AFTER THE CLOSE ******
Foundry Networks (FDRY) 7 7/8 -15/32: In 10-K filing, company
discloses: "We...continue to receive a lower than anticipated amount of
product orders for the first quarter of 2001 as a result of decreased or
delayed capital spending by existing and prospective customers and the
slowing U.S. economy. Due to a number of factors which are discussed in
more detail below, we expect our selling prices and gross margins to
decrease as a result of our increased efforts to compete aggressively and
maintain sales levels. As a result, we may not be able to sustain or
increase profitability on a quarterly or annual basis in the future."
Micron Tech (MU) 45.25 +1.00: -- Update -- On conference call,
company said it has seen a pick-up in pricing over the past couple of weeks,
but not sure if sustainable...separately, much of Q&A focusing on large
inventory build-up which is up from Aug 31 by 66% -- mgmt does not seem
concerned even though the trend is continuing in March...stock still not
trading.
Tyson Foods (TSN) 11.50 unch: Company announced that it is
discontinuing the merger with IBP, Inc. (IBP) based on concerns
regarding IBP's financial statements. Tyson says it was inappropriately
induced to enter into the merger agreement and claims a right to rescind or
terminate the merger agreement and to receive compensation from IBP.
Tyson has begun legal proceedings seeking relief.
Gadzoox Ntwrks (ZOOX) 1 9/16 -5/16: Company warns for Q4; sees
revenues of $6.0-6.5 mln vs consensus estimate of $8.6 mln. Company
cites the softening economy, and lower demand than previously forecasted
from OEM customers on existing products. ZOOX to implement cost
cutting measures including a 10% headcount reduction. Comnsensus EPS
estimate is ($0.43).
Warnaco Group (WAC) 1.60 +0.30: Reports Q4 operating loss of
$0.71 a share, vs year-ago earnings of $0.01; revenues fell 9.4% to
$546.34 mln from a year-ago of $603.20 mln.
Wireless Facilities (WFII) 6 11/32 -15/32: -- Update -- Street had been
expecting a Q1 net of $0.16 per share. WFII shares are off 19% from
mkt close after hours at 5 5/32.
Plexus Corp (PLXS) 25 1/16 -1 15/16: Company warns for Q2; sees
EPS of $0.26-0.28; current EPS estimate is $0.34. Sales are expected to
be between $278 to $282 mln. PLXS cites recently changed forecasts
from customers and an accelerated slowdown in certain end-markets.
Ryder System (R) 18.60 -0.25: Company warns for Q1; sees EPS of
$0.13-0.17; current EPS estimate is $0.20. Company says shortfall is due
primarily to the continued economic slowdown, which is reflected in weak
commercial vehicle rental and persistent soft used truck sales gains in
Ryder's Fleet Management Solutions business unit.
Micron Tech (MU) 45.25 +1.00: Reports Q2 loss of $0.01 a share,
$0.02 better than the First Call consensus of ($0.03), vs year-ago earnings
of $0.30; revenues fell 8.1% to $1.07 bln from a year-ago of $1.16 bln.
Kellogg (K) 26.91 +0.14: Company to close Keebler's Denver, CO,
bakery by May 31, 2001, with a loss of about 470 positions; in addition
to Denver, about 150 positions are being eliminated from the consolidation
of headquarters and administrative functions. Kellogg expects to achieve
$170 mln in annual cost synergies by the third year following the acquisition.
EarthShell (ERTH) 1 5/16 -1/16: Company announces that after over two
years in validation and testing, the product design of its EarthShell Packaging
hinged-lid containers for the McDonald's Big Mac sandwich has met
product performance targets and has received final approval by
McDonald's (MCD).
Wireless Facilities (WFII) 6 11/32 -15/32: Company warns for Q1;
expects its revenues and earnings to decline from previously estimated levels
due to the slowing U.S. economy, the recent volatility in the financial
markets and the slowdown in wireless telecommunications infrastructure
spending. Company fails to provide any further guidance other than to say,
"Company is therefore unable to re-affirm any prior revenue and earnings
estimates for fiscal 2001 and does not expect to provide revenue and
earnings estimates at least until market conditions stabilize and visibility
improves.".
Internet America (GEEK) 5/8 -1/16: Company receives delisting notice
from Nasdaq for failure to have net tangible assets of at least $4 mln.
Enron Corp (ENE) 55.31 -2.79: Company's subsidiary, Transwestern
Pipeline announces it has filed for an application with the Federal Energy
Regulatory Commission to install new compression at four existing stations
in Arizona to expand its system by 150 mln cubic feet/day (MMcf/d) of
incremental firm capacity. Transwestern Pipeline's total capacity to the
California border will increase to 1.24 bln cubic feet/day (Bcf/d). The
project is expected to be in service by June 2002.
Blue Martini (BLUE) 2 9/16 -1/16: Company warns for Q1; sees
revenues in the range of $19-21 mln and loss per share of $0.22-0.25;
current consensus estimates are $28.46 mln revs and ($0.09). Company
cites economic slowdown and the uncertain business climate.
Genesis Microchip (GNSS) 9 9/32 -23/32: Company warns for Q4;
sees loss of $0.15-0.17 per share; current EPS estimate is $0.11.
Revenues for the quarter to be in the range of $18.2 to $18.4 mln.
Company cites one-time charges associated with restructuring, discontinued
product sales, low manufacturing yields for a new product and professional
fees and expenses associated with strategic initiatives.
ARIS Corp (ARSC) 1 1/4 unch: Company warns for Q1; sees revenues
of $14.0-14.5 mln; current estimate is $14.95 mln; current EPS estimate is
($0.02); cites customer delays of a few major consulting projects. |
