Second-Quarter Earnings Announcements: JDS Uniphase, Amazon Beat Estimates, and More

Wednesday offers up another full raft of earnings reports from major companies, both in the New Economy and Old Economy.

The online retailer Amazon.com (AMZN) headlines Wednesday's earnings reports. The company, which lists results after the close, announced Tuesday that its president, Joseph Galli, had resigned to become the CEO of VerticalNet (VERT).

The excitement doesn't stop there. Wall Street will hear from company-of-the-moment JDS Uniphase (JDSU), which replaces Rite Aid (RAD) in the S&P 500 after Wednesday's close. The fiber-optic equipment maker is also in the midst of a massive acquisition of rival SDL (SDLI).

Industrial stalwart 3M (MMM) takes its turn in the earnings spotlight as well. The Dow Jones Industrial Average component turned in strong year-over-year growth in the first quarter as new products contributed to the bottom line.

Also Wednesday, Xerox (XRX) posts second-quarter results. In June, the copier-and-so-much-more giant announced that second-quarter earnings would come in well below Wall Street's expectations.

TheStreet.com is compiling all of its earnings news and analyses in one convenient location to make it easier for our readers to see where earnings are headed. We will update this section as soon as earnings reports arrive. To keep track of what's coming, we have a daily earnings preview as well as a weekly earnings calendar.

Earnings/Revenue Reports and Previews

Anheuser-Busch(BUD) edged up 1/16 to 78 7/8 after it reported earnings of $1.04 a share, beating the 17-analyst estimate by 2 cents and up from year-ago earnings of 90 cents a share. Also, the world's largest brewer's board approved a 2-for-1 stock split and a 10% increase in its quarterly dividend to 33 cents from 30 cents.

Nortel Networks (NT) posted second-quarter earnings of 18 cents a share, better than the 29-analyst estimate of 15 cents and up from year-ago earnings of 11 cents.

Better-than-expected earnings sparked a number of analyst actions. Credit Suisse First Boston raised the stock's price target to 120 from 100, its fiscal 2000 earnings estimate to 73 cents a share from 69 cents and fiscal earnings estimate 2001 to $1 a share from 85 cents. UBS Warburg hiked its price target to 115 from 84, while Merrill Lynch bumped the company's stock target to 110 from 85 and increased its 2000 EPS estimate to 72 cents a share from 67 cents and its 2001 estimate to 97 cents a share from 86 cents. Also, Wit Soundview raised Nortel's price target to 130 from 100. It also raised its 2000 EPS estimate to 75 cents a share from 73 cents and its 2001 EPS estimates to $1.03 from $1. SG Cowen raised its 2000 EPS view to 75 cents a share from 68 cents and its 2001 EPS view to $1 from 85 cents.

Despite the positive actions on the company, it fell 3 15/16 to 83 1/16.

Coastal(CGP) was down 1 9/16 to 57 7/8 after it reported second-quarter earnings of 59 cents a share, in line with the 12-analyst estimate and up from year-ago earnings of 43 cents a share. The Federal Energy Regulatory Commission authorized El Paso Energy's(EPG) acquisition of Coastal. The deal is valued at $16 billion, with El Paso buying Coastal for nearly $10 billion in stock and assuming $6 billion in debt.

Cymer (CYMI) posted second-quarter earnings of 50 cents, beating the eight-analyst estimate of 35 cents and up from the year-ago loss of 5 cents. The stock was raised to intermediate-term buy from accumulate at Merrill Lynch, and its price target was raised to 70 from 60. The stock was up 3 3/8, or 7.6%, to 47 7/8.

DaimlerChrysler(DCX) warned investors that its fiscal 2000 earnings would fall below last year's profit. The automaker cited weakness at its U.S. Chrysler unit for denting earnings for the second half of fiscal 2000. DaimlerChrysler posted second-quarter earnings of $1.66 a share, beating the eight-analyst estimate of $1.52 a share and up from the year-ago $1.52 profit. Still, the automaker managed to move up 1 5/16 to 53 9/16.

DuPont(DD), up 1 5/16 to 44 15/16, reported second-quarter earnings of 90 cents a share, beating the 15-analyst estimate of 88 cents and up from year-ago earnings of 78 cents a share.

The company also announced it will repurchase $2.5 billion worth of its stock and pay for the program mostly with funds raised from asset sales. The company did not disclose what assets would be sold to pay for the repurchase.

Fairchild Semiconductor (FCS) reported second-quarter earnings of 68 cents, beating the six-analyst estimate of 57 cents and up from year-ago earnings of 16 cents. Credit Suisse First Boston raised the stock, adding it to its focus list with a strong buy rating. Fairchild fell 7/8 to 37 5/8.

LSI Logic (LSI) reported second-quarter earnings of 29 cents a share, in line with the 21-analyst estimate and up from year-ago earnings of 10 cents a share. Prudential Securities cut its rating on the company to accumulate from strong buy. LSI fell 8, or 19.8%, to 32 1/2.

