Weaker Opening
Stocks appeared set to open lower
Wednesday as earnings woes weigh on the markets.
Knight Trading
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net earnings of 11 cents a share beating analysts’ estimates by a penny, but
falling short of the 28 cents in the same quarter a year ago.
Intel
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a bearish Q1 forecast and said it would cut capital spending by 25% this year.
Metris Companies
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earnings of 72 cents a share or $70.7 million vs. earnings of 52 cents a share
or $48.6 million for the same quarter a year ago.
Abbott Laboratories
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$614 million or 39 cents a share after charges for Q4 vs. $753.4 million or 48
cents a share for the same quarter a year ago.
Continental Airlines
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a Q4 loss of $149 million even in light of the $174 million bailout from the
federal government. Losses came in at $2.58 a share on a diluted basis. Analysts
surveyed by Thomson Financial/First Call were expecting a loss of
$4.49.
Calpine Corp
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cutting its 2002 capital spending up to $2 billion and will be revising its
outlook for the year.
DuPont Photomasks’
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President and Chief Operating Officer Preston Adcox retired, effective
immediately. The company did not disclose the reason for his abrupt departure.
J P Morgan Chase & Co
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posted a decline in Q4 earnings of 12 cents a share or $247 million before
unusual items, compared to 37 cents or $763 million for the same quarter a year
ago. According to Thomson Financial/First Call consensus was for earnings of 35
cents a share. The company said the reason for the decline was due to bad loans,
Enron’s bankruptcy and the financial crisis in Argentina.
Shaw Group
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all of IT Group’s assets as some of IT Groups have filed for Chapter
11 bankruptcy protection.
Key Corp
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loss of $174 million or 41 cents a share vs. a profit of $266 million or 63
cents a share in the same quarter a year ago. The company cites bad loans as the
cause for the loss.
Pfizer
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be offering low-income senior citizens some of the drug giant’s most-used
medications for $15/month, which include drugs for lowering cholesterol, blood
pressure and treating depression.
British Petroleum
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Texaco
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farm at the company’s co-owned Nerefco oil refinery in The Netherlands.
Inspire Pharmaceuticals
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PowerRating)
said Phase III results of the company’s drug, INS365 Opthalmic, were disappointing, showing the same efficacy
as a placebo. The drug was designed to treat dry eye syndrome.