Here is ALL of the news after hours -->
Active After Hours : Nasdaq 100 After Hours Indicator currently trading down 16.7 points...stocks on the move (change vs. close)...A trading down 4.22....WIND trading down 2.27...SRNA trading up 2.41...DELL trading down 0.94...PRSF trading down 0.37.
Dell Computer (DELL) 25.88 +0.50: Management noted that it will adjust prices to hit share growth target... Statement could rekindle price war fears.
Dell Computer (DELL) 25.88 +0.50: Guides Q2 revenues to down 3% to 5% sequentially... Street had expected revenues to jump 3%... Sees flat to slightly lower operating margins... Places Q2 earnings in the $0.15 to $0.17 range versus consensus estimate of $0.18.
The Gap (GPS) 34.90 +0.75: -- Update -- Conference call just concluded... GPS -1.70 after hours.
SERENA (SRNA) 22.78 -1.39: -- Update -- End of conference call, very positive call for this small software company. As a relative value in the space, it's worth keeping an eye on. SRNA +2.35
UNUM Corp (UNM) 31.65 -2.10: Regarding 13:31 In Play comment, CSFB clarifies that UNM discussed the possibility of dropping the rate used to set reserves for new business, but did not announce that they would necessarily do so. If the company does drop the rate, CSFB says it would likely have a marginal negative impact on CSFB's 2002 earnings estimate for UNM.
Commerce One (CMRC) 8.29 +0.29: Reuters reporting that the provider of business-to-business e-commerce solutions will cut up to 10% of its workforce.
Portal Software (PRSF) 5.97 +0.69: -- Update -- On conference call company slightly guiding down EPS for Q2, expects a loss of $0.12-0.13 vs. current First Call estimate is a loss of $0.12 on flat revenues sequentially from Q1.
The Gap (GPS) 34.90 +0.75: -- Update -- On call, says it left April with about the same amount of inventory at markdown as the prior year... Notes that both Banana Republic and Gap got "very clean" in terms of Spring goods inventory; however, Old Navy still had too much Spring goods inventory... GPS -0.76
SERENA (SRNA) 22.78 -1.39: -- Update -- On call, currently hiring international sales people; quarter was more back end loaded than normal but backlog remained comparable to prior quarter; mgmt believes this will enable SRNA to return to more traditional linear revenue generation. +1.92
The Gap (GPS) 34.90 +0.75: -- Update -- On call, says the men's business was weak in all of its brands (calls denim the best of bad divisions)... indicates that it is buying inventory quite conservatively for the back half of the year, saying it has no reason to believe the macroeconomic environment isn't still a risky one; nonetheless, believes there is an opportunity for improving results in the back half... GPS -0.76
SERENA (SRNA) 22.78 -1.39: -- Update -- On call, expects to see upgrade fee as customers upgrade to larger IBM processors; IBM has a two-month backlog on its product; in Q1, 21% of license revenue for the quarter was derived from an upgrade fee. +1.87
The Gap (GPS) 34.90 +0.75: -- Update -- On conference call, says SG&A expense for Q2 should be roughly flat as a percentage of sales, margins should be declining at half the rate seen in the past two quarters, and expects inventory per square foot to decline 10-15% yr/yr... didn't provide any specific EPS guidance; current First Call consensus is $0.16... GPS -1.15
ViaSat (VSAT) 19.60 +0.90: Reports Q4 earnings of $0.20 a share, $0.04 better than the First Call consensus of $0.16, vs year-ago earnings of $0.13; revenues rose 88.8% to $44.90 mln from a year-ago of $23.79 mln; see press release.
SERENA (SRNA) 22.78 -1.39: -- Update -- On call, license revenue currently has largest backlog in 9 months; mgmt states "consistency and stability is more important than blowing away the quarter." +1.87
Palm Fallout : Last trade and change from mkt close: PALM 5.46 -1.59 (-23%)...HAND 8.90 -1.48 (-14%)...RIMM 31.90 -2.45 (-7%)...AETH 13.45 -0.69 (-5%).
SERENA (SRNA) 22.78 -1.39: -- Update -- On call, reiterates guidance of $0.78 EPS over next three quarters $0.98 EPS for full year; license revenue will grow 25% to 30%, maintenance revenue to grow 22% to 25%; blended gross margins of 87%. SRNA +1.87
The Gap (GPS) 34.90 +0.75: -- Update -- In Q1, gross margin rate was 35.4%, down from record 41.4% last year... factors pressuring margins included lower merchandise margins in all brands and increased occupancy costs as a percentage of sales... Q1 same-store comps fell 7% and GPS is planning for little improvement in Q2... GPS -1.15.
Palm Inc (PALM) 7.05 -0.06: -- Update -- PALM shares have reopened...last trade at 5.50 -1.55 (-22%) from mkt close.
Analog Devices (ADI) 48.40 +1.23: -- Update -- Good news from call is that ADI expects JulQ to be the trough for analog business while DSP business should stabilize in JulQ with moderate growth expected for OctQ....Stock trading at 48.01.
Analog Devices (ADI) 48.40 +1.23: -- Update -- On call, company describing DSP business. Domestic DSL sales are "profoundly weak." International DSL is stable. Wireless handsets remain weak....stock trading at 48.01.
Analog Devices (ADI) 48.40 +1.23: -- Update -- On conference call, company saying it expects gross margin to decline to 55%-56% in JulQ, down from 57% in AprQ...Analog business now represents almost 80% of sales. Orders from telecom and industrial OEM customers were weak while PC orders showed "some strength" late in the quarter. Analog sales should decline 5%-10% sequentially in JulQ...stock trading at 48.01.
