Advanced Micro (AMD) 29.82 +1.67: CSFB initiates coverage with a BUY; believes company's forward prospects offer investors a solid growth story; says the PC market is increasingly driven by the best combination of cost and performance, and firm believes this is precisely what AMD offers.
Powerwave Tech (PWAV) 17.00 -0.50: Morgan Stanley downgrades to NEUTRAL from OUTPERFORM; says fundamentals and visibility are worse for C2Q01 and C3Q01 than they were in C1Q01; firm is concerned that the consensus estimates for the next 2 qtrs are too high; says news coming out of the industry regarding 3G has been mediocre; has concerns about launch pushouts, equipment pricing/margins, and vendor financing remain.
First Data (FDC) 65.85 delayed: Morgan Stanley upgrades to STRONG BUY from OUTPERFORM with 12-month price target of $85; based on extensive Western Union agent conversations, firm has higher conviction in the growth outlook for FDC's largest and most profitable business.
BEFORE THE OPEN (Updated throughout the hour)******
Salomon on Semis : Salomon Smith Barney says evidence of a bottom in the equipment sector and up the foodchain is becoming apparent in the March-June timeframe. At the first day of the firm's Semiconductor Conference equipment companies reiterated guidance across-the-board. Thinks investors should use dips to establish positions.
EntreMed (ENMD) 19.94: Clinical-stage biopharmaceutical company reports Q1 loss of $0.62 a share, $0.10 better than the First Call consensus of ($0.72); revenues rose 21.6% to $883.95 mln from a year-ago of $726.70 mln. "I am pleased to report that we continue to improve our cash position as we accelerate the clinical development of our lead product candidates. Over the past 12 months we have increased our cash position by 39% to approximately $41,000,000," said CFO; see press release.
Venator Group (Z) 14.02: Specialty athletic retailer issues upside preannouncement for Q1; expects $0.22-0.24 vs current First Call EPS estimate of $0.21; says improved operating efficiencies have resulted in higher operating profits from increased sales; also posts Q1 comparable store sales increase of 4.8%; see press release.
New Power Holdings (NPW) 9.50: National provider of electricity and natural gas to residential and small commercial customers reports Q1 loss of $0.86 a share, $0.37 better than the First Call consensus of ($1.23); revenues rose 94.7% to $126.02 mln from a year-ago of $64.73 mln. Company also issues upside preannouncement for Q2, expecting EPS loss of $0.89-0.96 vs current First Call estimate of ($1.25); see press release.
Abercrombie (ANF) 33.89: Reports comparable store sales increased 6% for April compared with year-ago period; company also issues upside preannouncement for Q1, expecting earnings above the current First Call EPS estimate of $0.16; see press release.
Barr Labs (BRL) 57.22: Reports Q3 earnings of $0.42 a share, $0.03 better than the First Call consensus of $0.39, vs year-ago earnings of $0.37; revenues rose 12.9% to $137.34 mln from a year-ago of $121.64 mln. "Increased sales of Warfarin, ongoing sales of the ViaSpan organ transplant preservation agent, and the launch of Fluvoxamine during the quarter drove strong sales growth, higher margins and earnings growth for the quarter," said CEO.
J.C. Penney (JCP) 20.54: Reports a 3.8% increase in April department store sales; comparable store sales for the March/April period increased 3.2%t; company is comfortable with analysts' estimates for Q1; see press release.
The Gap (GPS) 28.80: Reports a 2% decline in April same-store sales; "Our April comp results were stronger than we expected given the stronger performance at Gap and particularly at Old Navy, where we saw signs of improvement in traffic trends and summer product sales," said CFO; expects Q1 earnings of $0.12-$0.13 (mean $0.11).
Wal-Mart (WMT) 51.59: Company reports 6.5% rise in same-store sales for April; net sales for the four-week period ending May 4, 2001 of $16.164 billion, an increase of 13.9% over the $14.196 billion in the similar period in the prior year; see press release.
Gadzooks (GADZ) 17.21: Specialty retailer warns for Q1; expects $0.24-0.25 vs current First Call EPS estimate of $0.29; says poor weather, especially during February and March, and generally weak traffic patterns combined to create a difficult retail environment during the first quarter; expects Q2 earnings of $0.21-$0.22 (mean $0.28) and full yr EPS of $1.52-$1.56 (mean $1.66); see press release.
Children's Place (PLCE) 24.40: Specialty retailer issues upside preannouncement for Q1; expects about $0.45 vs current First Call EPS estimate of $0.38; also reports a 10% increase in April same-store sales. "Sales results for the month of April significantly outperformed our expectations and reflected the exceptional acceptance of our summer merchandise and our strong promotional initiatives," said CEO; see press release.
Orchid Biosciences (ORCH) 4.05: Provider of products for SNP scoring and genetic diversity analyses reports Q1 loss of $0.31 a share, $0.08 better than the First Call consensus of ($0.39); revenues rose 62.6% to $5.64 mln from a year-ago of $3.47 mln. "We continue to demonstrate our commitment to building shareholder value by our progress in commercializing our technology, products and services, focusing on leveraging Orchid's large and diverse base of potential customers created by our Platform Propagation Strategy and on building our portfolio of content-rich SNP products to sell into this growing customer base." said CFO.
Aetna (AET) 25.40: Reports Q1 loss of $0.26 a share, $0.27 worse than the First Call consensus of $0.01 (analysts' estimates range from a gain of $0.10 to a loss of $0.15), vs year-ago earnings of $0.61; revenues fell 4.9% to $6.43 bln from a year-ago of $6.76 bln. "We are disappointed with these results, which were caused by higher-than-expected medical costs related primarily to the fourth quarter of 2000 and the first quarter of 2001," said CEO; see press release.
ActivCard (ACTI) 13.01: Leader in digital identity and electronic certification technology reports Q1 net of breakeven, $0.05 better than the First Call consensus of ($0.05); revenues rose 128.5% to $7.09 mln from a year-ago of $3.10 mln; as for outlook for the remainder of the year, company believes it is on track to achieve its goal of continued sequential revenue growth and 100-120% yr/yr growth. Company also announces that Jean-Gerard Galvez would be leaving his position as Chief Executive Officer; see press release.
Openwave (OPWV) 36.90: Announces it has signed a definitive agreement to acquire Avogadro, a telecommunications software infrastructure developer, for 2.7 mln shares of OPWV stock. Also, company updates financial outlook; revises year 2001 forecast to $0.43 a share vs current First Call EPS estimate of $0.25; continues to expects quarterly revenues to grow at a 10%-20% sequential rate, resulting in CY01 revenues of approx. $640 mln; see press release.
Avnet (AVT) 25.10: Announces acquisition of Sunrise Technology Ltd., a privately-held, electronic components distribution company that serves indigenous and multinational original equipment manufacturers (OEMs) and contract electronic manufacturers in China; see press release. |
