Stocks Set To Open Lower
Stocks appeared set to open lower
Tuesday in the wake of more earnings warnings.
Heads up! The stock market closes at
1:00 PM EST.
Internet software company I-Many Inc.
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per share.
Insight Enterprises Inc.
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announced that they expect Q2 net sales to be approximately $505 million, up 3%
from Q2 of 2000.
Trash hauler Waste Management Inc.
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has completed its refinance of $2.5 billion in bank credit facilities. The
company stated that $1.75
billion of the refinance is a five-year revolving credit facility, while the
remaining $750 million is a 364-day line of credit.
Metricom Inc.
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Chapter 11 bankruptcy protection.
Checkpoint Software
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announced that the company expects earnings to be 32 cents per share for Q2
compared to 17 cents for Q2 one year ago.
Internet Security Systems
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announced that the company will not meet Q2 estimates. The company expects
earnings to be between breakeven and a loss of 2 cents, well below the previous
target set by the company of 15 to 16 cents per share.
MapInfo Corp.
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MAPS |
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company now expects Q3 earnings to be breakeven, compared to earnings of 15
cents per share last year. Analysts surveyed by Thomson Financial/First Call
expected a profit between 18 to 20 cents with an average of 19 cents.
Tetra Tech
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loss due to Metricom Inc.
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MCOM |
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protection. TTEK will be taking a Q3 charge of $38.3 million to cover accounts
receivables due from MCOM, which the company deems a “doubtful account.”
Constellation Brands Inc.
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STZ |
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announced that the company has completed the acquisition of wine producer
Ravenswood Winery Inc.
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Direct marketer, PC Connection Inc.
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warned that Q2 earnings will fall short of analysts’ expectations. The company
expects earnings to fall between 5 to 7 cents per share. According to Thomson
Financial/First Call. Analysts polled were expecting 15 cents per share.
Standard & Poor’s announced that
RSA Security
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MidCap 400 after the close on Friday, July 6, 2001. Century Aluminum
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will be replacing RSA Security in the S&P SmallCap 600.
Orphan Medical Inc.
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ORPH |
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received an FDA Approvable letter for Xyrem. The company intends to meet with
the FDA as soon as possible to discuss issues raised in the letter by the
agency. Xyrem is used to abate symptoms related to narcolepsy, which is a neurological sleep disorder, and cataplexy,
whose symptoms are a sudden loss of
muscle tone due to a strong emotional reaction.