Acterna, Lightbridge, Sun Micro
By Michael Baron & Jason Margolis, CBS.MarketWatch.com
Last Update: 1:44 PM ET Apr 25, 2001
marketwatch.com
Advancers
Acterna (ACTR: news, msgs, alerts) jumped more than 14 percent after the Germantown. Md., communications test products firm signed a "multi-million dollar" deal to supply fiber optic test equipment to TyCom Ltd. (TCM: news, msgs, alerts) . Further financial terms weren't disclosed. To date, Acterna said it has received orders for more than 500 handheld fiber optic test sets and portable network analyzers for TyCom.
Action Performance (ACTN: news, msgs, alerts) added more than 6 percent after the company reported second-quarter earnings, excluding items, of $2.6 million, or 16 cents a share, narrower than a year-ago loss of $4.1 million, or 25 cents a share, and 6 cents ahead of Wall Street expectations. Sales rose 28.1 percent to $70.7 million in the latest three months from $58.1 million in the same period a year earlier. The Phoenix motorsports merchandise licensing firm cited strong sales from its trackside and apparel operations for the better-than-expected performance.
AFLAC (AFL: news, msgs, alerts) rose more than 7 percent after the company reported first-quarter earnings of $178 million, or 33 cents a share, compared with $156 million, or 29 cents a share in the same quarter last year. Analysts polled by First Call expected a profit of 32 cents a share. Revenue totaled $2.4 billion, less than 1 percent higher than the year-ago total. The company said its full-year goal is to increase earnings at the high end of 15 percent to 17 percent growth range.
Allegiance Telecom (ALGX: news, msgs, alerts) added more than 13 percent after the Dallas communications provider reported promising first-quarter results and announced that it and Qwest Communications (Q: news, msgs, alerts) have completed the electronic bonding of their operations support systems. Allegiance also said it continues to believe it has sufficient cash, credit, and short-term investments to fully fund its plans to expand into 36 markets.
American Home Mortgage (AHMH: news, msgs, alerts) flew more than 16 percent higher after the New York retail mortgage banker reported first-quarter earnings of $2.5 million, or 28 cents a share, up from a year-ago profit of $888,000, or 11 cents a share, and 11 cents ahead of Wall Street views. Revenue rose 133 percent in the latest three months to $22.1 million from $9.5 million in the same period a year earlier. Loan closings hit $1.3 billion, a 160 percent increase from last year's quarter. The company attributed the strong results to its recent mergers, increased Internet originations, and organic growth. Citing its belief that the recent surge in refinancing will help results, American Home Mortgage raised its outlook, forecasting earnings of more than 50 cents a share in the second quarter and more than $1.50 a share in the full year. Analysts polled by First Call/Thomson Financial are currently looking for profits of 25 cents and 93 cents, respectively.
Anheuser-Busch (BUD: news, msgs, alerts) gained more than 2 percent after the company reported a 13 percent year-over-year increase in earnings to 43 cents per share, matching the average analyst estimate compiled by First Call/Thomson Financial. The beer giant attributed increase in earnings to "strong" revenue-per-barrel growth in the U.S. and "significant" contributions from international markets. "
Beazer Homes USA (BZH: news, msgs, alerts) advanced more than 6 percent after the company reported second-quarter earnings of $1.92 a share, well ahead of the consensus estimate for a profit of $1.60 a share. Net income totaled $17.5 million, an increase of 98 percent compared with last year. The company attributed the quarter's performance to continued strong demand for homes, especially in the first-time buyer segment.
Be Free (BFRE: news, msgs, alerts) leapt more than 10 percent after the company reported a first-quarter loss of 10 cents a share, up from a loss of 7 cents in the year-earlier period, but a penny better than the average analyst estimate compiled by First Call/Thomson Financial. Revenue for the period rose 49 percent over last year to $5.4 million. Due to continued losses from "dot-com" clients, the online marketing firm said it further "streamline" its operations by reducing its work force by an additional 16 percent. It cut 4 percent of its staff in mid-March. Be Free also said it would suspend development of a new product due to challenging market conditions. Looking ahead, the company said it is anticipating continued revenue softness through the second quarter. Profitability is expected to come in the second quarter of 2002.
