Flat To Higher Opening
Stocks appeared set to open flat to
higher Tuesday.
Starbucks
(
SBUX |
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PowerRating) reaffirmed 2002
earnings guidance of between 52 cents and 53 cents for the year. Analysts’
consensus is for 53 cents.
Waste Management
(
WMI |
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PowerRating) posted a Q4
net profit of $158 million or 25 cents a share, compared to $39 million or 6
cents a share for the same quarter a year ago.
Jeffrey Skilling, the ex-Enron chief
executive, appeared at a congressional hearing along with Sherron Watkins, the vice
president who warned Kenneth Lay in August about the company’s accounting
problems.
Sonic Automotive
(
SAH |
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PowerRating) reported
net income for Q4 of $21.2 million or 51 cents a share vs. $12.3 million or
29 cents a share a year ago. According to a survey taken by Thomson
Financial/First Call, consensus estimates were for 46 cents a share.
Inhale Therapeutics
(
INHL |
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PowerRating) said
it will collaborate with Pharmacia Corp
(
PHA |
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PowerRating) on a four drug creation and
delivery pact. Three of the drugs will use Inhale’s controlled release
technology “PEGylation.”
Jack in the Box
(
JBX |
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PowerRating) reported
that same-store sales fell 0.8% for February.
Home Depot Inc
(
HD |
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PowerRating) said fiscal Q4
earnings increased 53%, citing a strong housing market and mild weather. HD
earned a net income of $710 million or 30 cents on a diluted basis. Home Depot
also said it expects to meet Wall Street estimates of 32 cents for Q1. Analysts
surveyed by Thomson Financial/First Call were expecting 28 cents a share for Q4.
Peregrine Systems
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PRGN |
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PowerRating) was
upgraded by DB Alex Brown from Buy to Strong Buy with a price target of $15.
Credit Suisse First Boston lowered its
estimates on Flextronics
(
FLEX |
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PowerRating) after the company lowered forward guidance
yesterday in their mid quarter conference call.
Ensco International
(
ESV |
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PowerRating) was
downgraded by Credit Suisse First Boston from Strong Buy to Buy, citing it does
not think ESV justifies a Strong Buy rating at the stock’s current valuation.