Lucent Technologies (LU) rose 3 7/8, or 6.4%, to 63 1/8 after it posted second-quarter net income of 23 cents a share, a penny ahead of the 31-analyst estimate and up from the year-ago 17 cents. Net income for the quarter totaled $754 million, up from the year-ago $535 million.
Separately, Lucent said it is changing its global manufacturing strategy to focus on high-end process manufacturing and systems integration. Lucent said it is spinning off its enterprise networks unit, which employs about 7000 workers.
Other earnings/revenue reports and previews
Earnings estimates from First Call/Thomson Financial; earnings reported on a diluted basis unless otherwise specified.
reported better-than-expected earnings for the third quarter, topping estimates by 2 cents. The Internet giant posted earnings of 11 cents a share, or $271 million, vs. 4 cents, or $104 million, in the same period a year ago.
Analysts surveyed by First Call/Thomson Financial projected earnings of 9 cents. AOL posted revenue for the quarter of $1.84 billion vs. $1.25 billion a year ago.
Credit Suisse First Boston
upped its fiscal 2000 earnings estimate to 46 cents a share from 35 cents.
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American Airlines parent
posted first-quarter earnings of 57 cents a share, well above the 11-analyst estimate of 40 cents and the year-ago 11 cents.
Applied Industrial Technologies
recorded third-quarter results of 40 cents a share, ahead of the four-analyst estimate of 35 cents a share and the year-ago 30 cents.
Borg Warner Automotive
, an automotive parts maker, said it expects first-quarter earnings to be 7 cents above the consensus estimate of $1.46 a share.
said first-quarter operating profit came in at $2.3 billion, with earnings of $1.62 a share, ahead of the four-analyst estimate of $1.58, and up from the year-ago $1.57.
, an Internet service provider, posted an operating loss of 43 cents a share in the first-quarter, narrower than the 12-analyst estimate of a loss of 49 cents.
reported a 3%
rise in its first-quarter earnings, exceeding Wall Street's estimates. The increase was driven by strength in the company's server business and its Internet application software and business services units.
The Armonk, N.Y.-based company's first-quarter net income rose to $1.52 billion, or 83 cents a share, compared with $1.47 billion, or 78 cents a share, a year earlier. A poll of analysts by First Call/Thomson Financial had forecast earnings of 78 cents a share.
lowered its second-quarter revenue growth DOWN to 3% from 6%.
cut IBM's fiscal 2000 revenue estimate to $91.4 billion from $93 billion and its fiscal 2001 earnings estimate to $4.85 from $4.95 a share, while Credit Suisse First Boston sliced its fiscal 2000 sales growth forecast to 5.1% from 8.5%.
Unlike other Wall Street analysts,
raised IBM's fiscal 2000 earnings estimate to $4.30 from $4.25 a share.
reported first-quarter earnings of 88 cents a share, which includes a tax benefit of 17 cents a share. The 32-analyst estimate was for 69 cents a share and the year-ago earnings were 58 cents. Revenue rose to $8 billion from $7.1 billion in the year-ago period. Credit Suisse First Boston raised its price target on the stock to 160 from 150.
posted first-quarter earnings of 31 cents a share, better than the 14-analyst 24-cent estimate and the year-ago 28 cents.
reported first-quarter earnings of 25 cents a share, a penny better than the 18-analyst estimate of 24 cents and the year-ago 8 cents. The company said it expects market demand for code division multiple access chipset and software solutions to continue to grow significantly, despite future quarterly fluctuations. Qualcomm predicted earnings per share in the second quarter to meet or exceed this quarter's earnings.
R.J. Reynolds Tobacco
said it expects net earnings to be flat this year, with earnings rising as a result of share repurchases. The company also announced it will not settle class-action lawsuits that threaten to bankrupt the industry.
, the German business software company, said pretax profit for the first quarter, including charges for its employee stock appreciation rights program, fell 45%.
listed first-quarter earnings of 11 cents a share, better than the eight-analyst estimate of 9 cents a share and the year-ago 8 cents.
Offerings and stock actions
, a biotech company, said it isn't going ahead with its planned 3 million-share follow-on public offering due to current market conditions. The company said it plans to file an amendment to the registration statement it filed with the
Securities and Exchange Commission
on March 13 to change the filing to a shelf registration statement.
said it has filed with the SEC for an IPO for its
Global Center Group
said it priced an offering of about 8.39 million shares of its common stock at $59.625 a share.
: UP to strong buy from buy at
; price target: 40.
: UP to buy/buy from accumulate/buy at
; price target: 200.
Kulicke & Soffa
: price target UP to 115 from 90 at Credit Suisse First Boston.
: UP to attractive from neutral at
: UP to buy from long-term buy at
: UP to buy from attractive at Bear Stearns.
: UP to attractive from neutral at Bear Stearns.
: UP to buy from attractive at Bear Stearns.
: DOWN to neutral from buy at
Salomon Smith Barney
: DOWN to market performer from market outperformer at
and down to hold from accumulate at
: DOWN to market performance from buy at
Donaldson Lufkin & Jenrette
: NEW strong buy at Warburg Dillon Read; price target: 65.
: NEW buy at Credit Suisse First Boston; fiscal 2000 earnings UP at Merrill Lynch to 79 cents a share from 70 cents and fiscal 2001 earnings estimates UP to $1.07 a share from 83 cents.
: NEW buy at
Warburg Dillon Read
; price target: 28.
: NEW buy at Merrill Lynch; price target: 53.
CS First Boston rolled out coverage of three houseware retailers:
- Linens 'N Things (LIN) - Get Report at a strong buy.
Bed Bath & Beyond (BBBY) - Get Report at a buy.
Pier 1 Imports (PIR) - Get Report: at a buy rating.
said it was voluntarily withdrawing its request for marketing approval of Vanlev, a hypertension drug its has said is by far the most important experimental medicine in its drug pipeline. The company cited safety questions raised by U.S. regulators said it intended to refile the application early next year.
CEO Ron Sommer, at a news conference, said that in the long run, his company in the U.S. "will be at least as strongly represented as we are now in Germany and Europe,"
said CEO Peter Redding will step down on July 1. Redding will be 62 in June and will be eligible for full retirement.