STOLEN STUFF: AFTER THE CLOSE ******
CIBC Cuts Brokers : Analysts says the recent weakness in investment banking is being caused more by deteriorating fundamentals in the telecom and technology sectors rather than psychology, the poor prospects for investment banking earnings will likely last materially longer than in 1998 as these fundamentals work through the economy. Accordingly, reduces estimates for Bear Stearns (BSC), Chase (CMB), Citigroup (C), Lehman Brothers (LEH), Merrill Lynch (MER) and Morgan Stanley (MWD). Also downgrades Bear Stearns (BSC) to HOLD from STRONG BUY and Chase (CMB) to HOLD from STRONG BUY.
Quokka Sports (QKKA) 1 3/4 +3/8: Company will be eliminating 90 positions, or about 20% of work force and will take a one-time charge for severance, stock based compensation and facilities of approximately $1.8 to 2.0 million in Q4; see press release.
Wind River Sys (WIND) 38 3/16 -3 15/16: -- Update -- CFO Mike Zellner says Q4 on track for $130 mln in revenue and approximately $0.18 EPS. Current First Call estimate is $0.19 for Q4.
Eon Comm (EONC) 1 13/16 +1/16: Reports Q1 loss of $0.09 a share, $0.03 better than the First Call consensus of ($0.12), vs year-ago earnings of $0.04; revenues fell 14% to $12.34 mln from a year-ago of $14.34 mln; see press release.
Brocade Comms (BRCD) 153 3/4 -7 1/4: -- Update -- Company guides 2001 revenue estimate higher to $830 mln from previous guidance of $675 mln; Wit SoundView had hoped for upward guidance to $770 mln in a note this morning.
Active After Hours : -- Update -- Nasdaq most actives (last trade and change from mkt close): INTC 39 -3 3/4...BRCD 145 -8 3/4...ORCL 21 1/2 -1 3/8...CIEN 70 1/4 -3 1/4...DELL 19 11/16 -2 1/8...CSCO 49 5/8 -2 1/16...ALTR 18 13/16 -7 1/8.
Altera (ALTR) 25 15/16 +1/32: -- Update -- Resumes trading...ALTR 19 1/2 -6 7/16 from mkt close.
The Gap (GPS) 25 13/16 -1/8: Comparable store sales for November were down 1%, compared to a 1% increase in November 1999. Company cautious about the outlook for the quarter given the importance of December sales results. GPS shares trading down to $23 per share after hours; see press release.
Gateway (GTW) 29.02 -1.98: -- Update -- Just nine days ago on Nov 20, Gateway refuted a downgrade from Wit Soundview saying, "...we remain comfortable with consensus EPS estimates and guidance on revenue for the fourth quarter and full-year 2000."; see press release.
Gateway (GTW) 29.02 -1.98: -- Update -- The company now expects EPS of $1.89 for the full year 2001, versus previous consensus estimates of $2.28.
Brocade Comms (BRCD) 153 3/4 -7 1/4: -- Update -- Trading down over 8 pts after hours as earnings conference call begins; revenues of $132.1 mln beat whisper number of $130 mln, but only just edged out the $132 mln figure that Wit Soundview had noted this morning.
Gateway (GTW) 29.02 -1.98: -- Update -- Gateway also will be taking a one-time charge of approximately $200 million, or $0.39 per share, related primarily to the write-down of the company's investments in technology-based companies; see press release.
Synopsys (SNPS) 34 7/8 -23/32: Reports Q4 loss of $0.33 a share, $0.12 better than the First Call consensus of ($0.45), vs year-ago earnings of $0.75; revenues fell 41.7% to $133.22 mln from a year-ago of $228.33 mln; see press release.
FirePond (FIRE) 7 25/64 -23/64: Reports Q4 loss of $0.04 a share, $0.07 better than the First Call consensus of ($0.11); revenues rose 91.2% to $19.09 mln from a year-ago of $9.99 mln; see press release.
Gateway (GTW) 29.50 -1.50: -- Update -- Conference call info: 4:30 pm ET 1-800-734-6471
Gateway (GTW) 29.50 -1.50: -- Update -- Shares trading at 21 1/4 after hours, down 8 1/4 from mkt close.
Alloy Online (ALOY) 7 +1/8: -- Update -- Forecasting $0.02 EPS in Q4 vs. $0.01 consensus.
Alloy Online (ALOY) 7 +1/8: Reports Q3 loss of $0.30 a share, $0.01 better than the First Call consensus of ($0.31); revenues rose 187.3% to $28.06 mln from a year-ago of $9.77 mln; see press release.
Altera (ALTR) 25 15/16 +1/32: -- Update -- Conference call info: 5pm ET today 719-457-2617 passcode #564525
Tech Data (TECD) 28 5/8 -3/8: Reports Q3 earnings of $0.82 a share, $0.07 better than the First Call consensus of $0.75, vs year-ago earnings of $0.60; revenues rose 20.4% to $5.19 bln from a year-ago of $4.31 bln; see press release.
Nasdaq : Nasdaq futures dive 102 points after Gateway (GTW) warning.
Brocade Comms (BRCD) 153 3/4 -7 1/4: -- Update -- Reports Q4 earnings of $0.22 a share, $0.02 better than the First Call consensus of $0.20, vs year-ago earnings of $0.03; revenues rose 339.0% to $132.11 mln from a year-ago of $30.09 mln; see press release.
Altera (ALTR) 26 +3/32: Company warns for Q4; expects revenues to approximate the $395 mln reported in Q3. November resales were less than management's previous expectations in all geographies; see press release.
Wind River Sys (WIND) 38 1/4 -3 7/8: Reports Q3 earnings of $0.12 a share, $0.02 better than the First Call consensus of $0.10, vs year-ago earnings of $0.15; revenues rose 37.0% to $114.84 mln from a year-ago of $83.84 mln; see press release.
Brocade Comms (BRCD) 153 3/4 -7 1/4: -- Update -- Sets 2-1 split of common shares.
Stratos Lightwave (STLW) 16 15/16 -1/8: Reports Q2 earnings of $0.06 a share, $0.01 better than the First Call consensus of $0.05, vs year-ago earnings of $0.01; revenues rose 113.6% to $34.92 mln from a year-ago of $16.35 mln; see press release.
Gateway (GTW) 29.10 -1.90: -- Update -- Company warns that Q4 revenue and earnings will be below expectations. GTW said it expects to report revenue of approximately $2.55 billion for the fourth quarter, about equal to the same period the previous year, and $500 million below previous estimates. The company said it expects operating income of at least $0.37 per share, which is $0.25 below analyst consensus estimates; see press release.
Cable Design (CDT) 14 3/16 -15/16: Reports Q1 earnings of $0.36 a share, $0.02 better than the First Call consensus of $0.34, vs year-ago earnings of $0.30; revenues rose 14.4% to $214.73 mln from a year-ago of $187.62 mln; see press release.
Masco Corp (MAS) 18 13/16 -7/16: Announces acquisition of two unrelated installation services companies with combined annualized 2000 sales to be in excess of $700 mln. Total consideration for both acquisitions includes approximately $435 mln in cash and assumed debt and 15 mln shares of Masco common stock; see press release.
724 Solutions (SVNX) 17 7/8 -1 13/16: Company announces plans to acquire TANTAU Software in an all stock transaction valued at approximately $375 mln; see press release. |
