cents second-quarter earnings per share on $75 milliont to $79 million revenue.
Noven Pharmaceuticals (NOVN ) posted 2 cents vs. 6 cents first-quarter earnings per share on an 11% revenue decline.
Retailer Kenneth Cole (KCP ) posted 31 cents vs. 27 cents first-quarter earnings per share on a 17% sales rise. It maintains the 29 cents to 31 cents second-quarter earnings per share forecast, and 96 cents for 2003.
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