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THIS MORNING'S STOCKS
WEEK OF
9/27/99-10/01/99 |
10/01/99 |
| BANDAG
INC (BDG,
32)- The producer and marketer of retread tires warned that full
year results will be 20%-25% below previous expectations.
Analysts were looking for $2.72 per share, the company now sees
$2.04-$2.17. The company blamed the shortfall on lower than
expected revenues, higher costs at a subsidiary, and an expected $15
million restructuring charge. The company plans to eliminate
180 jobs as part of a restructuring that will yield $14.5 million in
annual savings.
CIDCO INC (CDCO,
13.06)- The maker of telephony products warned that third
quarter earnings will be $0.01-$0.03, compared to the consensus
analyst estimate of 7 cents per share. The company attributed
the shortfall to Hurricane Floyd and the September 20th earthquake
in Taiwan.
COMMONWEALTH INDUSTRIES (CMIN,
13.43)- The aluminum maker warned that lower metal margins will
cause third quarter earnings to fall short of expectations.
The company now sees earnings of $0.12-$0.14 in the quarter,
analysts were looking for $0.44.
ELI LILLY & CO (LLY,
64.19)- The drugmaker's Evista drug has received FDA approval to
be used in the treatment of postmenopausal osteoporosis.
ENGINEERING ANIMATION (EAII,
15.81)- The company warned that third quarter revenues will be
40%-50% less than the $29 million analysts were looking for.
The company said the revenue shortfall will cause it to report a
third quarter loss. Analysts were looking for a profit of 19
cents per share. The company also announced that second
quarter revenues and earnings have been restated. Second
quarter earnings have been restated from a profit of 18 cents per
share to a loss of 38 cents, and revenues have been restated from
$27.2 million to $20.1 million.
SIPEX CORP (SIPX,
14.31)- The integrated circuit maker warned that third quarter
earnings and revenues will be below expectations. The company
now sees revenues of $13.5-$14 million in the quarter, and earnings
of $0.07-$0.09 per share. Analysts were looking for the
company to earn 16 cents in the quarter. The company blamed
the shortfall on a shortage of wafers that it uses in its products,
and said the recent Taiwan earthquake could "negatively
impact" production.
YORK INTERNATIONAL (YRK,
35.94)- The maker of heating and air conditioning equipment
warned that third quarter earnings will be 80 to 85 cents per share,
compared to expectations of 95 cents. |
|
9/30/99 |
| CELLSTAR
CORP (CLST,
7.38)- The distributor of wireless products and services missed
estimates by 2 cents as it earned 25 cents per share in its third quarter,
an increase of 78% from last year. Revenues rose 12% to $560.2
million in the quarter.
EBAY INC (EBAY,
139)- The online auction house will be added to the S&P 500 on
October 6th.
EL PASO ENERGY (EPG,
39.31)- The natural gas company will join the S&P 500 Index on an
as yet undetermined date.
FLOWERS INDUSTRIES (FLO,
14.25)- The baked foods company warned that third quarter earnings
will be below the current consensus estimate of 22 cents per share.
The company attributed the shortfall to operational problems at its Mrs.
Smiths unit.
INTRAWARE INC (ITRA,
27)- The Internet company reported a narrower than expected second
quarter loss of 20 cents per share. Analysts were looking for a loss
of 39 cents. Revenues increased 134% to $19.2 million in the
quarter. The company said its membership base increased 24%
sequentially to 149,000.
KEYSTONE FINANCIAL (KSTN,
25.25)- The bank warned that full year earnings will be below
expectation. The company sees earnings of $1.90 per share, analysts
were looking for $2.03. The company blamed the shortfall on below
forecast loan volumes.
RTI INTERNATIONAL METALS (RTI,
10)- The maker of titanium and specialty metal products warned that it
expects to record a third quarter loss of 7 to 12 cents per share.
Analysts were looking for a profit of 14 cents. The company blamed
the shortfall on high customer inventory levels and product development
related costs.
