Thursday: Nordstrom Reports Weak Numbers

And it was a quiet evening on the financial front.

Nordstrom (NOBE), a department store chain, reported fourth-quarter earnings of 53 cents per share, below First Call estimates of 64 cents and last year's net income of 67 cents.

Dan Nordstrom, the company's co-president, said that weak holiday sales and inventories and higher-than-expected markdowns caused the disappointing earnings.

Soros Fund Management said it would not go forward with its plans to elect a slate of nominees to WMX Technologies' (WMX) board. Under pressure from George Soros and others, Chief Executive Phillip Rooney resigned earlier this week.

Ciena (CIEN:Nasdaq), the latest networking darling, announced pro-forma profit for its first quarter ended Jan. 31 of 13 cents per share. Shares of the company have risen from their initial public offering price of 23 on Feb. 7 to 35 1/2 on Thursday.

Morrow Snowboards (MRRW) continued to disappoint investors, announcing that earnings for the fourth quarter were 7 cents per share compared with 16 cents last year and analysts' expectations of 13 cents, according to First Call. Despite the popularity of the sport, Morrow and its competitors have been hurt by a glut of snowboards in distribution channels.

Cox Communications (COX) reported a net loss of 21 cents per share for its fourth quarter compared with a 19-cent loss for the same quarter in the previous year.

CPC International (CPC), a diversified company, said it plans to buy Koor Industries' (KOR) said it expects a loss of 70 to 80 cents per share for the company's third quarter ending Feb. 28. That includes a special charge of 50 cents per share to cover a $13 million reserve for anticipated retail book returns.

The North Face (TNFI) said it named current President William Simon to the additional post of chief executive. Former CEO Marsden Cason becomes chairman of the outdoor gear manufacturer. The shift was said to have resulted in part from health considerations involving Cason.

By Avi Stieglitz
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