Updated from 10:51 a.m. EST

Talbots

(TLB)

earned 53 cents a share in the latest fourth quarter, up from 51 cents in the year-ago period. The company matched the consensus estimate for the quarter. Sales in the fourth quarter fell 8% to $433.2 million. Retail store sales were down 6% to $362.7 million, and same-store sales fell 5.5% for the quarter. The company now plans to open 85 new stores in 2002. In the first quarter Talbots expects to earn 63 cents to 65 cents a share, compared with the estimate of 64 cents.

Earnings Reports & Outlooks

Comverse Technology

(CMVT)

said after the close Tuesday that it earned 6 cents a share in the fourth quarter, meeting analysts' consensus estimate. But the company then projected a loss of 6 cents for the first quarter, while analysts are looking for a profit of 12 cents, according to First Call.

Cree

(CREE) - Get Report

on Tuesday forecast a third-quarter earnings shortfall. The company expects to break even for the quarter, excluding certain items, but analysts are calling for earnings of 8 cents. The company also forecast revenue of $32 million to $34 million for the quarter.

Foot Locker

(Z) - Get Report

met analysts' estimates for the fourth quarter, reporting earnings of $42 million, or 28 cents a share, up from $37 million, or 26 cents a share, a year ago. Sales from adjusted operations totaled $1.16 billion, up from $1.14 billion last year. Same-store sales increased 2.1%. The company, formerly Venator and before that Woolworth, projected first-quarter earnings of 25 cents to 27 cents a share. Analysts expect 27 cents.

Pentair

(PNR) - Get Report

raised its guidance and now expects to report first-quarter earnings of 35 cents to 40 cents a share and full-year earnings of $2.75 to $2.85. Analysts expect earnings of 33 cents for the quarter and $2.74 for the year. Pentair will report its first-quarter results on April 16.

Sports Authority

(TSA)

said fourth-quarter earnings, excluding items, rose to 50 cents a share from 46 cents a share in the year-ago period. Including items, the company earned 47 cents. Analysts were looking for earnings of 42 cents. Total sales fell to $400.6 million from $414.9 million, and comparable-store sales increased by 1.0%. The company expects to earn 60 cents a share in the next fiscal year, which would be 10 cents above the consensus estimate.

Miscellaneous News

A.C.L.N.

(ASW)

a car shipping company being investigated by the

Securities and Exchange Commission

, will delay filing its fourth-quarter results. The company, which has been the subject of several Herb Greenberg articles on

RealMoney.com

, is working with its auditors to complete the results as quickly as possible. The company said it shipped about 21,750 used cars and trucks in the first two months of the first quarter, but profits and revenues per vehicle have decreased because of a change in the company's shipping policy. A.C.L.N. also expects to terminate its relationship with MFT, which provides certain services for the company, by the end of the first quarter. Additionally, the company said a contract with Daewoo Motors might not be completed, which A.C.L.N. blamed on negative press. Last week, the company said three directors resigned from the board. On Wednesday, A.C.L.N. indicated that among the reasons for the resignations were concerns about proposed additional board members, as well as a disagreement with the management about the manner in which the company should respond to the SEC investigation and a series of lawsuits.

Biotech firm

Corixa

(CRXA)

will be required to conduct

additional clinical trials on its experimental cancer drug Bexxar before U.S. regulators will consider it for approval. The Food and Drug Administration told Corixa that the company hasn't provided sufficient evidence of the drug's safety and clinical benefits.