Hewlett-Packard

(HWP)

posted fourth-quarter earnings from continuing operations of $361 million, or 19 cents a share, down sharply from $841 million, or 41 cents a share, last year, but well above the Wall Street consensus forecast of 8 cents. The company's bottom-line earnings were $97 million, or 5 cents a share, after charges. H-P cited strong execution in its printer and imaging businesses for the better-than-expected results. Fourth-quarter sales fell to $10.9 billion from $13.3 billion last year, and the company warned first-quarter revenue would be slightly below the fourth quarter. H-P also reiterated its plans to acquire

Compaq

(CPQ)

.

Earnings Reports & Warnings

Cintas

(CTAS) - Get Report

lowered its guidance for the second quarter, saying the results may be slightly below analysts' expectations because of a decline in the company's uniform sales division. The company now expects income of 33 cents to 34 cents a share, while analysts are looking for 35 cents.

PanAmSat

(SPOT) - Get Report

forecast earnings of 25 cents to 35 cents a share for 2002. Wall Street is looking for 28 cents. The company projected total revenue for 2002 of $790 million to $825 million.

Tiffany

(TIF) - Get Report

reported third-quarter earnings of 16 cents a share, 3 cents better than the First Call consensus estimate. Revenue fell 10.5% to $333 million. The company expects fourth-quarter earnings of 49 cents to 56 cents a share, compared with the mean estimate of 50 cents.

Analyst Actions

Prudential downgraded

Kohl's

(KSS) - Get Report

to hold from buy, citing the stock's valuation. The firm said a discounted cash flow analysis points to a value of $67.

Gerard Klauer Mattison upgraded

Applied Materials

(AMAT) - Get Report

and

Teradyne

(TER) - Get Report

to buy from neutral. The firm set a price target of $50 on Applied and $36 on Teradyne. The firm expects orders to bottom in the fourth quarter and recover in the first half of 2002.

Miscellaneous News

Christopher & Banks

(CHBS)

declared a 3-for-2 stock split, payable Dec. 12 to shareholders of record Nov. 27.

Orchid Biosciences

(ORCH)

signed an agreement with

GlaxoSmithKline

(GSK) - Get Report

to collaborate on a genome-wide validation of single nucleotide polymorphisms for pharmacogenetic studies.

Qualcomm

(QCOM) - Get Report

plans to provide up to $266 million to Vesper, a Brazilian CDMA wireless service provider. Another Vesper partner is committing $80 million to the company.

Yahoo!

(YHOO)

agreed to provide co-branded broadband access in

SBC Communications'

(SBC)

13-state region. The companies also will offer co-branded dial-up product nationwide. For Yahoo!, the agreement provides monthly per-subscriber payments from SBC. Yahoo! also named Gary L. Wilson and Ronald W. Burkle to the board, increasing the number of directors to 10.

After Tuesday's Close

BEA Systems

(BEAS)

reported third-quarter earnings, excluding certain items, of $24.2 million, or 6 cents a share, on $219.6 million in revenue. Updated Wall Street consensus estimates saw BEA earning 5 cents a share on $220 million in revenue, according to Multex.com. Prior to the company's warning Nov. 1, analysts had expected the company to earn 8 cents with revenue of $253.5 million.

Vitesse Semiconductor

(VTSS)

set plans to cut 10% of its staff of 1,300 workers. The company also said its first-quarter guidance remains unchanged. Analysts expect the company to lose 13 cents.