Broader Markets Look To Open Higher
Stocks appear set to open stronger
Wednesday.
P.F Chang’s Bistro
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PowerRating) posted
Q4 earnings of 37 cents a share, or $4.8 million, compared to 27 cents a share, or
$3.1 million, for the same quarter a year ago. Q4 revenues rose
approximately 35% due to expansion of the company. The company expects sales to
increase by 26%, or $400 million, and earn $1.52/share in FY 2002.
Kenneth Lay, the former Enron chairman,
sold his Aspen cottage for $10 million. The Lays ironically have three other
pieces of property in Aspen.
MGI Pharmaceuticals
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PowerRating) posted
a net loss of $10.2 million, or 44 cents a share, for Q4 vs. a loss of $4.0
million, or 25 cents a share, a year earlier.
Fleming Cos.
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PowerRating) said earnings
for Q4 rose 47%, citing increased sales in distribution. The wholesale food
distributor earned $31.1 million on an adjusted basis, or 64 cents a share,
compared with $21.2 million, or 53 cents a share, for the same period a year
earlier. According to a survey taken by Thomson Financial/First Call, consensus
was for the company to earn 63 cents.
Office Depot
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PowerRating) posted a Q4 net
income of $40.3 million, or 13 cents a share, compared with a loss of $168.3
million, or 57 cents, for the same quarter a year ago. Earnings before charges
came in at $58.1 million, or 19 cents a share, beating analysts’ estimates of 18
cents according to a poll taken by Thomson Financial/First Call.
Goldman Sachs downgraded Cablevision
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PowerRating)
from Market Outperform to Market Perform due to its valuation.
Advanced Energy
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PowerRating) reported a
Q4 loss of 29 cents, missing analysts’ estimates by 4 cents according to a survey
taken by Multex.
S1 Corp
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PowerRating) was upgraded by
Piper Jaffray from Outperform to Strong Buy citing an improving earnings
outlook.
ABN Amro lowered its Q1 and 2002
estimates on investment banks. The firm lowered estimates for Goldman Sachs
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PowerRating),
Lehman Brothers
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PowerRating) and Morgan Stanley
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PowerRating) citing the decline in
M&A activity.
UAL Corp
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PowerRating) mechanics rejected
the company’s offer by an overwhelming 86%. The two parties have agreed to
continue negotiations.