| Thursday After Hours price changes vs 4pm ET levels: More of the same in after hours action as earnings news remains the focus. As of now, most of the news has come from less notable companies that won't have a market-moving impact. Some, however, could have an impact on their respective industry group. Cheesecake Factory (CAKE 20.65) is one such company as the restaurant operator guided its top-line modestly lower to a range of $136-$138 mln versus the consensus estimate of $140 mln, citing the slowdown that occurred in the wake of the tragic events of Sept. 11; related stocks include PFCB, BUCA, DRI, APPB, EAT and CPKI... Texas-based bank, Cullen Frost/Bankers (CFR 31.94 -1.46), also warned tonight, saying its Q3 bottom-line should be $0.30-$0.32 per share versus the current consensus estimate of $0.55 per share; for the year, CFR is guiding to a range of $1.74 to $1.80 per diluted share, down from its previous range of $2.05 to $2.15 per diluted share and the consensus estimate of $2.06. Interestingly, CFR indicated its revised earnings guidance is based on a fed funds rate of 2.0% (currently 3.0%) by the end of the year... In some noteworthy corporate news, McLeodUSA (MCLD 0.50 +0.19), the nation's largest independent competitive local exchange carrier, issued a press release saying it is confident in its future and has no intention of filing for bankruptcy. That has been a comforting admission for some investors as MCLD is up approximately 60% after hours from a very low base... Separately, Nordstrom (JWN 14.43) announced plans for a Fall sale over a 10-day period from Sept. 28-Oct. 8, making it the first time the company has added another major sale event to its calendar since it began selling apparel in 1963. The addition of the Fall sale, and the fact that markdowns of 33-60% will be taken on merchandise, suggests inventories are higher than the company would like; related stocks include the likes of KCP, SKS, DDS, MAY, RL & NAUT... For more detail on other after hours developments, be sure to visit Briefing.com's Short Stories page. Presently, the S&P futures, at 1025, are 2 points above fair value while the Nasdaq 100 futures, at 1154, are 2 points above fair value.-- Patrick J. O'Hare, Briefing.com |
