Applied Materials Beats the Street

Emerson Radio plunges; Marvel raises earnings outlook; plus more of today's stocks in the news

Semiconductor equipment giant Applied Materials (AMAT ) reported earnings after the close of trading Tuesday of 5 cents per share (excluding charges), beating the consensus estimate by a penny. Net sales in its fiscal third quarter were $1.09 billion, down 1% from the previous quarter and down 25% from a year ago. The net loss for the quarter was 2 cents per share, vs. EPS of 7 cents a year ago. The company said new orders of $1.05 billion rose 9% from the second quarter.

Capital One Financial (COF ) shares rose after the company reported a 5.87% net charge-off rate (reported) and 5.75% (managed). Wachovia upgraded the stock to outperform from market perform.

Marvel Enterprises (MVL ) shares gained after the company reported second-quarter EPS of 42 cents, vs. 10 cents, on 27% net sales rise. Its EPS beat analysts' forecast. The comic book publisher sees third-quarter EPS of 25 cents to 30 cents, and raised its 2003 EPS outlook to $1.26 to $1.31 and sees 96 cents to $1.14 in 2004 EPS.

Reliant Resources (RRI ) shares skidded after the independent power producer posted a second-quarter loss of 9 cents per share, vs. 42 cents in EPS from continuing operations, as reduced EPS from retail segment, increase in interest expense, and amortization of financing costs offset 29% revenue rise.

Techne Corp. (TECH ) shares rose after the company reported fourth-quarter EPS of 31 cents, vs. 1-cent loss (including litigation settlement), on 11% higher revenues.

Emerson Radio (MSN ) shares plunged after the company posted a first-quarter loss of 2 cents per share, vs. 7 cents loss, on a 31% revenue drop. The company sees second-quarter revenue lower than year ago.

California Independent Bancorp (CIBN ) shares shot up after the company agreed to be acquired by Humboldt Bancorp in a $80 million deal. Terms: About $35.50 per CIBN share, depending on average price of HBEK stock during a 20-trading day period.

Global Payments (GPN ) agreed to acquire Latin America Money Services, an operating subsidiary DolEx Dollar Express. Terms: $200 million for 100% outstanding equity interest in DolEx. Global Payments sees the deal adding to annual EPS by 11 cents to 15 cents.

McDermott International (MDR ) shares fell after the company posted a second-quarter loss of 94 cents per share, vs. $3.80 loss, on 29% revenue rise. The company sees negative cash flows for the remainder of 2003, and notes substantial doubt about J. Ray unit's ability to continue as a going concern.

Invision Technologies (INVN ) received an initial order, valued at $54.8 million, for explosives detection systems from the Homeland Security Department. The order is part of a broader three-year agreement. Needham upgraded the shares to buy from hold.

Zoran (ZRAN ) says that due to its acquisition of Oak Technology, it sees third-quarter pro forma EPS diluted by 10 cents to 12 cents, from 31 cents to 33 cents original guidance to 19 cents to 23 cents. The company sees fourth-quarter pro forma EPS diluted by 8 cents to 10 cents to 16 cents to 22 cents.

Overland Storage (OVRL ) shares skidded after the company reported fourth-quarter EPS of 54 cents, vs. 40 cents a year ago, on 20% revenue rise. It sees 16 cents in first-quarter EPS.

J.C. Penney (JCP ) posted a second-quarter loss of 2 cents per share, vs. a 5-cent loss one year earlier, on a 2.1% rise in same-store deptartment store sales and flat same-store sales at its Eckerd drugstore unit.

Clorox (CLX ) posted fourth-quarter EPS (GAAP basis) of 68 cents, vs. 63 cents, on a 2.1% sales rise. The company sees first-quarter EPS of 57 cents to 62 cents (GAAP), and full fiscal year EPS of $2.47 to $2.57.

Deere & Co. (DE ) posted third quarter EPS of $1.02, vs. 61 cents, on an 11% sales rise. Deere sees $575 million to $625 million in 2003 net income.

SoundView upgraded Comverse Technology (CMVT ) to outperform from neutral.

KB Home (KBH ) and Ryland (RYL ) are squandering their cash on their on pricey stocks, rather than acquiring attractive land deals or saving it for a rainy day, some investors and analysts say, according to a Wall Street Journal report.

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