FACT BOX-Profit warnings heat up
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NEW YORK, June 8 (Reuters) - An avalanche of new profit
warnings hit Wall Street this week, led by the troubled
technology sector, burying hopes that corporate earnings are
likely to see a recovery this year.
Among the big names warning of lower-than-expected results
were networking equipment maker Juniper Networks Inc. ,
financial services heavyweight J.P. Morgan Chase & Co. ,
No. 2 handheld computer maker Handspring Inc. , and
printer and computer maker Hewlett-Packard Co. .
Semiconductor makers, citing meager demand, were the
largest group to lower guidance, including Integrated Silicon
Solutions , Lattice Semiconductor Corp. ,
TranSwitch Corp. , Broadcom Corp. , ATMI
Inc., and Elantec Semiconductor Inc.
Retailers such as California Pizza Kitchen ,
Russell Corp. , and Spiegel Inc. were also
among the most likely to warn as May same-store sales figures
came in well below expectations.
There were 22 new profit warnings issued this week,
bringing the total number of firms lowering guidance for the
quarter-to-date to 433, compared with 66 in the same period a
year ago, according to research firm Thomson Financial/First
Call which tracks company earnings.
Of the total number of profit warnings, 35 percent are
technology companies, First Call said.
Of the companies that make up the Standard & Poor's 500
index, 112 have warned of lower-than-expected results, compared
with only 12 in the year-ago period.
Following is a partial list of U.S. companies that have
warned recently of weaker-than-expected results.
FINANCIAL SERVICES:
J.P. Morgan Chase & Co.
NBC Capital Corp.
FOOD AND BEVERAGE:
Bob Evans Farms Inc.
California Pizza Kitchen
HEAVY INDUSTRY AND MANUFACTURING:
Actuant Corp.
Furniture Brands International
MSC Industrial Direct
RETAIL:
Bon-Ton Stores Inc.
Callaway Golf Co.
Charming Shoppes Inc.
Gymboree Corp.
Pacific Sunwear of California Inc.
Ross Stores Inc.
Russell Corp.
Spiegel Inc.
TECHNOLOGY, MEDIA, AND TELECOMMUNICATIONS:
3Com Corp.
ATMI Inc.
Broadcom Corp.
California Micro Devices
Cypress Semiconductor Corp.
Handspring Inc.
Integrated Silicon Solutions
Juniper Networks Inc.
Lattice Semiconductor Corp.
Molex Inc.
Nu Horizons Electronics Corp.
Rockwell International Corp.
TranSwitch Corp.
TRANSPORTATION AND SHIPPING:
Covenant Transport Inc.
Swift Transportation
REUTERS
Rtr 16:35 06-08-01 |
