After hours warnings -->
PECO II (PIII) 8.54 +0.06: Company warns for Q2, expecting loss of $0.12-0.15 vs current First Call EPS estimate of $0.05 profit. "The diminished demand from a number of our major communications customers during the latter part of the first quarter of the year has continued into the second quarter," said CEO. "Customers have reduced spending and continue to postpone deliveries in order to reduce inventory levels." Company also announces it reduced an additional 20% of its work force, which followed a 15% reduction in late April; see press release.
Medwave, Inc. (MDWV) 4.77 +0.74: Developer and manufacturer of non-invasive blood pressure products announces that it has received FDA clearance to promote and sell its Vasotrac APM205A Continual Non-Invasive Blood Pressure Monitor for pediatric use; see press release.
Quanta Services (PWR) 33.98 -1.02: Company warns for Q2, expecting $0.35-0.38 vs current First Call EPS estimate of $0.53; expects revenues for Q2 be approximately $500 mln compared to revenues of $424 mln reported for Q2 of 2000 (Multex consensus $575.3 mln); ..."the continuing decline of the national economy in the second quarter and, more specifically, the ongoing deterioration of the telecommunications and cable markets, are resulting in greater than expected contract delays, cancellations and reduced margins for Quanta," said CEO; see press release.
Adobe Systems (ADBE) 39.01 -1.17: -- Update -- Conference call ended. Quarter was about as expected. A few analysts expected slightly ahead with guidance down slightly, which is what happened. Overall, tone was positive. Sales are holding up reasonably well despite a tough environment....stock at 39.65.
Northwest Air (NWAC) 24.96 -0.18: Announces that it has withdrawn its proposal to acquire the outstanding shares of Mesaba Holdings (MAIR) not already owned by Northwest, and has terminated further discussions with Mesaba regarding the proposed transaction. Northwest made the proposal for the stock purchase on November 1, 2000; see press release.
Interpublic Grp (IPG) 36.00 -1.00: -- Update -- Company warns for Q2; expecting $0.30-0.35 vs current First Call EPS estimate of $0.42. Company says that revenue has been trending lower than anticipated, consistent with widely-reported industry conditions. The marketing communications industry has been experiencing a slower pace of new business activity and weaker than expected client spending, virtually across the board, reflecting a softer economic environment in the U. S. and slowing international economies; see press release.
Forward Air (FWRD) 27.25 -1.45: Company warns that it expects Q2 earnings of $0.21-0.25 vs current First Call EPS estimate of $0.32; company says that a weak economy, higher insurance costs and an increased rate of customer failures had a negative effect on operating leverage; see press release.
After Hours Movers : JDSU -1.6 to 12.20 after hours, not having much impact on other opticals: CIEN -1.1, GLW -0.2, OCPI -0.5. Other movers (changes vs close): ADBE +1, DRTE -0.5. Biggest after hours mover is IRF, which is trading off 8 pts after its warning.
Adobe Systems (ADBE) 39.01 -1.17: -- Update -- On call, company expects to benefit from a product upgrade cycle in NovQ. Company was not want to be specific for competitive reasons, but Pagemaker 7.0 will begin shipping in AugQ....stock at 39.65.
Nokia (NOK) 22.10 -1.49: Hearing that a major brokerage firm commented on NOK this afternoon, stating that the company is not even displaying its new GPRS handsets and will not deliver its first units in Q3 as a result; firm reportedly sees this as a negative for NOK and the industry as some operators might delay GPRS launches to wait for NOK phones.
Adobe Systems (ADBE) 39.01 -1.17: -- Update -- On call, company said it expects to return to 20% sales growth once economic environment improves. In MayQ, yoy sales growth was 14.7%...stock at 39.24.
Adobe Systems (ADBE) 39.01 -1.17: -- Update -- On call, management said they expect operating margin of 31% for the next two quarters vs 34.3% in MayQ...stock at 39.25.
True North Comms (TNO) 40.82 -1.18: Company warns for Q2; sees EPS of $0.37-0.42 vs current consensus estimate of $0.49; cites lower than anticipated spending by clients, particularly in the technology sector; CEO says that its proposed merger with Interpublic (IPG) continues to move forward; see press release.
Adobe Systems (ADBE) 39.01 -1.17: -- Update -- On call, company guides down for AugQ revenue. Company now expects flat yoy revenue, which was $328.9 mln vs consensus of $367.3 mln. More vague for NovQ as company expects NovQ revenue "to improve." Stock at 39.30.
Lantronix (LTRX) 8.40 +0.11: Company files for 9 mln share secondary offering, 6 mln shares to be sold by the company and 3 mln by existing shareholders; see press release.
Delta Air Lines (DAL) 42.76 -0.98: Delta subsidiary Comair reaches a tentative agreement with ALPA, Comair pilots' union, to end the 81-day old strike; agreement subject to expedited ratification by Comair pilots; see press release.
