The Day's Winners
, a health care products maker, met analysts' earnings expectations and set a restructuring plan to improve operations and reduce excess capacity. The company will lay off 2,000 employees, or 3% of its workforce, and take a one-time charge of $100 million to $125 million in the fourth quarter. Excluding a charge, third-quarter earnings came in at 48 cents a share, matching the consensus estimate. Shares were up 2.6% to $40.50 in recent trading.
soared 30.5% to $15.74 Wednesday after the managed health care provider said fourth-quarter profits more than tripled due to a substantial increase in the number of patients enrolled in its programs.
Fiber-optic cable maker
said it sees third-quarter sales at the low end of previous estimates and indicated that further layoffs are on the horizon due to the continued slowdown in the telecom industry. Corning plans to take a $125 million charge to cover severance, restructuring costs and preferred stock dividends. Shares jumped 14.6% to $1.26.
announced the resignation of two top-level executives Tuesday. Henry C. Yuen, the company's founder and chief executive, and Elsie M. Leung, chief financial officer, were asked to step down from their respective posts to assume new roles within the company. Jeff Shell, a former
executive who has served as co-chief operating officer of Gemstar since April, has been named CEO. Gemstar's shares were up 22.6% to $3.15.
said second-quarter earnings rose from year-ago levels, thanks to improved gross margins and a change in its accounting procedures. The company posted net income of $10.4 million, or 30 cents a share, compared with $8.9 million, or 26 cents a share. The results topped analysts' expectations by a penny, and sent shares up 5.2% to $9.67.
The Day's Losers
was under pressure for most of the day, losing 7.8% to $18.66 after Merrill Lynch pared its 2003 and 2004 earnings estimates on the company.
Salomon Smith Barney cut its price target for
to $39 from $45. The firm also lowered its targets on several other big machinery stocks. Shares of Caterpillar were recently down 3.8% at $34.93.
was lower by 5.3% at $22.12 after Morgan Stanley lowered its price target on the stock, citing potential weakness in its power systems, aircraft, plastics and financial businesses next year.
slipped 6.2% $31.51 after Morgan Stanley cut its 2003 earnings estimates and Lehman Brothers trimmed its price target to $38 a share.
shares were tumbling 9% to $32.62 after Deutsche Bank Securities said the company probably won't repeat last quarter's strong performance due to pricing pressure from
was lower by 3.8% at $54.90 after Goldman Sachs lowered its earnings estimates for the computer maker.
said its quarterly profit rose, as an increase in fee income offset bad loans to telecom companies, but the results missed analysts' forecasts by a penny. SunTrust reported third-quarter earnings of $343 million, or $1.20 a share, up from $334.1 million, or $1.15 a share, in the year-ago period.