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Biotech / Medical : ESCMF makes equipment to remove varicose veins! -- Ignore unavailable to you. Want to Upgrade?

To: Sam Armstrong who wrote (97)	9/29/1998 2:58:00 PM
From: LoLoLoLita	Read Replies (1) \| Respond to of 119

>>Looking for a good entry point? Maybe this week for a bounce? We'll see.<< Maybe a good entry point this week. ----------------------------------- ESCMF Last 6 7/8, Change -7 3/4 Tuesday September 29, 1:35 pm Eastern Time RESEARCH ALERT- Brokerages cut view on ESC Medical NEW YORK, Sept 29 (Reuters) - Three brokerages on Tuesday lowered their 1998 and 1999 earnings forecasts for ESC Medical Systems (Nasdaq:ESCMF - news) after the Israel-based medical devices company issued a third-quarter earnings warning late Monday. The company's American Depositary Receipts were off 7-9/16 to 7-1/16, or 52 percent, with over 12 million shares changing hands on the Nasdaq by 1320 EST/1720 GMT Tuesday. ESC, based in Yokneam, Israel, said Monday its third-quarter revenue would come in 15 percent lower than the $63 million reported in the second quarter. It said it expected diluted per share earnings of between $0.20 and $0.25, about half earlier Wall Street estimates. The company -- which makes laser medical products used for treatment of varicose veins, hair removal, body contouring and other cosmetic applications -- said the shortfall would reflect a slowdown in business during the summer, mainly in Europe and lower sales volume in South America. Goldman Sachs said it was removing ESC from its U.S. recommended list and cutting its rating on the stock to market perform. Goldman Sachs said analyst Lawrence Keusch reduced his 1998 per-share earnings forecast to $1.41 from $2.00 and reduced his 1999 estimate to $1.44 from $2.50. Salomon Smith Barney said analyst Melissa Wilmoth downgraded her rating on the shares to hold from buy, while reducing her 12-month price target to $10 per share from $40. Wilmoth also slashed her 5-year growth rate forecast for the company to 10 percent from 30 percent. Salomon said Wilmoth reduced her 1998 diluted per-share earnings forecast to $1.36 from $1.99 and cut her 1999 forecast to $1.10 from $2.58. Donaldson Lufkin & Jenrette analyst Steven Halper told Reuters he had lowered his 1998 diluted per-share earnings forecast to $1.46 from $1.99 and cut his 1999 forecast to $1.90 from $2.45.