To: Sully- who wrote (38784 ) 7/10/2001 4:54:01 PM From: Sully- Respond to Allstate Corp (ALL) 42.30 -0.30: Company warns for Q2; cites an active spring storm season, combined with significant damage due to Tropical Storm Allison.Company warns for Q3; sees loss of $0.06 vs. current EPS estimate of ($0.04).Company says Europe is getting worse; "It is now clear that the economic slowdown is spreading overseas , and we will therefore move more swiftly and go even deeper in our structural cost reduction programs."'Maintains Q2 outlook on earnings; but warns on revs at $8.4 bln vs. Multex consensus of $8.9 bln; will cut an additional 4,000 jobs.Company warns for Q2; sees earnings of $0.23-0.25 vs. current EPS estimate of $0.25.Company announces it has entered into a two-year patent rights agreement with American Home Products Corporation (AHP). Under the agreement, AHP will pay a non-refundable, non-creditable upfront fee to PDL for rights to obtain a worldwide, non-exclusive license under PDL's antibody humanization patents for antibodies to a specific target antigen.Company reports Q1 earnings ex-items of $0.08 a share, $0.01 better than the First Call consensus of $0.07 , vs year-ago earnings of $0.13; revenues rose 3.2% to $175.79 mln from a year-ago of $170.30 mln.Announces it will reduce its workforce by approximately 5%, as part of a cost-cutting program being implemented in response to softening market conditions. Company warns for Q2; sees loss of $0.32-0.34 vs. current EPS estimate of ($0.21); says it is seeing prospective customers continue to delay their purchases due to the current economic downturn.
