Stocks To Open Flat To Lower
Stocks appeared set to open flat to
lower Wednesday.
Comverse Technology
(
CMVT |
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PowerRating) warned
that the company will not meet Q2 earnings estimates of 43 cents per share. The
company now sees earnings to be approximately 28 cents a share. In
addition, Comverse also announced the company will be cutting its estimates for
Q3 and Q4. The company projects earnings for Q3 to be at 20 cents per share and
23 cents for Q4. The current earnings consensus was 44 cents for Q3 and 45 cents
for Q4.Â
Emerson Electric
(
EMR |
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PowerRating) warned it
expects an 11% decline in earnings for Q3. According to Thomson Financial/First
Call, the consensus was for Emerson’s earnings to grow 1.1%.
Polaroid
(
PRD |
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PowerRating) is discussing a
debt-restructuring plan with the company’s bankers and is considering filing
voluntary bankruptcy protection.
Compaq Computers
(
CPQ |
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PowerRating) lowered the
company’s sales forecast for Q2. The company projects revenues for the quarter
to be about 8.4%, which is down 9% from Q1. Compaq also said the company will be
cutting a total of 8,500 jobs this year. Thus far, the company has cut 3,500
jobs.
Guidant
(
GDT |
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PowerRating) was downgraded by
two analysts. Goldman Sachs lowered the company’s rating from Market Outperform
to Market Perform and Thomas Weisel lowered Guidant’s rating from Buy to Market
Perform.
Retailer, Pacific Sunwear
(
PSUN |
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PowerRating)
said Q2 earnings will come in at the low end of the range of 13 to 17 cents.
According to Thomson Financial/First Call, analysts expected an average earning of
14 cents with a range between 12 to 15 cents.
Pepsi Bottling Group
(
PBG |
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PowerRating)]
announced its Q2 earnings of 68 cents per share. According to a survey by
Thomson Financial/First Call, analysts expected 66 cents from the company.
Wachovia
(
WB |
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News |
PowerRating) reported that Q2
operating profits rose 76%. Wachovia earned $1.22 per share for the quarter.
Analysts’ mean consensus were for $1.20 a share, according to Thomson
Financial/First Call.
Tiffany & Co.
(
TIF |
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PowerRating) warned Q2
earnings would fall in the low end of analysts’ forecasts. The luxury jeweler said
that Q2 earnings will be between 23 to 25 cents a share. According to a poll
taken by Thomson Financial/First Call, analysts were expecting earnings to come
in between 23 to 27 cents with a mean of 25 cents.
Lehman Brothers initiated coverage on
Zions Bancorp
(
ZION |
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PowerRating) with a Strong Buy.
Barr Laboratories
(
BRL |
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PowerRating) raised
their earnings estimates to be between 49 to 50 cents for Q4. Analysts’ estimates were for the company to earn between 42 to 44 cents with an average of
43 cents, according to Thomson Financial/First Call.
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