Brio Technology (BRIO: news, msgs, alerts) added more than 14 percent after the Santa Clara, Calif., provider of business intelligence applications reported a fourth-quarter loss of $623,000, or 2 cents a share, down from a year-ago profit of $5 million, or 16 cents a share, but in line with Wall Street expectations. Revenue jumped 12 percent in the latest three months to $44.2 million from $39.6 million in the same period a year earlier.
Caremark Rx (CMX: news, msgs, alerts) rose more than 11 percent after the provider of drug benefit services said late Tuesday that it earned 15 cents in the first quarter, up from EPS of 9 cents in the same period last year, and 2 cents above analyst expectations. For all of 2001, the company raised its EPS forecast to 67 to 69 cents, compared with analyst expectations of 61 cents. Revenue rose 31 percent over last year to $1.37 billion.
C-Cube (CUBE: news, msgs, alerts) added more than 2 percent after the Milpitas, Calif., digital video signal chip firm reported first-quarter earnings of $1.2 million, or 2 cents a share, a penny ahead of the Wall Street consensus estimate but short of last year's total of $8.3 million, or 16 cents a share. Revenue shrank to $50.1 million from $61 million last year.
Conseco (CNC: news, msgs, alerts) jumped more than 7 percent after the Indianapolis financial services firm reported first-quarter earnings from operations of $54 million, or 16 cents a share, 2 cents ahead of Wall Street expectations.
Cymer (CYMI: news, msgs, alerts) advanced more than 9 percent after the company posted first-quarter earnings of $8.3 million, or 27 cents a share, compared with the year-ago total of $10.2 million, or 33 cents a share. Excluding the write-off of in-process research and development as well as amortization of goodwill, the company earned $12.2 million, or 40 cents a share. The latest quarter missed the consensus estimate of 33 cents a share. Revenue totaled $91 million compared with $80.6 million. In addition, the company said given current industry conditions, including lack of visibility, it would not forecast beyond the current quarter.
Dial (DL: news, msgs, alerts) added more than 4 percent after the company posted a profit from operations of 13 cents a share in the first quarter, in line with the First Call/Thomson Financial estimate but below the 23 cents a share earned in the year-ago quarter. Looking ahead, the Scottsdale, Ariz., firm said it expects both earnings-per-share for the second quarter and 2001 to be well within the range of current Wall Street views. Second-quarter EPS are pegged at 10 to 16 cents a share while full-year results are expected to come in at 55 to 66 cents a share. Analysts polled by First Call currently expect second-quarter earnings of 14 cents a share and a 2001 profit of 60 cents a share.
Dollar Tree Stores (DLTR: news, msgs, alerts) rose more than 8 percent after the company reported sales of $387.3 million, with net income of $10.8 million, or 10 cents a share, compared with sales of $327.1 million, with net income of $12.9 million, or 13 cents a share. The latest profit per share beat the average view by a penny.
DigitalThink (DTHK: news, msgs, alerts) climbed more than 3 percent after the company reported a fourth-quarter net loss of $4.9 million, or 14 cents a share, beating the consensus estimate by 2 cents a share. Revenue totaled $12.8 million compared with $4.3 million in the year-ago period.
Extensity (EXTN: news, msgs, alerts) rose more than 3 percent after the Emeryville, Calif., provider of employee relationship management software reported a first-quarter loss, excluding items, of $6.8 million, or 29 cents a share, narrower than a year-ago loss of $7.8 million, or 37 cents a share, and 4 cents better than Wall Street expectations. Revenue rose 163 percent in the latest three months to $9.8 million from $3.7 million in the same period a year earlier.
Fairchild Semiconductor (FCS: news, msgs, alerts) jumped more than 4 percent after the company reported first-quarter adjusted earnings of $26.1 million, or 26 cents a share, down from a year-ago profit of $52.6 million, or 53 cents a share, and 4 cents ahead of the average estimate of analysts polled by First Call/Thomson Financial. Revenue fell 18 percent on a sequential basis to $385.3 million. Saying it's cautious about the next quarter or two, the Portland, Maine, chip firm expects second-quarter revenue to be flat to down 5 percent, and third-quarter revenue to be flat to slightly lower, with a sequential improvement anticipated in the fourth quarter.