SARA LEE CORP (SLE,
23.75)- The consumer products company said it expects to beat the
current consensus earnings estimate of 26 cents per share by 2 cents. SYMS
CORP (SYM, 8.25)- The apparel retailer lost 21 cents per share in its
second quarter, compared to last year's profit of 7 cents. Revenues
in the quarter dipped $655,000 to $72.794
million. |
9/29/99 |
| BASSETT
FURNITURE INDUSTRIES (BSET,
16.88)- The furniture maker's third quarter earnings increased
28% to 36 cents per share, a penny below estimates. Revenues fell to
$88.8 million in the quarter from last year's $98.1 million, but
gross margins improved to 22.8% from 19%.
GENERAL MOTORS CORP (GM,
61.68)- The automaker has reached an agreement with the UAW on a
new 4- year contract.
GILLETTE CO (G,
37)- The personal products maker warned that third quarter sales
will fall 1% due to the strength of the U.S. dollar against the
euro, and weaker than expected results at its Braun division.
The company said that it still expected to meet analysts' estimates
of a profit of 32 cents in the quarter.
JDS UNIPHASE CORP (JDSU,
116.56)- The company announced a 2 for 1 stock split.
LADD FURNITURE (LADF,
20.5)- The furniture maker has agreed to be acquired by La-Z-Boy
Inc (LZB,
20.63) in a deal valued at $299 million. Ladd shareholders
will receive 1.18 shares of La-Z-Boy for each LADF share held.
The companies expect the deal to be accretive to earnings beginning
in fical 2000.
NEWCOR INC (NER,
2.88)- The maker of molded rubber products warned that problems
associated with a new product launch will cause the company to
record a loss during the current fiscal year. Analysts were
looking for the company to make 51 cents per share for the full
year.
RAGEN MACKENZIE CORP (RMG,
17.63)- The brokerage has agreed to be acquired by Wells
Fargo & Co (WFC,
38.88) for $18.75 per share in a $242 million all stock deal.
RAINFOREST CAFE (RAIN,
5.25)- The operator of theme restaurants warned that third
quarter earnings will be $0.15-$0.16 per share, compared to
analysts' expectations of 19 cents. The company blamed the
disappointing earnings outlook on a Hurricane Floyd related revenue
shortfall.
SAFECO CORP (SAFC,
29.68)- The insurer warned that third quarter earnings will be
significantly below expectations. The company now sees
earnings of $0.05-$0.15 per share, analysts were looking for 51
cents. The company blamed the shortfall on increased claims
and price competition.
USWEB CORP (USWB,
30.53)- Microsoft will invest $67.5 million in a joint
e-commerce software development venture with the Internet consulting
firm. |
|
9/28/99 |
| ALLIANCE
PHARMACEUTICAL (ALLP,
4.94)- The drug research company reported a wider than expected fiscal
1999 loss of $1.89 per share. Analysts were looking for a loss of
$1.67.
CMGI INC (CMGI,
93.13)- The Internet venture capital firm earned $4.24 per share on a
diluted basis, including one-time gains of $744.7 million, in its fourth
quarter, beating expectations of $4.08. Revenues rose 107% to $53.6
million in the quarter. Operating expenses rose 124% to $105 million
in the quarter. The shares gained 2 1/2 points in after hours
trading on the news.
GEERLINGS & WADE (GEER,
7.81)- The mail order wine merchant has agreed to be acquired by
privately held Liquid Holdings Inc for $10 per share in a $40 million
deal.
GENESYS TELECOMMUNICATIONS
LABORATORIES (GCTI,
40.88)- The maker of telecommunications software has agreed to be
acquired by Alcatel ALA,
27.31) for $1.5 billion. GCTI shareholders will receive 1.66
shares of Alcatel for each share of GCTI.
HAMBRECHT & QUIST GROUP (HQ,
41.06)- Chase Manhattan (CMB,
74.13) is reportedly considering making a bid for the investment bank
at $50-$55 per share.
