Mixed Opening

  • June 29, 2001
  • Greg Che

Stocks appeared set to open mixed
Friday.

After the close on Thursday, PMC
Sierra
(
PMCS |
Quote |
Chart |
News |
PowerRating) warned the company expects losses for Q2 to be greater than
expected. PMC Sierra expects losses to fall between 7 to 9 cents. Analysts’
expectations were for a loss of 2 cents according to Thomson Financial/First
Call.

Drug development services company
Covance Inc.
(
CVD |
Quote |
Chart |
News |
PowerRating) raised Q2 pro-forma earnings views to 14 cents. The
consensus on the Street was for 12 cents based on a survey conducted by Thomson
Financial/First Call.

Tosco Coporation
(
TOS |
Quote |
Chart |
News |
PowerRating) announced
the company will be eliminating 200 positions and is taking a $10.5 million Q2
charge to cover the cost of the cuts.

In an ongoing effort to reduce debt,
Action Performance Company
(
ACTN |
Quote |
Chart |
News |
PowerRating) reported the company has retired an
additional $5.2 million of the company’s 4 3/4 notes due in 2005.

Ingersoll-Rand
(
IR |
Quote |
Chart |
News |
PowerRating) warned it
expects Q2 earnings to fall below analysts’ estimates of 77 cents by 25 to 30%.

Neuberger Berman
(
NEU |
Quote |
Chart |
News |
PowerRating) announced a
secondary offering of 3.9 million shares of its common stock which will be
priced at $68 per share.

Retailer, Pier 1 Imports
(
PIR |
Quote |
Chart |
News |
PowerRating)
Board of Directors approved a quarterly cash dividend of 4 cents per share on
its Common Stock.

Barr Laboratories Inc
(
BRR |
Quote |
Chart |
News |
PowerRating)
announced that it would be acquiring Duramed Pharmaceuticals Inc.
(
DRMD |
Quote |
Chart |
News |
PowerRating) in
a stock swap. The total value of the stock swap would be approximately $454.6
million.

Dow Chemicals
(
DOW |
Quote |
Chart |
News |
PowerRating) warned that
the company will not meet its Q2 earnings guidance of between 35 cents to 45
cents. Analysts surveyed by Thomson Financial/First Call expected Dow to earn
between 28 to 40 cents per share with an average consensus of 33 cents.

Reuters reported that Dell Computers
Corp.
(
DELL |
Quote |
Chart |
News |
PowerRating) Chairman Michael Dell, is discussing the possibility of wireless
networks with Nokia
(
NOK |
Quote |
Chart |
News |
PowerRating). 

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