Evening Update: Performance Technologies Issues Warning

Performance Technologies (PTIX Quote) warned that it expects to report second-quarter earnings of about 11 cents a share, well under the four-analyst estimate of 19 cents and matching the year-ago figure. The wireless telecom and networking products supplier cited a shipment delay and lower-than-expected orders from two major customers.

Major Indices INDEX CHANGE % VALUE YR TO DATE Dow -150.43 -1.40% 10,626.85 7.6% S&P 500 -30.26 -2.11% 1406.95 4.2% Nasdaq -148.31 -4.19% 3390.40 16.7% Russell 2000 -11.25 -2.29% 479.70 5.0% TSC Internet -59.73 -6.76% 823.83 28.6% TSC New Tech 30 -32.13 -6.31% 477.26 -22.8% NOTE CHANGE PRICE YIELD 10-Year Treasury 5/32 100 6.498%

In other postclose news (earnings estimates from First Call/Thomson Financial; earnings reported on a diluted basis unless otherwise specified):

Earnings/revenue reports and previews

Autozone (AZO Quote) reported third-quarter earnings of 50 cents a share, a penny ahead of the 14-analyst estimate and up from the year-ago 39 cents.

Vintage Petroleum (VPI Quote) said it will take a second-quarter charge of 25 cents a share for an adverse decision by an Argentine court in an oil-production royalty case. The 16-analyst estimate currently calls for Vintage to report operating earnings of 54 cents a share vs. the year-earlier 4 cents.

Offerings and stock actions

Activision (ATVI Quote) set a $5 million increase of its stock buyback program, in addition to the previously approved $10 million authorization.

Intira (NTRA Quote) withdrew its $104 million IPO, citing unfavorable market conditions.

RightStart.com (TOTS Quote), the online arm of children'e educational products retailer Right Start (RTST Quote), has requested that the Securities and Exchange Commission withdraw its $69 million IPO, citing unfavorable market conditions.

Tyco's (TYC Quote) TyCom (TCM Quote) unit upped the size of its planned IPO to 43 million shares, slated to be priced in a range of $26 to $30 a share.

Miscellany

The White House said it canceled President Clinton's planned Sunday-night speech to the nation on the China trade bill. At least two major networks had refused to grant the president airtime.

FEI(FEIC Quote) announced that CEO William Mooney will retire effective June 15.