Intl Paper (IP) 37.74 +0.36: Global forest products, paper and packaging company announces plans to close Mississippi plant; cites
high costs and the need to align production with its customer demand; see press release.
QUALCOMM (QCOM) 62.98 +3.48: -- Update -- Conference call ended....Tone of the call was relatively positive. JunQ will be weak,
but mgmt seems pretty confident SepQ and next fiscal year will be just fine. Extent of sell-off after the bell shows investors are not quite as
optimistic as mgmt. However, reaction not all that surprising as companies with so much exposure outside the US will get penalized due to
the perception that demand is more difficult to predict...Also, company still has decent amount of exposure to fledgling GlobalStar
unit...stock trading at 54.80.
Optical Comm (OCPI) 11.85 +1.16: Provider of fiber optic subsystems and modules for metropolitan area reports Q2 earnings of $0.11
a share, $0.01 better than the First Call consensus of $0.10, vs year-ago earnings of $0.06; revenues rose 89.7% to $47.94 mln from a
year-ago of $25.28 mln; see press release.
QUALCOMM (QCOM) 62.98 +3.48: -- Update -- During Q&A Session, "When can we expect QCT margins getting back to 30%?
Hopefully in early 2002"...Book-to-bill for chip segment is "definitely less than one" but would not specify....Next fiscal year, company
expects to see strong growth in all businesses, including the soon-to-be-spunoff semi business...stock trading at 54.81.
PeopleSoft (PSFT) 29.93 -0.06: -- Update -- Conference call concluded, overall tone of the call was positive. Management positioned
itself as a company with good market opportunities in a bad market environment. PSFT believes it is seeing a slight increase in worldwide
contract win rate across segments. PSFT +2.82
QUALCOMM (QCOM) 62.98 +3.48: -- Update -- Fiscal 2001 (ending Sep) estimates reduced to $1.05 vs consensus of
$1.25...QCOM expects to sell 80 mln CDMA phones in calendar 2001 versus previous expectation of 90 mln. Couple lower shipments
and a 20% expected decrease in pricing for CDMA phones, and a bleak picture is painted....stock trading at 54.82.
Foundry Networks (FDRY) 10.73 +0.57: -- Update -- On call, company says that book/bill exiting quarter was approximately 1, which
is good by recent standards in this industry. Stock continues to trend higher after hours: 11.59, +0.86 vs 4 pm.
After Hours Action : Nasdaq 100 After Hours indicator -15, led by the sharp post-market decline in QCOM -8. The other big after
hours loser is AFFX, which is now -6.5 vs 4 pm close.
QUALCOMM (QCOM) 62.98 +3.48: -- Update -- QCOM expects to go ahead with its previously announced spin-off of its
semiconductor business, QUALCOMM Spinco. Should be completed by the fall of 2001 in the form of a 100% tax-free distribution to
QCOM shareholders as of a record date to be determined. Due to market conditions as well as the fact that the company has ample cash
to fund the new company, QCOM no longer plans an IPO prior to the spin-off....stock trading at 54.63. |
