(Updated from 6:43 p.m. ET Thursday)

Networking-equipment maker

Juniper Networks

(JNPR) - Get Juniper Networks, Inc. (JNPR) Report

this morning warned that its second-quarter revenue would come in significantly lower than expected. The company projected a top line of around $200 million to $210 million instead of its previous guidance of $300 million to $330 million.

The company now expects pro forma earnings of 8 cents a share for the quarter. The current earnings estimate among analysts polled by research firm

Thomson Financial/First Call

is 24 cents. Juniper also said it will cut 8% of its staff and take a charge of $45 million. The charge in part includes costs for re-evaluating its investment portfolio.

Mergers, acquisitions and joint ventures

Soft drink and snack food company

PepsiCo

(PEP) - Get PepsiCo, Inc. Report

on Friday said the closing of its acquisition of

Quaker Oats

(OAT)

will be delayed as talks with federal regulators continue. Pepsi said discussions with the

Federal Trade Commission

will continue into the third quarter. The companies had been hoping to close the deal in the second quarter.

After Thursday's Close

DuPont

(DD) - Get DuPont de Nemours, Inc. Report

agreed to sell its drug unit to

Bristol-Myers Squibb

(BMY) - Get Bristol-Myers Squibb Company Report

for $7.8 billion in cash.

The sale, which is subject to regulatory approval, is expected to close in the fourth quarter. Bristol-Myers Squibb expects the acquisition to add to its earnings in 2003.

Willamette Industries

(WLL) - Get Whiting Petroleum Corporation Report

said the shareholder vote on rival

Weyerhaeuser's

(WY) - Get Weyerhaeuser Company Report

aggressive bid to win seats on Willamette's board has produced no clear winner.

Willamette's statement followed Weyerhaeuser's announcement saying it appeared that it had won the shareholder vote. Willamette's shareholders voted Thursday morning on whether to elect three directors, nominated by Weyerhaeuser, to its 12-member board. Both sides cast the vote as a referendum on Weyerhaeuser's hostile $45.5 billion takeover effort.

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Earnings/revenue reports and previews

Callaway Golf

(ELY) - Get Callaway Golf Company Report

lowered its revenue and earnings expectations for the second quarter and the first half of the year. The golf equipment maker expects second-quarter revenue of about $250 million, resulting in a top line of $511 million for the first six months of the year. The company previously forecast $290 million to $300 million in revenue for the quarter.

If Callaway meets the revenue target, the company expects to post earnings of 35 cents to 38 cents a share for the second quarter and 82 cents to 85 cents a share for the first six months of 2001. Analysts had been expecting Callaway to earn 70 cents a share.

After Thursday's Close

Chipmaker

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Intel

(INTC) - Get Intel Corporation (INTC) Report

said its second-quarter revenue will come in just below the midpoint of its previously disclosed range.

The company

said April 17 that it expected second-quarter revenue of $6.2 billion to $6.8 billion. Before the last update, analysts polled by

Thomson Financial/First Call

had expected Intel to post earnings of 11 cents a share, on revenue of $6.29 billion.

Wall Street analysts and investors had been divided about whether Intel would warn. Some firms, such as

Merrill Lynch

, said the company could hit the revenue range. Others, like

Salomon Smith Barney

, said the company would hold to that guidance, though it could lop off the range's upper portion. (Neither Merrill nor Salomon has done underwriting for Intel.)

3Com

(COMS)

warned of lower-than-expected fourth-quarter revenue, as slowing sales affected manufacturing utilization and led to more provisions for excess inventories. The computer network equipment maker also said it plans to discontinue its line of consumer cable and DSL modems in a bid to reach profitability.

The company forecast fourth-quarter revenue of $450 million to $475 million, compared with $753.7 million in the year-ago quarter. Analysts expected the company to post fourth-quarter revenue of $575 million.

"Business conditions worsened in 3Com's fourth quarter," the company said in its press release. "However, 3Com is taking the steps necessary to achieve future profitability in this unfavorable climate. Today's announcement to discontinue consumer DSL and cable modem products is an important part of our plans."

Handspring

(HAND)

cut its fourth-quarter forecast for revenue, amid tough competition, significant price reductions in the market and softening consumer demand during the past two months.

The maker of handheld devices now sees revenue in the range of $60 million to $65 million, compared with revenue of $51.8 million in the same period last year. Analysts on average estimated sales of $121.3 million for the fourth quarter.

Lattice Semiconductor

(LSCC) - Get Lattice Semiconductor Corporation Report

said it expects second-quarter revenue to decline by about 30%, "plus or minus a few percentage points."

In a press release, the company said "semiconductor and PLD market conditions remain poor. Our business has stabilized at extremely low levels. As we have no visibility, our current outlook assumes no near-term improvement in business levels."

Analysts on average were expecting second-quarter sales of $91.75 million, compared with $139.9 million in the year-ago period. Revenue for the company's previous quarter was $111.1 million.

TranSwitch

(TXCC)

, said it expects to post a second-quarter loss instead of a profit, as previously anticipated.

The company forecast a second-quarter loss of 10 cents to 12 cents a share, sharply below Wall Street's earnings expectations of 5 cents a share for the quarter. TranSwitch blamed the reduced forecast on the spread of weakness in the telecommunications market to Europe and Asia. The company also said revenue would come in below consensus estimates.

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Miscellany

After Thursday's Close

Boeing

(BA) - Get Boeing Company Report

found "suspicious" wire damage on as many as 10 of its 737 jetliners in a Seattle-area factory, and the company said it was conducting an internal investigation.

In a release on its Web site, Boeing said it would take "swift immediate action" if it finds that the damage to the wiring systems, which has been repaired, was caused intentionally.

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