Updated from 10:38 a.m. EST
The board of
Johnson & Johnson
has authorized the company to repurchase up to $5 billion of stock in the open market. The buyback program has no time limit. At the end of 2001, the company had about 3.1 billion shares outstanding.
Earnings Reports & Outlooks
will restate its financial results for the year ended Dec. 31, 2000, and the company expects to conclude its internal accounting probe by the middle of March. The company previously set plans to restate its results for the first three quarters of 2001.
reported fourth-quarter earnings of 27 cents a share, matching the consensus estimate. Revenue rose 36% to $329.9 million.
reported fourth-quarter earnings, excluding items, of 22 cents a share, missing expectations by 3 cents. Including charges, the company lost 48 cents in the quarter. Marriott said earnings dropped 3 cents because the lodging company didn't sell any timeshare notes during the quarter. The company expects to earn 26 cents to 27 cents in the first quarter and $1.55 to $1.60 in 2002. For 2003, Marriott projected earnings of $1.95 to $2.05. Analysts are expecting first-quarter earnings of 28 cents and a 2002 profit of $1.58. For 2003, the consensus estimate is $1.94.
earned 5 cents a share in the fourth quarter, a penny ahead of the consensus estimate. Revenue declined to $90.2 million from $93.3 million. For 2002, the company forecast earnings of 77 cents to 80 cents a share, while analysts are looking for 82 cents, according to First Call.
Lehman Brothers issued cautious comments on
after the company reported quarterly results that were in line with expectations and forecast stronger sequential orders in April. The firm raised its 2002 estimate on Applied Materials, but believes the stock's valuation is generous, and Lehman doesn't see a meaningful resumption of growth until late 2002 or early 2003. Separately, Banc of America and Morgan Stanley raised their estimates, and several other firms reiterated their ratings.
Prudential initiated coverage of
with buy ratings, while starting
Universal Health Services
with a hold.
ABN Amro cut its first-quarter and 2002 estimates for
, citing continued deterioration in merger-and-acquisition activity and a more difficult equity trading environment than previously expected. The firm maintained its ratings and price targets on the stocks.
priced an offering of 3 million common shares at $16 each. The company will use the proceeds from the offering for general corporate purposes and strategic initiatives, such as potential acquisitions.
priced its IPO of about 18.1 million shares at $18 each, in the middle of the expected $17 to $19 range. GameStop, a video game software seller, is a
Barnes & Noble
filed a registration statement with the
Securities and Exchange Commission
to spin off the company's Quantum Fuel Systems unit. Impco expects to complete the spinoff in the second quarter. Quantum designs products for gaseous fuel storage, fuel metering and electronic controls for fuel cells.
filed a lawsuit against
, alleging that the company's Java technologies infringe certain Kodak patents. The companies have held discussions for several months, and Sun said it believes the lawsuit has no merit.