Updated from 9:54 a.m. EST
posted fourth-quarter income of 8 cents a share, in line with estimates. Operating revenue fell to $1.1 billion from $1.3 billion.
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earned 81 cents a share in the third quarter, 4 cents ahead of the First Call consensus estimate. Revenue fell 19% to $179 million.
reported third-quarter earnings of 47 cents a share, 3 cents ahead of expectations. Revenue rose 30% to $403.1 million.
agreed to acquire the Don Massey Dealerships, the 19th-largest dealership group in the U.S. Sonic expects the acquisition to add 30 cents to 40 cents a share to earnings in 2003. The company also raised its guidance for 2002.
Salomon Smith Barney downgraded
to neutral from outperform based on uncertainty surrounding the situation at
, Kimco's largest tenant. Kmart represents 13% of the rents in Kimco's core portfolio.
Merrill Lynch raised its fiscal 2003 estimate on
to $2.85 from $2.74. The firm thinks Nike could hit its $63 price target in the next six to nine months.
Credit Suisse First Boston upgraded
, the parent company of United Airlines, to buy from hold as part of firm's more positive stance on the airline group. Separately, Goldman Sachs upgraded
to market outperform from market perform. Goldman also raised its 2001, 2002 and 2003 estimates on
, but kept its market perform rating on the stock.
is cutting 500 employees from its current workforce of around 5,900. The job reductions are part of a plan to help 3Com reach profitability by the end of the fourth quarter of fiscal 2002.