Fidelity National Financial (FNF: news, msgs, alerts) gained more than 10 percent after the Irvine, Calif., title insurance and real estate services firm said its board has authorized the repurchase of up to 5 million shares of its common stock. Fidelity National also declared its quarterly dividend of 10 cents a share, payable July 27 to shareholders of record July 13.
Flextronics (FLEX: news, msgs, alerts) gained more than 8 percent after the company reported fourth-quarter earnings of $109 million, or 22 cents a share, on sales of $3.11 billion. This compares with earnings of $72.6 million, or 17 cents a share, on sales of $2.23 billion last year. Analysts expected the electronics manufacturing services firm to earn 24 cents a share.
Goto.com (GOTO: news, msgs, alerts) soared more than 25 percent after the company reported a pro forma net loss of $6.4 million, or 13 cents a share, blowing past earnings expectations by 20 cents a share. During the same quarter last year, the search engine reported a loss of $9 million, or 20 cents a share. Revenue jumped by nearly 200 percent, climbing to $52 million.
IDT (IDTI: news, msgs, alerts) jumped more than 9 percent after the Santa Clara, Calif.-based maker of microchips reported fourth-quarter earnings of $55.6 million, or 51 cents a share, in line with Wall Street expectations. During the same quarter last year, the company earned $41.6 million, or 41 cents a share. Revenue reached $213 million, an 8 percent increase over last year.
Lightbridge (LTBG: news, msgs, alerts) rose more than 14 percent after the Burlington, Mass., provider of mobile business software for wireless carriers reported first-quarter earnings, excluding items, of $5.6 million, or 19 cents a share, beating Wall Street views by 2 cents. Including merger costs, the company earned $4.1 million, or 14 cents a share, in the march quarter, down from a year-ago profit of $5.6 million, or 19 cents a share. Revenue rose 16.4 percent in the period to $49.3 million. For the full year, Lightbridge forecast earnings of $1.02 to $1.05 a share, excluding items, with revenue growth of 20 percent. Analysts polled by First Call/Thomson Financial are currently looking for a profit of 98 cents for the fiscal 2001.
Metro-One Telecommunications (MTON: news, msgs, alerts) tacked on more than 3 percent after the Portland, Ore., provider of directory-assistance and other telecommunications services reported first-quarter earnings of $5 million, or 33 cents a share, up from a year-ago profit of $1.1 million, or 9 cents a share, and 3 cents ahead of Wall Street views. Revenue for the first quarter climbed 69 percent to $50.2 million from $29.7 million in the same period a year earlier. The company cited strong call volume growth and sustained gross margin improvements for the better than anticipated results.
MRO Software (MROI: news, msgs, alerts) soared more than 35 percent after the Bedford, Mass., provider of supply chain management applications reported second-quarter pro form earnings of $19,000, or breakeven on a per share basis, down from a year-ago equivalent profit of $3.5 million, or 15 cents a share, but better than the average estimate of analysts polled by First Call/Thomson Financial for a loss of 3 cents a share. Revenue rose in the latest three months to $45.7 million from $41.6 million in the same period a year earlier.
Oak Technology (OAKT: news, msgs, alerts) added more than 4 percent after the company reported a third-quarter pro forma net loss of 6.8 million, or 12 cents a share, vs. a loss of $4.6 million, or 9 cents a share during the same quarter last year. Analysts were expecting a loss of 13 cents a share. Revenue was $27.7 million, down from $28.5 million last year.
Philip Morris (MO: news, msgs, alerts) rose more than 4 percent amid expectations for a hike in cigarette prices and a report that suggests the Bush administration may cut funding needed to keep a lawsuit against the tobacco industry alive.
Silicon Valley Group (SVGI: news, msgs, alerts) leapt more than 10 percent after the company than reported second-quarter earnings of $6.1 million, or 16 cents a share, down from a year-ago profit of $11.6 million, or 32 cents a share, but 4 cents ahead of the average estimate of analysts polled by First Call/Thomson Financial. Sales rose 2 percent in the latest three months to $208.9 million from $204.6 million in the same period a year earlier. The San Jose, Calif., maker of automated wafer processing equipment attributed the decline in earnings in the latest quarter to reduced profit on lithography products and increased inventory costs on its thermal products. Silicon Valley said it expects third-quarter shipments could decline 15 to 25 percent on a sequential basis and that gross margin would come in at 36 to 38 percent.
