Soft Open As Techs Warn
Stocks appeared headed for a soft open
Monday as the confessional season continued to bring out more expectations of
results shortfalls.
Chip gear maker DuPont Photomasks
(
DPMI |
Quote |
Chart |
News |
PowerRating)
said its fiscal Q4 would fall below Wall Street expectations. The company said
it would eliminate 6% of its work force. DuPont Photomasks now expects revenue in
the June 30 quarter between $91 million and $98 million vs. $93.4
million a year earlier. The company said profits could range from breakeven to
19 cents a share vs. 49 cents a year ago and analyst estimates averaging 52
cents per share, according to Thomson Financial/First Call.
Powerwave Technologies
(
PWAV |
Quote |
Chart |
News |
PowerRating)
warned that Q2 results would come in lower than expected. The maker of mobile
telephone gear said it now expects revenues of between $70 million and $80
million, and “a lower loss” than in the first quarter. Analysts’ estimates
averaged a loss of a penny a share.
Wall Street firm Morgan Stanley Dean
Witter & Co.
(
MWD |
Quote |
Chart |
News |
PowerRating) has approached financial services firm American
Express
(
AXP |
Quote |
Chart |
News |
PowerRating) about a possible merger, Barron’s reported Sunday. “On-again,
off-again discussions have been held over the past year, and while nothing
appears imminent, it is understood that the talks were partly behind the abrupt
departure of (Morgan Stanley) President John Mack earlier this year,” the
magazine said.
RealNetworks
(
RNWK |
Quote |
Chart |
News |
PowerRating) said it has
teamed with Cisco Systems
(
CSCO |
Quote |
Chart |
News |
PowerRating) to incorporate its RealSystem iQ audio and
video broadcasting technology into Cisco’s content networking product line.
Computer memory maker Alliance
Semiconductor
(
ALSC |
Quote |
Chart |
News |
PowerRating) said late Friday it cut its revenue outlook for June
30 first quarter. The company cited weak demand for memory products, but there
are signs of improvement that could lead to a better second quarter.
Software maker Peregrine Systems
(
PRGN |
Quote |
Chart |
News |
PowerRating)
said it has agreed to acquire rival Remedy
(
RMDY |
Quote |
Chart |
News |
PowerRating) for $1.08 billion in
stock and cash.
Overseas, Japan’s government reported
that the Japanese economy contracted in the first three months of this year,
raising fears that the world’s second largest economy is slipping into its
fourth recession in a decade.