Mixed Open
Stocks appeared set to open lower
Monday on the Dow, higher on the Nasdaq.
Before Monday’s open, Watson
Pharmaceuticals
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PowerRating)Â said Q1 operating profits rose more than 15%,
aided by recent acquisitions and strong sales at its branded divisions,
particularly in the women’s health product lines.
Proxicom
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PowerRating) said it was
considering a counteroffer to Compaq Computer Corp.’s
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takeover deal. South Africa-based Dimension Data Holdings, Inc., has offered to
buy the Internet consultant for $7.50 per share vs. Compaq’s offering of $5.75
per share, Proxicom said.
FedEx
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saying economic conditions have deteriorated, dragging down shipping volumes.
The company guided down Q4 profit expectations to 50 to 60 cents a share
vs. 85 cents a year ago and expectations averaging 69 cents, according to First
Call.
Transocean Sedco Forex Inc.
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PowerRating),
the No. 1 offshore oil and gas drilling contractor, reported first-quarter
profits below year-earlier levels but in line with guidance after excluding out
a one-time gain.
Computer Associates International
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said Friday that its preliminary financial results were overstated due to a
typographical error in an April 16 press release. The mistake did not affect
the pro forma pro rata diluted operating earnings per share of 47 cents per
share for the quarter ended March 31, and $1.61 per share for the year. But the
entry for reported diluted operating earnings per share for the year should have
read 16 cents rather than the 40 cents.
Looking ahead, Cisco
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PowerRating) is
set to report earnings on Tuesday with analysts expecting a weak quarter but
looking for Cisco’s guidance for the second half of the year. On Friday, we’ll
get the Producer Price Index and retail sales data.