After Hours Action : Last trade and change from mkt close: A 34.87 -3.85...ADI 48.00 -0.40...SRNA 24.55 +1.77. PALM halted until 5 pm ET.
Analog Devices (ADI) 48.40 +1.23: -- Update -- Company expects JulQ revenue could decline approximately 10% from AprQ while EPS could be in the range of $0.23-$0.25, vs First Call consensus of $0.28. On the positive side, ADI's goal is to keep operating margin at above 20% of sales during this industry downturn. Analog product revenues (higher margin) are likely to grow slightly this year, even after increasing more than 70% last year.
Sipex (SIPX) 12.14 +0.35: Sipex sold 2.19 mln shares of common stock at a purchase price of $10.50 per share in a private placement with a group of investors; see press release.
Autodesk (ADSK) 37.62 +0.11: -- Update -- Company warns for Q2; sees EPS of $0.40-0.50; current EPS estimate is $0.56; sees net revenue to range between $240 and $250 mln, vs consensus estimate of $257 mln. Guidance for the full year is being revised down by approximately 2-4%.
Agilent Tech (A) 38.72 +0.22: -- Update -- Sees Q3 revenue falling as low as $2 bln, which would be well below current consensus of $2.5 bln.
Autodesk (ADSK) 37.62 +0.11: -- Update -- Company warns for Q2; sees EPS of $0.40-0.50; current EPS estimate is $0.56; sees net revenue to range between $240 and $250 mln. Guidance for the full year is being revised down by approximately 2-4%.
Autodesk (ADSK) 37.62 +0.11: Reports Q1 earnings of $0.57 a share, $0.11 better than the First Call consensus of $0.46, vs year-ago earnings of $0.48; revenues rose 6.3% to $245.74 mln from a year-ago of $231.26 mln; see press release.
The Gap (GPS) 34.90: -- Update -- Reports Q1 earnings of $0.13 a share, a penny better than consensus, vs yr-ago EPS of $0.27; revenues rose 16.4% to $3.18 bln from a year-ago of $2.73 bln. "While the positive reaction to summer product was promising in April, we do expect the second quarter to remain promotional and anticipate comps to be in the negative mid-single digit range; see press release.
Palm Fallout (PALM) : Stocks to watch in sympathy with the PALM warning include: HAND, AETH, RIMM.
Palm Inc (PALM) 7.05 -0.06: -- Update -- Company warns for Q4; sees revenue to range between $140 million and $160 million, compared to its previous fourth quarter revenue outlook of $300 million to $315 million. Current consensus mean calls for a loss of $0.08 on $308.8 mln; see press release.
Chordiant Software (CHRD) 3 -0.04: Company has purchased the Java server technology from ActionPoint (ACTP) for approximately $7.2 mln in cash and stock. In addition to the Java server technology, a total of 20 employees will transfer to Chordiant; see press release.
Marvell Tech (MRVL) 31.12 +1.96: Reports Q1 earnings of $0.04 a share, in line with consensus, vs yr-ago EPS of $0.04; sales increased 117% to $64.2 mln. "Entering Q2, we continue to remain cautious about near-term market conditions, but are encouraged by recent indications of stability returning to several segments of our communications and storage markets.; see press release.
Palm Inc (PALM) 7.05 -0.06: Palm and Extended Systems (XTND) mutually agree to terminate their proposed merger agreement without payment of any termination fee. Slowing economy and market conditions cited; see press release.
Agilent Tech (A) 38.72 +0.22: -- Update -- Company feels that it is at or near a bottom and may see an improvement in orders later in the 2nd-half; hopes to return to modest profitability in Q4.
Dell Computer (DELL) 25.88 +0.50: Reports Q1 earnings of $0.17 a share, in line with the First Call consensus of $0.17, vs year-ago earnings of $0.19; revenues rose 10.3% to $8.03 bln from a year-ago of $7.28 bln; see press release.
Wind River Sys (WIND) 23.26 +0.36: Reports Q1 earnings of $0.06 a share, $0.01 better than the Zacks consensus of $0.05, vs year-ago earnings of $0.11; revenues rose 20.2% to $110.19 mln from a year-ago of $91.64 mln. Company warns for Q2; expects revenue to be in a range of $96 to $99 mln and EPS in the range of $0.01 to $0.03, vs current mean of $0.04; see press release.
Portal Software (PRSF) 5.90 +0.62: Reports Q1 loss of $0.18 per share, $0.02 worse than consensus estimate, vs $0.02 in the year-ago period. Revenue totaled $44.6 mln, down from $50.6 mln in the year-ago qtr; see press release.
Agilent Tech (A) 38.72 +0.22: -- Update -- Reports Q2 earnings of $0.26 a share, a penny worse than consensus; the figure excludes an increase in inventory reserves of about $0.15 per share ($100 mln); revenues increased 10.4%to $2.74 bln... Warns of a possible sequential decline in revenues in Q3... Agilent expects to report a Q3 loss, on an earnings before goodwill basis, of between $0.20-$0.30 -- including about 5 cents per share for restructuring (consensus $0.25 profit); see press release.
SERENA (SRNA) 22.78 -1.39: Reports Q1 earnings of $0.20 a share, 2 cents better than consensus, vs yr-ago EPS of $0.13; revenues increased 30% to $27.5 mln.
Analog Devices (ADI) 48.40 +1.23: -- Update -- Q3 revenues could decline approximately 10% from Q2 level.
Analog Devices (ADI) 48.40 +1.23: -- Update -- Reports Q2 earnings of $0.31 a share, in line with the First Call consensus of $0.31, vs year-ago earnings of $0.32; revenues rose 3.5% to $601.44 mln from a year-ago of $581 mln. Company warns for Q3; sees EPS of $0.23-0.25, vs consensus estimate of $0.28; see press release. |