Trigon Healthcare (TGH: news, msgs, alerts) rose more than 9 percent after the company said better-than-expected results from its "self-funded" business would lead to first-quarter results that exceed estimates. The managed healthcare company said it expects to report earnings for the period of 95 cents per share, compared to the average analyst EPS estimate compiled by First Call/Thomson Financial of 83 cents. For all of 2001, Trigon forecasts EPS to grow 20 to 25 percent over 2000, while analysts currently anticipate growth of about 16 percent. The company will report full results on May 11.
Walt Disney (DIS: news, msgs, alerts) gained more than 3 percent after the company reported net income of 15 cents a share for the second quarter ended March 31, beating analysts' estimates by two cents and two cents ahead of last year. The company's earnings were before charges. The company's earnings per share had been 19 cents a share before accounting changes. Revenue was down from $6.3 billion last year to $6 billion.
Zebra Technologies (ZBRA: news, msgs, alerts) surged more than 7 percent after the company reported first-quarter earnings of $16.9 million, or 57 cents a share, beating the consensus estimate of 52 cents a share. Last year, net income totaled $15.2 million, or 50 cents a share. Including merger costs, earnings per shares totaled 55 cents a share, vs. 48 cents in the year-ago period. Revenue for the latest quarter totaled $115 million, up 16 percent compared with the year-ago total of $99.6 million.
Decliners
Applied Micro Circuits (AMCC: news, msgs, alerts) fell more than 5 percent after the company came in with fourth-quarter earnings of $28.3 million, or 9 cents a share, compared with the year-ago total of $21 million, or 8 cents a share. Analysts polled by First Call expected earnings of 9 cents a share. The fourth-quarter per share profit came in significantly lower than the third quarter profit of 16 cents. Revenue totaled $121.1 million, an increase of 112 percent over the year-ago total of $57 million.
Amazon.com (AMZN: news, msgs, alerts) dipped more than 3 percent after the company reported a better-than-expected loss for the first quarter of 21 cents a share, 3 cents lower than analysts' estimates. For the quarter, losses fell to $49 million, on a pro forma basis, vs. $99 million, or 35 cents a share from the year ago period. Net sales rose 22 percent to $700 million, $5 million more than Amazon's last public projection.
Anaren Microwave (ANEN: news, msgs, alerts) lost more than 27 percent after the company reported third-quarter earnings of $2.8 million, or 12 cents a share, up slightly from a year-ago profit of $2.2 million, or 12 cents a share, and in line with lowered Wall Street views. Sales rose 39 percent in the latest three months to $21.7 million from $15.6 million in the same period a year earlier. The Syracuse, N.Y., provider of complex microwave signal distribution networks and components said the rapid downturn in the wireless markets had a negative impact on results in the quarter. Citing a lack of visibility and continued unfavorable wireless market conditions, Anaren said it expects earnings of 2 to 6 cents a share on revenue of $15 million to $17 million in the fourth quarter. Analysts polled by First Call/Thomson Financial are forecasting a profit of 14 cents a share.
Adept Technology (ADTK: news, msgs, alerts) sank more than 15 percent after the San Jose, Calif., provider of telecommunications automation products reported a third-quarter loss, including items, of $11.7 million, or 99 cents a share, down from a year-ago profit of $594,000, or 6 cents a share. Revenue lost 9 percent in the period to $23.9 million. Looking ahead, Adept said it expects fourth-quarter revenue to be flat to down roughly 10 percent from its third-quarter total with gross margins of 38 to 40 percent due to lower volume over a fixed manufacturing base and new product expenses.
Avanex (AVNX: news, msgs, alerts) sank more than 6 percent after the company reported a third-quarter pro forma loss of $1.6 million, or 3 cents a share, narrower than a pro forma loss of $2.9 million, or 8 cents a share, but 2 cents wider than Wall Street expectations. Revenue rose to $30.3 million in the latest three months from $19.8 million in the same period a year earlier. Going forward, the Fremont, Calif., provider of photonic processors warned that it expects a loss of 2 to 3 cents a share on revenue of $25 million in the fourth quarter, below current analysts estimates for breakeven results. For the year, Avanex expects a loss of 8 to 10 cents a share.