Norfolk Southern(NSC) reported second-quarter earnings of 26 cents a share, beating the nine-analyst estimate of 23 cents and up from year-ago earnings of 20 cents a share. Deutsche Banc Alex. Brown raised Norfolk's rating to buy from market perform. The stock rose 1 15/16, or 12.4%, to 17 9/16.

Remedy(RMDY) posted second-quarter earnings of 29 cents a share, beating the five-analyst estimate by a penny and up from year-ago earnings of 22 cents. Chase H&Q cut the stock down to market perform from buy and Banc of America cut it to buy from strong buy. The firms cited a revenue shortfall and concern about sales-force staffing as the reasons for downgrading the stock. The stock plummeted 19 23/32, or about 47%, to 22 3/8.

Vignette (VIGN) posted second-quarter earnings of 1 cent, beating the 17-analyst estimate of nil and up from the year-ago loss of 4 cents. Still, ING Barings cut its rating to buy from strong buy. Vignette sunk 4 7/8, or 11.2%, to 38 3/4.

Upside Surprises
Company	Qtr	EPS	First Call View	Yr. Ago EPS	Number of Analysts
3-M (MMM): UP 1/4 to 88 9/16	2Q	$1.18	$1.16	$1.03	7
Allegheny Technologies (ATI): DOWN 1/16 to 20	2Q	53c	48c	38c	7
Allergan (AGN): UP 15/16 to 70 3/4	2Q	40c	38c	32c	12
American Axle (AXL): DOWN 7/16 to 15 7/16	2Q	80c	78c	67c	4
American Electric Power (AEP): DOWN 1 1/16 to 32 5/8	2Q	51c	45c	59c	2
American General (AGC): UP 2 5/8 to 69 7/8	2Q	$1.29	$1.28	$1.15	16
Bethlehem Steel (BS): UNCHANGED at 4 1/4	2Q	-1c	-2c	-31c	9
Comdisco (CDO): DOWN 3, or 9.7%, to 28	3Q	36c	31c	26c	7
Cabot (CBT): UP 1 13/16, or 5.7%, to 33 1/2	3Q	55c	51c	40c	4
Emcor (EMCG): DOWN 1/8 to 27 1/4	2Q	68c	64c	45c	1
Entergy (ETR): DOWN 3/8 to 29 15/16	2Q	98c	95c	72c	7
Forrester Research (FORR): UP 9 3/4, or 17.4%, to 65 7/8	2Q	20c	16c	12c	8
Kennametal (KMT): UP 1/2 to 24 5/8	4Q	68c	67c	52c	6
Kerr-McGee (KMG): UP 5/8 to 53 7/8	2Q	$2.13	$1.71	62c	15
Keyspan Energy (KSE): UP 3/16 to 32 13/16	2Q	35c	21c	10c	10
RadioShack (RSH): UP 3 9/16, or 6.3%, to 60 1/4	2Q	38c	36c	30c	16
Ralcorp (RAH): UP 3/16 to 13 3/16	3Q	43c	38c	38c	5
Tenet Health Care (THC): UP 1/4 to 28 3/8	4Q	51c	49c	42c	25
Tommy Hilfiger (TOM): UP 3/4, or 8.6%, to 9 1/2	1Q	10c	8c	40c	16

Downside Surprises
Company	Qtr	EPS	First Call View	Yr. Ago EPS	Number of Analysts
IT Group (ITX): UP 1/16 to 4 13/16	2Q	19c	24c	27c	1
Sanchez Computer (SCAI): UP 1 11/16, or 8.1%, to 22 5/8	2Q	-8c	-15c	7c	5
United Asset Management (UAM): UNCHANGED at 24	2Q	34c	28c	25c	2
Universal Foods (UFC): DOWN 3/16 to 19 3/16	3Q	36c	40c	33c	3
York International (YRK): UP 3/8 to 26 5/8	2Q	$1.20	$1.21	$1.01	2

In-Line Reports
Company	Qtr	EPS	First Call View	Yr. Ago EPS	Number of Analysts
Diebold (DBD): UP 2 3/16, or 8.1%, to 29 1/16	2Q	51c	51c	46c	6
Ecolab (ECL): DOWN 1 5/16 to 34 7/8	2Q	36c	36c	32c	9
M.A. Hanna (MAH): UP 1/16 to 8 3/4	2Q	19c	19c	23c	7
Hershey (HSY): UP 2 5/16, or 5.2%, to 46 1/2	2Q	29c	29c	35c	11
Interpublic Group (IPG): DOWN 3 1/2, or 7.8%, to 41 1/8	2Q	56c	56c	49c	11
Jones New York (JNY): UP 5/16 to 25 1/16	2Q	46c	46c	32c	20
Marsh & McLennan (MMC): UP 5/8 to 115 9/16	2Q	96c	96c	82c	14
Oxford Health Plans (OXHP): UP 2 15/16, or 13.5%, to 24 5/8	2Q	41c	27c	-16c	16
TRW (TRW): DOWN 3/4 to 43 9/16	2Q	$1.33	$1.33	$1.25	9

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After Tuesday's Close

BMC Software(BMCS) posted first-quarter earnings of 20 cents a share, a penny better than the 15-analyst estimate and up from the year-ago 7-cent profit, which included a charge. Goldman Sachs cut the company's fiscal 2001 EPS down to $1.43 a share from $2.15. BMC fell 1 9/16, or 8.5%, to 16 15/16.

