Gateway Slips on Revenue Shortfall
Gateway (GTW ) sees a fourth-quarter operating loss at the low end of the guidance range, with $880 million in revenue, vs. the $925 million to $975 million guidance. Gateway noted the guidance does not include restructuring and transformation costs. SoundView and Bear Stearns downgraded. S&P keeps hold.
Electronics Boutique (ELBO ) posted 2.5% higher same-store sales for the nine-week holiday period ending Jan. 3, above the company's forecast, and 24% higher total sales. S&P reiterates accumulate.
Array Biopharma (ARRY ) formed a research collaboration with Genentech (DNA ) to advance two of the company's proprietary oncology programs into clinical development. Thomas Weisel upgraded to peer perform from underperform.
Wal-Mart (WMT ) set a $7 billion stock buyback.
Tweeter Home Entertainment (TWTR ) says a less-than-plan gross margin for the flat-panel TV business, combined with a larger increase within the overall mix of business for the video category, will reduce gross margins below-plan by about 100 basis points; the company expects 16 cents to 20 cents first-quarter earnings per share.
Catapult Communications (CATT ) sees first-quarter revenues 5% to 6% above the previous $10.4 million estimate.
Best Buy (BBY ) reportedly expects 6% to 8% fourth-quarter same-store sales growth.
Nextel Partners (NXTP ) says it expects to achieve its 2003 guidance.