Lower Opening For Broader Markets
Stocks appeared set
to open mixed to lower Friday.
Genesis
Microchip
(
GNSS |
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PowerRating) warned on revenues for Q1. The firm now sees
revenues coming in between $41 to $43 million vs. prior guidance of $60 million.
Consensus estimates are for $58.51 million. GNSS cites a recent drop in orders
as a contributing factor.
Adobe Systems
(
ADBE |
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PowerRating) reported Q2 earnings of 27 cents a share, beating consensus
estimates of 2 cents according to a survey taken by Multex. Revenues for the
quarter came in at $317.4 million vs. a consensus of $312.6 million.
DTE Energy
(
DTE |
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PowerRating) raised guidance for FY02 to come in the range of $3.70 to $4.00 a
share. According to a survey taken by Multex, analysts’ consensus was for $3.83
per share.
After the close, Biogen
(
BGEN |
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PowerRating) said it received a “Complete Response” letter from the FDA
on the company’s Amevive.
Alpha
Industry
(
AHAA |
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PowerRating) shareholders have approved a merger with Conexant
(
CNXT |
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PowerRating) wireless communications business.
Sprint FON
(
FON |
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PowerRating) issued a revenue warning after the close. The company sees earnings
coming at 33 cents for Q2, in line with Multex consensus, but sees Year 2002
earnings falling, coming in at “mid-single digit rate.”
Solutia
(
SOI |
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News |
PowerRating) sees Q2 earnings coming in around 20 cents a share vs. analysts’
consensus of 12 cents a share according to a survey taken by Multex.
Medicis
(
MRX |
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PowerRating) updated Q1 earnings to 53 cents a share, higher then previous
guidance. Multex consensus estimates are for 53 cents a share. The company sees
Q1 revenues of $58.0 million. Revenue consensus is for $58.9 million.
Chile’s Central Bank has left its
interest rates at 4%. Prior to this, the Central Bank slashed rates a total of
250 basis points.
IBM
(
IBM |
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PowerRating) said that Empire Blue Cross and Blue Shield would be using the
company’s new system to automate health insurance claims which was rolled out on
Thursday.