Egghead.com (EGGS) posted a second-quarter loss of 44 cents, beating the seven-analyst estimate of a 50-cent loss and up from the year-ago loss of 60 cents. Separately, the company named Jeffrey Sheahan its chief executive. The stock slid down 1/4, or 8.6%, to 2 21/32.

Open Market(OMKT) was down 21/32 to 7 7/32 after it reported a second-quarter loss of 16 cents, better than the two-analyst estimate of an 18-cent loss. The year-ago loss was only 9 cents a share. Also, the company announced that Ron Matros, president and CEO, has resigned, effective immediately. Open Market provided no reason for the resignation.

Pinnacle(PCLE) reported fourth-quarter earnings of 6 cents a share, missing the five-analyst estimate by a penny and down from year-ago earnings of 14 cents a share.

The company's board authorized the repurchase of up to 3 million shares of its common stock. The stock was 7/16, or 5.7%, higher to 8 5/32.

Upside Surprises
Company	Qtr	EPS	First Call View	Yr. Ago EPS	Number of Analysts
Actel (ACTL): DOWN 10 9/16, or 22.5%, to 36 5/16	2Q	40c	38c	16c	5
Aflac (AFL): UP 1 1/16 to 52 5/8	2Q	59c	58c	47c	15
Cheesecake Factory (CAKE): DOWN 3/8 to 32 7/16	2Q	25c	23c	17c	8
Daleen (DALN): DOWN 15/16, or 5.2%, to 17 1/16	2Q	-20c	-32c	-13c	3
R.H. Donnelley (RHD): DOWN 1/8 to 19 3/8	2Q	52c	49c	49c	2
Electronic Arts (ERTS): UP 9 13/16, or 12.8%, to 86 5/8	1Q	-60c	-67c	6c	9
Foster Wheeler (FWC): UP 1/4 to 8 7/16	2Q	21c	20c	13c	5
Great Lakes Chemical (GLK): DOWN 7/16 to 28 11/16	2Q	76c	74c	73c	11
Ibis Technology (IBIS): UP 5 1/4, or 13.9%, to 42 7/8	2Q	0c	-6c	3c	3
Insight Enterprises (NSIT): DOWN 2 3/4, or 5.3%, to 49 1/16	2Q	52	46c	30c	10
Interface (IFSIA): UP 3/16 to 5	2Q	14c	13c	12c	4
Kimberly-Clark (KMB): UP 2 11/16 to 59 3/4	2Q	81c	80c	72c	10
Microsemi (MSCC): UP 3 5/16, or 10.1%, to 36 1/4	3Q	23	18c	4c	3
Oak Technology (OAKT): UP 1 3/4, or 7.7%, to 24 1/2	4Q	-2c	-6c	-35c	7
Viasystems Group (VG): DOWN 2 1/4, or 11.4%, to 17 9/16	2Q	11c	9c	1c	4
Vixel (VIXL): DOWN 1/2 to 6 5/8	2Q	-23c	-29c	-23c	3

Downside Surprises
Company	Qtr	EPS	First Call View	Yr. Ago EPS	Number of Analysts
F5 Networks (FFIV): UP 4 15/16, or 11.5%, to 47 3/4	3Q	17c	19c	-15c	5
Sigma-Aldrich (SIAL): DOWN 5/8 to 26 13/16	2Q	45c	46c	38c	11

In-Line Reports
Company	Qtr	EPS	First Call View	Yr. Ago EPS	Number of Analysts
Lennox (LII): UP 13/16, or 6.3%, to 13 3/4	2Q	56c	56c	55c	2
Shaw (SHX): UP 3/16 to 13 1/16	2Q	47c	47c	48c	8
TiVo (TIVO): DOWN 2 5/16, or 8.8%, to 24 1/16	2Q	-82c	-82c	-1.15c	3

Wednesday's Earnings

Amgen Squeezes Past Expectations as Earnings Rise 13%

Amazon Beats Forecast, but Operating Loss Widens

B2B Firms Clarus, webMethods Beat Estimates

JDS Uniphase Surpasses Estimates as Sales Soar 173%

DuPont Posts 7% Increase in Earnings

USA Networks Beats Forecast

RadioShack Beats Estimates by 2 Cents

DaimlerChrysler Sees Profits Failing to Meet Estimates

Xerox Issues Warning on Second Half

Tuesday's Earnings

Monday's Earnings

July 21 Earnings

July 20 Earnings

July 19 Earnings

July 18 Earnings

July 17 Earnings

July 14 Earnings

July 13 Earnings

July 12 Earnings

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