BMC Software (BMC: news, msgs, alerts) dove more than 19 percent after the company reported fourth-quarter earnings, excluding items, of $65.8 million, or 26 cents a share, 2 cents ahead of the average estimate of analysts polled by First Call/Thomson Financial. Revenue swelled to $422.8 million in the latest three months, 11 percent lower than its total of $476.4 million in the same period a year earlier. However, the Houston enterprise relationship management firm warned about first-quarter profits in its conference call, according to Reuters.
BroadVision (BVSN: news, msgs, alerts) fell more than 2 percent following news that the company plans to cut 15 percent of its workforce, as well as other costs and expenses, as its revenue came in less than expected. First-quarter pro forma net loss was $38.9 million, or 15 cents a share, compared with earnings of $10 million, or 4 cents a share, during the same quarter last year. Analysts expected a loss of 15 cents a share on revenue of $103.8 million. Revenue was $91.1 million, up from $61.5 million during the same quarter last year.
Chronimed (CHMD: news, msgs, alerts) dove more than 24 percent after the Minneapolis drug distribution firm reported third-quarter adjusted earnings from continuing operations of $1.1 million, or 9 cents a share, up from a year-ago equivalent profit of $880,000, or 7 cents a share, but a penny below the average estimate of analysts polled by First Call/Thomson Financial. Adjusted revenue rose 44 percent in the latest three months to $79.3 million from $55.1 million in the same period a year earlier. The company said it generated growth in the quarter "despite continued reimbursement pressures" from "several key payors." Chronimed expects fourth-quarter adjusted earnings of 10 to 11 cents a share on revenue of $82 million to $85 million, below analysts' average estimate of a profit of 13 cents. For the year, the company sees earnings from continuing operations of 34 to 35 cents a share on revenue of $294 million to $297 million. Chronimed also reiterated its target of revenue and earnings growth of 25 to 30 percent in fiscal 2002.
Coherent (COHR: news, msgs, alerts) fell more than 3 percent after the company reported second-quarter earnings of $14.7 million, or 51 cents a share, a dime ahead of expectations. During the same quarter last year, the laser company earned $8.4 million, or 31 cents a share. Net sales reached $129.8 million, up from $111.8 million last year.
CNT (CMNT: news, msgs, alerts) lost more than 9 percent after the Minneapolis storage networking firm warned that its first-quarter results would miss Wall Street expectations. The company cited a slowdown in customer information technology spending due to the current weak global economic conditions. CNT expects first-quarter revenue to come in 30 to 40 below its fourth-quarter total of $47 million, yielding a loss from continuing operations of 5 to 10 cents a share. Analysts polled by First Call/Thomson Financial were forecasting a profit of 11 cents a share in the April quarter. The company plans to cut its workforce by 90 employees, or 10 percent, in its storage networking and Propelis units.
EarthShell (ERTH: news, msgs, alerts) fell more than 18 percent after the Santa Clara, Calif., food service packaging firm announced it plans to begin in-service testing of hot beverage cups. EarthShell, which said the hot cup market in the U.S. is valued at just over $1 billion annually, said the testing is set to begin with an undisclosed regional restaurant during the next 60 days. Earlier in the session, the stock hit a 52-week high of $5.46.
Ford Motor (F: news, msgs, alerts) was driven more than 4 percent lower after analyst Stephen Girsky at Morgan Stanley downgraded the car maker's shares to "neutral" from "outperform," citing concerns over valuation given the current competitive environment. Girsky feels that weak demand, increased competition and rising inventories may force Ford to price more aggressively and/or cut production going forward. He added that the company appears to be caught in the middle of a battle for market share between Toyota (TM) and Honda (HMC), which is being prompted by a weak Japanese currency.
General Dynamics (GD: news, msgs, alerts) slid more than 2 percent after the company agreed to acquire Newport News Shipbuilding (NNS: news, msgs, alerts) for $67.50 per share, or about $2.60 billion, including assumption of about $500 million in debt. The deal is expected to close in the third quarter. The ship builder is headquartered in Newport News, Virginia and designs and builds nuclear powered aircraft carriers and submarines for the U.S. Navy. It had 2000 revenues of $2.07 billion, and net income of $90 million. Newport News shares rose more than 14 percent.
