Stocks to Watch Tuesday: Elantec Semi, California Pizza Kitchen, Human Genome Sciences

By TSC Staff ,

(Updated from 8:19 p.m. ET Monday)

Gourmet pizza chain

California Pizza Kitchen

(CPKI)

trimmed its guidance for the second quarter. The company said that earnings will likely be in the range of 17 cents to 19 cents a share for the quarter, slightly below the prior

Thomson Financial/First Call

estimate of 20 cents a share.

The company added that it expects same-store sales for the quarter to rise 2% to 4%. Same-store sales for the last quarter rose more than 6%, and earnings came to 18 cents a share.

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Earnings/revenue reports and previews

Elantec Semiconductor

(ELNT)

joined the growing list of chipmakers who are preannouncing this quarter --

Altera

(ALTR) - Get Report

and

Cypress Semiconductor

(CY) - Get Report

both warned in the past few days, while

Xilinx

(XLNX) - Get Report

reaffirmed its guidance -- revising its third-quarter and full-year estimates downward. Elantec expects revenue for the current quarter to fall about 30% to 35% from the last quarter, and that the company now expects income of 6 cents to 8 cents a share. Analysts on average are looking for 11 cents a share.

The company also disclosed plans to lay off about 15% of its total workforce, mostly from a manufacturing plant in California.

Business consulting firm

Charles River Associates

(CRAI) - Get Report

reported second-quarter earnings of 19 cents a share this morning, beating expectations by a penny. The company earned 30 cents a share in the same period last year.

The company said that it expects to earn 25 cents to 27 cents a share in the third quarter. Charles River also projected revenue growth of 20% to 25% for the full year.

Cosmetics maker

Elizabeth Arden

(RDEN)

reported a wider loss in the fiscal first quarter compared with the year-earlier period, but sales more than doubled. The company lost $19 million, or $1.15 a share, compared with a loss of $9.9 million, or 74 cents a share, in the year-ago period. Sales for the quarter totaled $142 million, up from $65.7 million a year ago.

The company expects sales of $840 million to $870 million for fiscal 2002, with earnings of $1.55 to $1.75 a share.

After Monday's Close

Comverse Technology

(CMVT)

, a maker of telecommunications software, said Monday its first-quarter earnings rose 40%, thanks to an expanding market share and an increase in new orders. The company posted first-quarter earnings of 43 cents a share, beating analysts' estimates by a penny. Revenue for the quarter rose 36% to $365 million.

Golf apparel and equipment maker

Ashworth

(ASHW)

reported second-quarter earnings that were in line with analysts' expectations of 30 cents a share, citing strong domestic revenue growth as the main driver.

However, the company said the uncertainty in the economy and unfavorable weather conditions could hurt earnings growth for fiscal 2001. The company now expects earnings for the year of 40 cents to 43 cents a share. Analysts on average were expecting earnings of 61 cents.

The company, which recently signed a deal with

Callaway Golf

(ELY) - Get Report

, said the revised estimates include a charge of 5 cents a share for the Callaway deal.

Furniture Brands International

(FBN)

said Monday it will cut 1,000 employees and warned that second-quarter revenue will be down 12% to 15% from a year ago. In addition, the company will shut three facilities and merge its two main units,

Action Industries

and

Lane Furniture

. The company plans to shift its focus to import products.

The St. Louis-based company will take a restructuring charge of 20 cents to 25 cents a share in the second quarter. Excluding charges, the company expects to break even for the quarter.

Millennium Chemicals

(MCH)

warned Monday that it expects a loss for the third consecutive quarter, citing weaker demand. The company said the bottom line would be similar to the previous quarter, in which it lost 11 cents a share.

Millennium also said it would refinance its $500 million, five-year revolving bank credit agreement which matures on July 26.

Mergers and acquisitions

After Monday's Close

Liberty Financial

(L) - Get Report

said it would sell its asset management division to

FleetBoston

(FBF)

. FleetBoston will pay $900 million in cash for the business and will assume about $110 million of revolving debt.

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Miscellany

Genetics research company

Human Genome Sciences

(HGSI)

said it received clearance from the

Food and Drug Administration

to begin clinical trials of the growth hormone

Albutropin

. The trials will first focus on growth-deficient adults, but future trials on children are planned.

After Monday's Close

Agrium

(AGU)

, a maker of fertilizer, said Monday it plans to shut down its ammonia and urea plants temporarily until economic conditions improve. The cutbacks went into effect June 1.

Homebuilder

Beazer Homes

(BZH) - Get Report

said that preliminary new home orders rose 35% in May, mostly because of strong growth in the mid-Atlantic region.

Lennar

(LEN) - Get Report

said new home orders for the month rose 19%.

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