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Ticker-Tape Parade: JDS Dives, Reliant Energy Tops Estimates

Earnings reports continue to pour in, but fewer companies were issuing profit warnings as the week comes to a close. However, JDS Uniphase (JDSU) is in the crosshairs this morning. After the market closed yesterday, the optical components maker posted a steep fourth-quarter loss and laid out plans to cut its workforce by nearly two-thirds. Shares of JDS were off 11.3% to $8.44 in morning trading.

Earnings Reports & Warnings:

  • Arch Chemicals (ARJ) reported a second-quarter profit of 60 cents a share, in line with estimates, but well below earnings of 91 cents a share in the same period a year ago. The company expects to report earnings to range from nil to 10 cents a share for the third quarter. The current estimate is 15 cents a share. Arch also forecast income of $1 to $1.25 a share for the year, while Wall Street's estimate is $1.05.

  • Beckman Coulter (BEC) posted earnings of 58 cents a share for the second quarter, in line with consensus estimates, and up from last year's second-quarter earnings of 53 cents a share. The laboratory equipment-maker guided up slightly for the next quarter, saying that net earnings should grow by 14% to 16%.

  • Manor Care (HCR) earned 29 cents a share in the second quarter, 3 cents better than analysts' estimates. In last year's second quarter, the company earned 20 cents a share. The company provided positive guidance for the rest of the fiscal year, saying it expects year-over-year comparisons for the remaining quarters of 2001 to be similar in strength.

  • Michael's Stores (MIKE), a national chain of arts-and-crafts stores, is disbanding the executive committee of the company's board. Additionally, the company said that investor Sam Wyly will step down as chairman, and Charles Wyly will take over the position.

  • Reliant Energy (REI) reported second-quarter earnings of 84 cents a share, beating Wall Street's estimates by 7 cents, and up a penny from last year's same-period earnings. The company said it expects earnings to rise by 10% to 12% for 2001, compared with the year earlier. Current forecasts had full-year earnings at $3.29, more than 12% higher than 2000's earnings of $2.94 a share.

  • UnitedHealth Group (UNH) reported second-quarter earnings of 68 cents a share Friday morning, slightly better than Wall Street's expectation of 66 cents a share, and well above last year's same-quarter earnings of 50 cents a share. The company expects the current fiscal year's earnings to rise 30% from 2000. UnitedHealth said next fiscal year's earnings should rise 15% from 2001.

    In Overnight Activity:

  • Barnes & Noble.com (BNBN) said its second-quarter pro forma loss totaled $31.4 million, or 20 cents a share, beating the consensus estimate by a penny. The company lost $49.7 million, or 31 cents a share, in the year-ago period. Sales for the period were $83.7 million, a 2.9% increase last year's $81.4 million in revenue. The company also said it expects a loss of 19 cents to 23 cents in the third quarter, which is in line with the consensus estimate of a loss of 21 cents.

  • Human Genome Sciences (HGSI) lost 16 cents a share in its second quarter, excluding a charge of 3 cents a share. Analysts were looking for a loss of 15 cents in the latest period. The company lost 15 cents a share a year ago.

  • Chipmaker LSI Logic (LSI) posted a second-quarter loss, before items, of 6 cents a share, beating Wall Street's estimates by a penny. Revenue dropped to $465 million from $644 million in the same period a year ago.

  • Micron Electronics (MUEI) has named a new group of directors to run the combined company after its planned acquisition of Interland. Micron Electronics' chairman and CEO, Joel J. Kocher, will retain those titles at the combined company, which will be named Interland. David Buckel will be chief financial officer.

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