Updated from 9:56 a.m. EST.

Home improvement retailer

Lowe's

(LOW) - Get Report

said it would meet quarterly estimates of 37 cents a share when it is scheduled to report earnings Feb. 26. The company said price cuts during the Christmas season hurt earnings; the company previously lowered estimates to the current 37 cents from a range of 40 cents to 42 cents because of declines in demand. The company said it would also meet estimates of $2.11 a share for fiscal 2001, which ended Jan. 31.

The company said sales would come in close to previous guidance. It's anticipating a 2% to 4% decline for the quarter due to promotional discounts and the demand decline. Lowe's' counterpart,

Home Depot

(HD) - Get Report

, has been beset with similar problems, and warned of quarterly earnings shortfalls during the last year as well.

Goldman Sachs upgraded the stock this morning to recommended from market outperformer. Lowe's closed up $3.51, or 7%, to $53.51 and Home Depot closed up 44 cents, or 1%, to $44.43.

There's still some earnings news trickling out, including reports of an investigation into

Lucent Technologies'

(LU)

accounting practices. Lucent finished the day down $1.53, or 9.1%, to $15.36.

Dell Reportedly to Trim Expenses by 10%; Could Cut Jobs

SEC Reportedly Investigating Lucent's Accounting

Share Buyback Helps Cigna Beat Earnings Estimates

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Earnings/revenue reports and previews

After Thursday's Close

Network storage systems company

Network Appliance

(NTAP) - Get Report

reported fiscal third-quarter earnings surpassing Wall Street's expectations Thursday after the close of regular trading. At the same time, however, the company's sales were a hair lower than forecast, possibly reflecting the broader slowing in demand for Internet infrastructure already experienced by other companies in this sector.

The Sunnyvale, Calif.-based firm said that income, excluding certain items, totaled $38.9 million, or 11 cents a share. That figure bests the 10 cents a share that analysts polled by

First Call/Thomson Financial

had been looking for, and is up 95% from the $20 million, or 6 cents a share, the company earned in the same period last year. Actual earnings were $34.1 million, or 9 cents a share, vs. last year's $19.8 million, or 6 cents a share.

Revenue, meanwhile, came in at $288.4 million. That's up 91% from the prior year's $151.3 million, but about $5 million below the number analysts had been expecting. Network Appliance closed up $2.81, or 7.99%, to $38.

Getty Images

(GETY)

, the picture people who own more than 70 million images and tons of stock footage, announced fourth-quarter pro-forma losses of 47 cents a share, wider than the 45-cent loss expected by Wall Street. And if that isn't bad enough, the company missed the year-ago loss of 43 cents a share as well. But the ugliest picture was

Art.com

, Getty's attempt to sell art via the Internet. It did not perform up to snuff this quarter, and Getty said it would cut 50 jobs and is considering selling the operation. Getty closed up $1.56, or 6.1%, to $27.38.

John Hancock Financial Services

(JHF)

, that Beantown-based provider of life insurance, announced fourth-quarter earnings of 58 cents a share, beating the First Call/Thomson Financial estimate by 2 cents and the year-ago quarter by 14 cents. Strong growth in life insurance, mutual funds and fixed annuities helped John Hancock boost profits, sans items, to $181 million from the year-ago $139.8 million. John Hancock closed up 27 cents, or 0.8%, to $35.35.

Mettler-Toledo Industries

(MTD) - Get Report

, which makes industrial scales and other such weighty items, announced fourth-quarter earnings of 58 cents a share, beating the Wall Street estimate by 2 cents and surpassing the year-ago 50 cents. Sales decreased, however. The latest quarter's net sales came in at $297.9 million vs. the year-ago $304.3 million. Mettler-Toledo closed down $1.31, or 2.6%, to $49.39.

Mohawk Industries

(MHK) - Get Report

announced fourth-quarter earnings of 74 cents a share, beating the 72 cent estimate and the year-ago 70 cents. The company, which manufactures all sorts of rugs and carpets for the home, said that skyrocketing fuel costs and a slowing economy would hurt earnings in the first half. The first quarter is now expected to come in 15% to 20% lower than last year's quarter, with the second off 5% to 10%. Mohawk closed down $1.34, or 4.4%, to $29.41.

Pixar Animation

(PIXR)

are the fine folks who brought you Buzz Lightyear from

Toy Story

. And now, they're the people who brought you fourth-quarter earnings that exceed Wall Street expectations. The company announced fourth-quarter earnings of 71 cents a share, topping the First Call/Thomson Financial estimate of 63 cents and the year-ago 19 cent profit. Why? Well, remember all that hype surrounding

Toy Story 2

? It paid off well, in the form of merchandising and box office receipts. Revenue rose to $75.7 million from $24.9 million. Pixar closed up $1.38, or 4.1%, to $34.56.

