Stock Opening Higher
Stocks appeared set to open higher.
After the close, Oracle
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PowerRating) announced their fourth quarter results of 15 cents a share. According to Thomson Financial/First Call, analyst expected ORCL to earn 14 cents a share.
Solectron
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PowerRating) reported Q3 operating earnings of 12 cents, a penny short of
analyst estimates averaging 13 cents per share.
Entergris
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PowerRating) reported a 18% drop in net income and warned it expected lower sales for Q4 to drop 25% from third quarter results. Entergris is a provider of products and services which are utilized by technology-driven companies.
California Governor Gray Davis said that he
has reached an agreement with Sempra Energy
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PowerRating) unit San Diego Gas &
Electric to acquire the utility’s transmission assets for $1 billion.
New York Times Co. warned revenue in
2001 would fall below prior-year levels. The newspaper publisher said it was
comfortable with First Call/Thomson Financial’s consensus estimate of 43 cents a
share for the second quarter.
Metromedia Fiber Network
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PowerRating),
a builder of fiber-optic communications networks, warned of slowing revenues,
citing the economic slowdown and weakening sales to Internet customers. The
company said it expects its 2001 revenue of between $400 million and $420
million, down from previous guidance of $478 million.
Advanced Power Technology
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PowerRating)
said it expects Q2 revenue at the low end of previous expectations. The
semiconductor manufacturer announced planned wage cuts and intermittent
production interruptions. The company now expects revenue near or above the low end of
the previously issued guidance of $11 million to $11.9 million.
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