Internap Network Services (INAP: news, msgs, alerts) lost more than 16 percent despite reporting a narrower than expected loss in the March quarter. Excluding items, the Seattle provider of intelligent routing services lost $66.5 million, or 45 cents a share, in the first quarter, beating the average loss estimate of analysts polled by First Call/Thomson Financial by 6 cents. Consolidated basic revenue rose 219 percent from year-ago levels to $28.4 million. The company said it's "very focused" on securing added funds and that it's "reviewing submitted terms sheets for both an equity investment and a credit facility that provide additional financing on the most favorable terms." On Monday, Internap announced a restructuring plan that includes the elimination of 118 jobs
Power-One (PWER: news, msgs, alerts) slumped more than 3 percent after the company reported first-quarter earnings of $16.4 million, or 20 cents a share, up from a year-ago loss of $1.5 million, or 2 cents a share. Sales at the Camarillo, Calif., provider of power conversion products for the communications industry rose 121 percent in the latest three months to $169.9 million from $77 million in the same period a year earlier. Cash earnings per share, which excludes amortization and acquisition-related charges, totaled 24 cents a share, a penny ahead of Wall Street views. Looking ahead, the company said visibility for the second half remains uncertain due to the economic slowdown and significantly slower market growth for its telecommunications customers. For the second quarter, Power-One projects to break even on a cash earnings basis with sales of roughly $100 million. Analysts were looking for a profit of 10 cents a share in the period.
PurchasePro (PPRO: news, msgs, alerts) tumbled more than 25 percent after the business-to-business e-nabler said that the first-quarter results it is expected to reveal after the close of trading will be below consensus estimates "due primarily to the deferred recognition of certain license revenue." A Multex survey of analysts currently pegs earnings for the period at 9 cents a share on revenue of $41.8 million.
Royal Group Technologies Ltd. (RYG: news, msgs, alerts) sank more than 12 percent after the Toronto maker of home improvement and consumer products warned that it sees second-quarter earnings at the low end of its previously disclosed range of 18 to 23 cents a share. Sales are expected to be flat with the same period a year earlier, below its target of 10 to 15 percent growth. The estimate excludes a 'cost of sales' restructuring charge of $32 million, or 24 cents a share. Royal also announced plans to exit certain low-margin segments of the North American window covering market, which will necessitate downward adjustments to inventory. In addition, the company boosted its allowance for doubtful accounts due to the recent economic deterioration in Argentina, which has hurt accounts there. Capital spending for 2001 is forecast at $200 million.
Stilwell Financial (SV: news, msgs, alerts) tumbled more than 6 percent after the Kansas City firm agreed to sell $810 million worth of zero-coupon convertible senior notes due 2031. The offering will yield gross proceeds of $600 million to Stilwell. Over-allotments could produce another $90 million in proceeds. After Monday's closing bell, the company reported first-quarter earnings of $111.4 million, or 48 cents a share, down from a year-ago profit of $188.7 million, or 84 cents a share, and a nickel below the average estimate of analysts polled by First Call/Thomson Financial.
Sun Microsystems (SUNW: news, msgs, alerts) lost more than 7 percent. The company has confirmed that it will shut down operations worldwide during the first week of June as part of cost-cutting moves. Employees with vacation time will be allowed to take it during the four days the company will be closed, not counting the July 4 holiday. It marks the first such shutdown in the company's 17-year history. The move was announced in an internal memorandum to employees Monday.
Virata (VRTA: news, msgs, alerts) slipped more than 2 percent after the company reported a fourth-quarter loss that exceeded analyst estimates, but indicated that inventory build-up appears to be easing as service providers commit to further DSL deployments in high growth areas. The maker of chips for the broadband and telecommunications industry lost $14.2 million, or 23 cents per share during the quarter, wider than a loss of $1.3 million or 3 cents a share in the same period a year earlier. Analysts polled by First Call/Thomson Financial had pegged per share losses at 21 cents. Revenue rose 61 percent in the period to $19.4 million.
Michael Baron is a reporter for CBS.MarketWatch.com based in New York.
Jason Margolis is a reporter for CBS.MarketWatch.com in San Francisco. |
