Mixed Opening For Broader Markets
Stocks appear set to open mixed
Friday.
Lightbridge
(
LTBG |
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News |
PowerRating)
warned that Q2 earnings will fall short of expectations. The company sees
earnings of between 0 and 1 cent a share, excluding pre-tax restructuring
charges. Analysts’ consensus was for earnings of 10 cents according to Multex.
According to a report in the Wall
Street Journal, a new audit has uncovered that Xerox
(
XRX |
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News |
PowerRating) has misstated revenues by almost $3 billion for the period of 1997 –
2000.
Estimates were cut for Scientific-Atlanta
(
SFA |
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News |
PowerRating) by Merrill Lynch for Fiscal Years 2002 and 2003. Merrill
sees estimates for 2002 down from $1.04 to $1.00 and 2003 from $1.03 to .83.
Credit Suisse First Boston said that
Eon Labs approval for Zanaflex could dramatically affect Elan
Corp’s
(
ELN |
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News |
PowerRating) outlook. The firm lowered its estimates for 2002
from $1.65 to $1.46 and 2003 estimates to $1.19 from $1.40, citing it does not
see the market improving until early next year.
UBS Warburg downgraded Acclaim
(
AKLM |
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Chart |
News |
PowerRating) from Buy to Hold based on concerns with the company’s revenue and
balance sheets.
Morgan Stanley lowered estimates on Perot
Systems
(
PER |
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Chart |
News |
PowerRating) for FY02 and FY03. The firm sees FY02
earnings coming in at 71 cents a share vs. prior estimates of 73 cents and
FY03 numbers down from 86 cents to 78 cents.
Merrill Lynch downgraded Cerner
(
CERN |
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Chart |
News |
PowerRating) from Buy to Near Term Reduce/Sell after Eclipsys
(
ECLP |
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Chart |
News |
PowerRating) warned for the quarter.
Dollar
Thrifty Automotive Group
(
DTG |
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Chart |
News |
PowerRating) said it expects Q2 earnings to
beat analysts’ estimates of 54 cents a share based on a survey taken by Thomson
Financial/First Call.