More on the blue skies.....
FWIW, for those companies reporting, the numbers are still Pro Forma numbers (things like Ex Items, write downs, one time loss, etc., mean GAAP losses, but added back into Pro Forma numbers)...... GAAP numbers are considerably lower, with many companies still reporting negative real earnings..... meaning real P/E's are much higher than what is being reported to Joe Six Pack.
Intel Corp. (NasdaqNM:INTC - News) Chief Financial Officer Andy Bryant said on Tuesday he has seen no signs yet that corporate spending on information technology is resuming after a two-year downturn. Bryant said Tuesday that the company isn't seeing any evidence that a corporate replacement cycle for computers is occurring.
Speaking during an interview with Dow Jones Newswires, Bryant also said Intel hasn't seen signs that spending by corporations on technology gear is on the mend. Still, Intel does expect a normal third quarter, said Bryant.
<font size=4>Intel not seeing signs of economic recovery. In response to question, says that it is not seeing signs of economic recovery, a big upgrade cycle, or IT budgets increasing...<font size=3> believes, though, there will be a shift back to normality that has essentially been missing the past two years where second half of year is stronger than first half...
Intel expects some flash recovery in Q3 (Sep) On call, says there is not a lot of clarity in flash business right now; however, it expects to see some recovery in Q3, but that view is based on an assessment "through a murky crystal ball"..
Motorola beats by $0.01, guides below consensus (MOT) 9.79 +0.29: Reports Q2 (Jun) earnings of $0.01 per share, ex items, $0.01 better than the Reuters Research consensus of $0.00; revenues fell 10.3% year/year to $6.16 bln vs the $6.06 bln consensus. Company sees Q3 pro forma EPS of $0.02-0.04 vs consensus of $0.05, revs of $6.3-6.5 bln, consensus is $6.5 bln. - Motorola continues its grand tradition and provides yet another in a 14-15 quarter unbroken series of "one-time-only" write-offs (I wonder what is left in that old gunny sack after all this?)
Teradyne beats by $0.02, ex items, guides Q3 below consensus (TER) 18.69 -0.43: Reports Q2 (Jun) pro forma loss of $0.19 per share, excluding ($0.09) in charges related to asset impairments, workforce reductions, and facility closures, $0.02 better than the consensus of ($0.21); revenues rose 7.0% year/year to $331.5 mln vs the $326.3 mln consensus. Co also issues Q3 guidance, sees a loss of $0.11-0.19, vs R.R. consensus of ($0.11) and revs of $310-340 mln vs estimate of $340.8 mln.
Photon Dynamics misses by $0.02; guides down for Q4 (PHTN) 28.57 -0.74: Reports Q3 (Jun) loss of $0.21 per share, $0.02 worse than the consensus of ($0.19); revenues rose 20.3% year/year to $18.0 mln vs the $17.1 mln consensus. Co. sees Q4 EPS of a loss of $0.08-0.14 vs. consensus of loss of $0.06 and Q4 revenues in the range of $19-21 mln vs. consensus of $20 mln.
Cadence Design reports in line, guides below consensus (CDN) 13.00 -0.27: Reports Q2 (Jun) earnings of $0.09 per share, in line with consensus of $0.09; revenues fell 19.8% year/year to $276.4 mln vs the $269.3 mln consensus. Company sees Q3 EPS of $0.11-0.13 vs consensus of $0.14, on revs of $265-275 mln, consensus is $287 mln; for Y03 CDN sees EPS of $0.48-0.52 vs consensus of $0.52, revenues of $1.09-1.1 bln, consensus is $1.13 bln. Company also announces it will cut 500 jobs and take a $60 mln restructuring charge in Q3.
FleetBoston says 2003 profit outlook "a stretch" (NYSE:FBF - News), the No. 7 U.S. bank, on Tuesday said its prior $2.50 per share full-year profit outlook now looks to be a "stretch," barring improvement in the U.S. economy..... The original $2.50 per share earnings target would be considered a stretch at this point -- not impossible, but (it) would require an immediate turnaround in the economy," said Chief Financial Officer Robert Lamb in a conference call.
Lucent guides lower for JunQ (LU) 1.92 -0.06: Lucent now expects Q3 (Jun) revenue of $1.97 bln and a loss off $(0.06)-$(0.08) vs consensus of $2.3 bln and a loss of $(0.05)... Also, company "now expects that its return to profitability will occur in fiscal 2004."...
Pervasive Sftwr beats by a penny, but guides lower for SepQ (PVSW) 7.05 +0.11: Reports Q4 (Jun) earnings of $0.11 per share, $0.01 better than the consensus of $0.10. For Q1 (Sep) co expects revenue of $9.4 mln and EPS of $0.07, a penny below consensus... Stock -0.80 vs 4pm close.
IKON Office guides Q3 below consensus (IKN) 8.96 +0.06: Company revises guidance, now sees Q3 EPS of $0.09-0.11, including loss of $0.10 from early extinguishment of debt. Excluding ($0.10) charge, IKN's new forecast of $0.19-0.21 is below the consensus of $0.24 and prior guidance (April 24) of $0.24-0.26 per diluted share.
16:11 ET RF Micro Device reports, guides inline. (RFMD) 6.81 -0.15: -- Update -- Reports Q1 (Jun) loss of $0.04 per share, $0.02 better than the consensus of ($0.06); revenues rose 26.5% year/year to $131.5 mln vs the $131.8 mln consensus. For Q2 company sees loss of $0.03-0.04 vs consensus loss of $0.03.
- Mirant files for Chapter 11 bankruptcy protection (MIR) 2.01: Co files voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code.... "uncertainty about the timing of the recovery in power prices and a slow economic recovery in the U.S.",.....
YUM! Brands beats by $.02, reaffirms Y03 in line guidance (YUM)
Sovereign Banc beats by $0.02; guides in line for Q3 (SOV)
CEC Entertainment reports in line, guides Q3 & Y03 in line
ET Resources Connect reports in-line (RECN)(CEC)
Total System reports in line (TSS)
Scholastic Corp beats by $0.03, ex items, guides Y04 in line (SCHL)
- Fannie poops a tiny bit of derivatives feces onto the floor (John Law would have loved to have been around to enjoy this little scamarama). |