Adobe Systems (ADBE) 39.01 -1.17: -- Update -- On call, company admits North America was weaker than expected and that May was especially weak, which does not bode well for AugQ...DSOs in good shape and inventory came in as expected; Headcount increased to 3,161 from 3,066 in FebQ. Most new hires were in R&D....stock at 39.24.
Dendrite Intl (DRTE) 10 -0.70: Company warns for Q2; sees loss of $0.05 vs current consensus estimate of $0.11; sees FY01 EPS of $0.30-0.45 vs consensus of $0.51; cites a general slowdown in all sectors of its market; cuts 5% of workforce. Conference call tomorrow at 9 am ET: 888-273-9890; intl 612-332-0820; see press release.
JDS Uniphase (JDSU) 13.81 -0.37: -- Update -- Stock reopens for trading; currently off 1.4 at 12.41 after hours. Company will not be holding a conference call to discuss warning.
Corvis (CORV) 4.30 -0.75: Optical networking site Light Reading reporting rumors that Corvis will soon win a deal with France Telecom (FTE), but says that sources say the deal will be relatively small.
Intl Rectifier (IRF) 55.25 -2.87: Company warns for Q4; reduces revenue outlook to $179-193 mln from previous guidance of $237-257 mln; says business conditions in the datacom and telecom markets deteriorated even further during the qtr. Expects Sept. revenues to be flat sequentially. Puts full yr revenue growth at 5%-15% vs previous estimate of 20%-25%; see press release.
Adobe Systems (ADBE) 39.01 -1.17: -- Update -- Company also provided vague guidance for Q4 (Nov); says visibility remains low, but believes year/year revenue growth will improve with a new product upgrade cycle. Stock trading flat after hours at 39.10.
Adobe Systems (ADBE) 39.01 -1.17: Company reports Q2 earnings of $0.34; five cents better than the First Call consensus of $0.29; revenues were $344.1 mln vs the First Call consensus of $340 mln. Sees North American and European weakness continuing and spreading to Asia in the Aug qtr; warns that revenues will be roughly flat year/year at $329 mln vs the current consensus of $370 mln.
Microchip (MCHP) 23.33 -1.67: Company reaffirms guidance for Q4; says that based on April and May data qtr is tracking well towards earlier sales guidance of $138 mln; sees Q1 earnings of $0.16 (mean $0.16). Company also sees signs of a bottom forming. "Backlog cancellations and push-outs are substantially slowing, and distributor and OEM inventory has been significantly reduced." ; see press release.
Charles River (CRL) 28.70 -1.30: Company sees Q2 earnings $0.21-$0.22 vs previous guidance of $0.18-$0.20 and mean estimate of $0.19; expects Q2 quarter sales to slightly exceed the high end of the earlier guidance range; see press release.
JDS Uniphase (JDSU) 13.81 -0.37: -- Update -- Stock still halted; seeing slight negative impact on stocks in the optical sector after hours (changes vs close): CIEN -0.95, GLW -0.2, OCPI -0.7, NUFO -0.25.
IDT Corp (IDT) 13.00 -0.10: -- Update -- Reports Q3 loss of $0.28 a share; revenues rose 27.6% to $335.72 mln from a year-ago of $263.11 mln; see press release.
Commerce One (CMRC) 4.71 -0.86 (-15.4%): Company promotes COO Dennis H. Jones to position of president, replacing Robert M. Kimmitt, who is leaving to join AOL Time Warner. Kimmitt will continue as a member of the Commerce One board of directors; see press release.
Net2Phone (NTOP) 8.81 -0.39: IDT Corp (IDT) and Liberty Media (LMG.A) form a joint venture to make telephony services available to Liberty's International cable affiliates using Net2Phone's technology. IDT and Liberty will have equal equity stakes in the joint venture; see press release.
Lante Corp (LNTE) 1.10 -0.08: Company warns for Q2; sees loss of $0.12-0.14 vs current consensus estimate of ($0.12), and revenues of $10-10.5 mln; will cut headcount by 22% and reduce executive salaries by 10%; see press release.
JDS Uniphase (JDSU) 13.81 -0.37: -- Update -- Lowered sales forecast will require an increase in excess inventory reserves of $225 to $250 mln. Excluding inventory write-downs, company anticipates pro forma results would be profitable (consensus $0.05 profit). "The business downturn has been rapid, steep and unprecedented, and the continuing lack of visibility from our customers suggests to us that a cautious outlook continues to be warranted for the short term.; see press release.
JDS Uniphase (JDSU) 13.81 -0.37: -- Update -- Company warns for Q4; reduces Q4 sales outlook to $600 mln (consensus $690 mln); sees Q1 sales of $450 mln (consensus $664 mln). Sees Q4 pro forma loss of $0.06-$0.08 (including write-downs) vs consensus of $0.05 profit; see press release.
JDS Uniphase (JDSU) 13.81 -0.37: Stock has been halted for trading -- news pending. |