HEXCEL CORP (HXL,
7.31)- The maker of advanced structural materials warned that lower
than expected results due to inventory reductions by its customers will
cause third quarter earnings to fall short of current analysts'
expectations. The company sees earnings of breakeven to "a
small loss", analysts were looking for a profit of 11 cents per
share. The company also announced a cost cutting effort that will
result in the elimination of 400 jobs and produce annual savings of $23
million.
MICRON ELECTRONICS (MUEI,
12.25)- The PC maker beat estimates by 7 cents as its fourth quarter
earnings climbed 75% to 14 cents per share. Fourth quarter revenues
fell $5.9 million to $333.1 million. The company said average
selling prices of its PC systems fell 8.3% during the quarter. The
shares rose 2 in after hours trading on the better than expected results.
NET2PHONE INC (NTOP,
59.88)- The provider of Internet based communications services
reported a narrower than expected fourth quarter loss of 10 cents per
share, compared to analysts' expectations of a 13 cent loss. Fourth
quarter revenues rose 22% sequentially to $11.1 million. Fourth
quarter gross margins fell to 46% from the third quarter's 49.9%.
PINNACLE WEST CAPITAL (PNW,
35.68)- The electric utility will be added to the S&P 500 index
after the close on Friday.
SPECTRA-PHYSICS LASERS (SPLI,
10.43)- The maker of laser systems warned that it expects to report a
third quarter loss of 2 to 5 cents per share due to slower than expected
sales and lower margins as a result of a change in product mix.
Analysts were looking for the company to report a profit of 11 cents per
share.
WALTER INDUSTRIES (WLT,
12.31)- The homebuilder beat estimates by 3 cents as it earned 24
cents per share in its fourth quarter, an increase of 41% from last
year. Revenue in the quarter fell to $397.2 million from last year's
$408.5 |
9/27/99 |
| ASARCO
INC (AR,
23.56)- Grupo Mexico, S.A. de C.V. has made an unsolicited bid
to acquire Asarco for $26 per share. Asarco had previously
agreed to merge with Cyprus Amax, and has also received a hostile
bid from Phelps Dodge. The company's board voted on Sunday
to explore all open offers.
CORT BUSINESS SERVICES (CBZ,
24.25)- The provider of rental office furniture warned that
third quarter and full year earnings will be below current
expectations due to slower than expected growth in its rental
business. The company now sees third quarter earnings of 52
cents per share, compared to estimates of 57 cents, and full year
earnings of $2.09, compared to analysts' estimates of $2.20 for the
year.
CTB INTERNATIONAL CORP (CTBC,
7.09)- The maker of food production systems will take a 4 cents
per share charge in its third quarter to cover the costs of a
planned restructuring. The company also said that it now
expects this year's growth rate to be in the "low-teens",
compared to its earlier forecast of 15% growth.
FLAG FINANCIAL CORP (FLAG,
8.5)- The bank holding company warned that third quarter
earnings will be below previous estimates. The company now
sees a loss of 13 cents per share in the quarter. The company
attributed the loss to loan loss provisions and writedowns.
GISH BIOMEDICAL (GISH,
2.75)- The biotech said it plans to cut its work force by 23% as
part of an effort to trim costs.
NTL INC (NTLI,
98)- The company announced a 5 for 4 stock split
THE SANDS REGENT (SNDS,
1.31)- The Nevada hotel and casino operator earned 2 cents per
share in its fourth quarter, compared to last year's 9 cents.
Revenue in the quarter fell to $8.8 million from last year's $16
million.
WALDEN RESIDENTIAL PROPERTIES (WDN,
18.88)- The property company has agreed to be acquired by
Olympus Real Estate for $23.25 per share in a $1.7 billion deal.
WASTE INDUSTRIES INC (WWIN,
13.38)- The solid waste services company warned that third
quarters earnings may be hurt by Hurricane Floyd related
disruptions. The company sees the storm lowering its earnings
by $0.05-$0.10. Analysts were looking for earnings of 25 cents
in the quarter. |
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