Back in July,

Saks

(SKS)

announced plans to spin off its chi-chi, frou-frou Saks Fifth Avenue luxury stores. Well, now those plans have been scrapped by the company, which cited poor conditions in luxury retailing. In other words, the company felt that interest in luxury retailers has been declining along with consumer confidence. Saks said that profit in the fourth quarter would be lower than expected. Saks closed down $1.86, or 13.7%, to $11.74.

Teletech Holdings

(TTEC) - Get Report

announced fourth-quarter earnings of 22 cents a share, topping the 21cent analyst estimate and last year's 14 cents a share. But the real story for this company, which helps out other companies in the customer service department, is a huge increase in profits. It reported income of $28.7 million before charges, vs. the year-ago $15.6 million -- an 84% increase. Teletech said the next quarter would come in at or slightly above analyst estimates. Teletech closed up $1.25, or 7.7%, to $17.44.

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Analyst actions

UBS Warburg

removed

Nokia

(NOK) - Get Report

from its list of top 10 global technology stock picks this morning, causing a massive decline in the stock in Europe, and a drop in the stock in preopen trading on

TheStreet Recommends

Instinet

.

Shares of the Finnish mobile phone giant touched a two-year low on the European market after the move by UBS analyst Pip Coburn. No further details of Coburn's downgrade were immediately available. Nokia closed down $2.03, or 6.8%, to $27.99.

Upgrades

Commerce Bancorp

(CBH) - Get Report

: price target UP to $80 from $70 at

Lehman Brothers

. Commerce Bancorp closed down 44 cents, or 0.7%, to $62.80.

Onis

(ONIS)

: Sales estimates UP to $217 million from $180 million in 2001; $360 million from $330 million in 2002 at

Credit Suisse First Boston

. Onis closed down $2.77, or 5.5%, to $47.98.

Goldman Sachs

upgraded

Lowe's

(LOW) - Get Report

after the home improvement retailer said it would meet fourth-quarter estimates this morning. The stock was added to the recommended list from a previous market outperformer rating.

Downgrades

Taking a stick to this company, Lehman Brothers downgraded

Metricom

(MCOM)

: to market perform from strong buy. The price target was dropped to $8 from $100 after the company held a poor earnings call yesterday. Lehman, in a comment, wrote, "Metricom missed all major metrics in our model."

W.R. Hambrecht

was no more kind, downgrading the company to neutral from buy. Metricom closed down $1.28, or 22%, to $4.53.

Broadcom

: 2001 fiscal EPS DOWN to $1.35 from $1.55 at

W.R. Hambrecht

. Broadcom closed down $1.69, or 2.1%, to $77.19.

Clorox

(CLX) - Get Report

: EPS estimates DOWN to 41 cents from 45 cents for the third quarter; to $1.70 from $1.75 for fiscal 2001. Clorox closed down 86 cents, or 2.3%, to $36.20.

Mohawk Industries

(MHK) - Get Report

:DOWN to hold from buy at CSFB; 2001 estimates down to $2.75 from $3.30.

Power-One

(PWER)

:DOWN to market outperformer from trading buy at Goldman Sachs; lowered 2001 earnings-per-share estimates to $1 from $1.35 and 2002 earnings per share estimate to $1.50 from $1.90. Power-One closed down $3.44, or 10.7%, to $28.75.

Initiations

Sirius Satellite Radio

(SIRI) - Get Report

: NEW market outperformer at Goldman Sachs. Sirius closed up 13 cents, or 0.4%, to $29.56.

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Offerings and stock actions

After Thursday's Close

Do you like

W.R. Berkley

(BKLY)

? Well, let's hope you like this property and casualty insurer because the company just announced that it has started a public offering of 2.7 million shares of common stock. The offering will be used to raise funds for general corporate needs and to put more capital into its insurance subsidiaries. W.R. Berkley closed up 25 cents, or 0.6%, to $39.25.

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Miscellany

After Thursday's Close

Advanced Fibre Communications

(AFCI)

can say goodbye to Greg Steele, its chief operating officer. Why? Because Steele tendered his resignation today, citing personal reasons. It goes into effect on June 30. Advanced Fibre Communications closed up 6 cents, or 0.3%, to $21.50.

Parker Hannifin

(PH) - Get Report

isn't the name of that rich kid who moved when you were in the third grade. It's the name of a company that manufactures industrial products and controls, like its motion controls, which were used to toss around a model of the Titanic from the film of the same name. And today, this company named Donald Washkewicz its next CEO, when Duane Collins, current CEO, retires in July -- going the way of third-grade classmates and huge floating metaphors. Parker Hannifin closed down 19 cents, or 0.5%, to $42.44.

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By the Numbers

The data on NYSE and Nasdaq percent winners and losers are filtered to exclude stocks whose previous day's volume was less than 25,000 shares; whose last price was less than 5; and whose net change was less than 1/2.

Dow point gain and loss data are based on New York closing prices and do not reflect late composite trading.

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