THIS MORNING'S STOCKS
WEEK OF 9/11/00-9/15/00
|ADOBE SYSTEMS (ADBE,
125.38)- The graphics software maker beat estimates by five cents as
third quarter earnings rose 29.6% to 57 cents per share, excluding gains.
Revenues in the quarter increased 26%, and 9.6% sequentially, to $328.9
million. The company also announced a 2 for 1 stock split.
BRIGGS & STRATTON (BGG, 44)-
The engine maker warned that fiscal first quarter earnings and revenues
will fall short of expectations due to high inventories at equipment
manufacturers. The company now sees first quarter revenues tumbling
35%-40% and expects to report a loss of ($0.13)-($0.18). Analysts
were looking for the company to earn 14 cents.
METALS USA INC (MUI, 4.81)- The
metals processor warned that third quarter earnings will fall short of
expectations due to slowing demand, weaker spot metals prices, and higher
interest rates. The company now sees earnings of five cents per
share. Analysts were looking for the company to earn 26 cents.
PENTAIR INC (PNR, 32.94)- The
maker of industrial tools warned that third quarter and full year earnings
will fall short of expectations. The company now sees third quarter
earnings of $0.25-$0.30 per share, and full year earnings of $2.35-$2.45.
Analysts were looking for $0.75 and $3.24, respectively. The company
attributed the shortfall to a slump in its tools business and lower
RED HAT INC (RHAT, 25.25)- The
Linux software maker beat estimates by a penny as its second quarter loss
narrowed to one cent from last year's loss of six cents. Revenues in
the quarter jumped 76%, and 15% sequentially, to $18.5 million.
ADMINISTAFF INC (ASF, 83.50)- The
provider of personnel management services announced a 2 for 1 stock split.
BEAR STEARNS CO (BSC, 69)- The
brokerage beat estimates by 13 cents as third quarter earnings rose 10.9%
to $1.32 per share. Revenues in the quarter increased 6.3% to $1.3
CKE RESTAURANTS (CKE, 3.43)- The
restaurant operator missed estimates by eight cents as it reported a
second quarter loss of six cents per share, excluding charges, compared to
last year's profit of 20 cents. Revenues in the quarter fell 5.8% to
$438.5 million. Same restaurant sales rose 3.4% at the company's
Carl's Jr. chain, but tumbled 6.7% at its Hardee's fast food
restaurants. The company warned that it sees a fiscal 2001 loss of
($0.28)-($0.38). Analysts were looking for a loss of 19 cents.
COMARCO INC (CMRO, 34)- The maker
of wireless products announced a 3 for 2 stock split.
TEKTRONIX INC (TEK, 72.63)- The
maker of test and measurement equipment beat estimates by 10 cents as its
fiscal first quarter earnings doubled to 56 cents per share.
Revenues from continuing operations improved 22% to $278.2 million in the
quarter, and product orders rose 8.6% to $306.9 million.
CARUASTAR INDUSTRIES (CSAR, 13.50)- The
maker of recycled packaging warned that third quarter earnings will fall
short of expectations. The company now sees earnings missing its
previous forecasts by $0.21-$0.23 per share. Analysts were looking
for the company to earn 47 cents.
CHASE MANHATTAN CORP (CMB, 52.81)-
The financial services company has agreed to merge with J.P. Morgan
& Co (JPM, 185.50) in a $36 billion deal. Under the terms of
the agreement, JPM shareholders will receive 3.7 CMB shares for each share
held, valuing each JPM share at $195.39 based on yesterday's closing
prices. The new company will be known as J.P. Morgan Chase & Co.
HITACHI LTD (HIT, 112.56)- The
electronics company said it now sees first half operating income of 150
billion yen, compared to previous estimates of 90 billion. The
company upped its revenue forecast to 4.1 trillion yen from the previous
forecast of 4 trillion. The company attributed the improved outlook
to strong sales of semiconductor and LCD display products.
WATSON PHARMACEUTICALS (WPI, 64.13)-
The drugmaker warned that third quarter earnings will fall short of
expectations. The company now sees earnings of $0.03-$0.05 per share
in the quarter, compared to analysts' expectations of 48 cents. The
company attributed the shortfall to lower than forecast sales, competitive
pricing in the generic drug industry, and higher costs.
CHEVRON CORP (CHV, 86.68)- The
oil company is reportedly in merger talks with Phillips Petroleum (P,
61.94), according to London's Sunday TImes.
DIAMOND TECHNOLOGY PARTNERS (DTPI,
72.88)- The Internet consulting firm has agreed to acquire
consultant Cluster Consulting in a $930 million deal. The
company sees the acquisition adding two cents per share to its fiscal
fourth quarter earnings and 12 cents to next year's earnings.
ELAN CORP PLC (ELN, 52.13)- The
drugmaker has agreed to acquire Dura Pharmaceuticals (DURA, 28.63)
for approximately $35 per share in a deal valued at $1.8 billion.
Under the terms of the deal, DURA shareholders will recieve 0.6715 ELN
shares for each share held.
KULICKE & SOFFA INDUSTRIES (KLIC,
15.69)- The semiconductor equipment maker received a favorable mention
in this weekend's Barron's as a turnaround play. A money manager
gave a 12-month, $40 price target for the stock.
PINNACLE DATA SYSTEMS (PNS, 11.88)-
The maker of computer products said second quarter earnings rose 150% to
10 cents per share. Revenues in the quarter jumped 160% to $6.72
SPEECHWORKS (SPWX, 73.06)- The
stock of the maker of speech recognition software was called overvalued by
a Barron's columnist this weekend.