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UBS Warburg lowered its 2002 and 2003 estimates on


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. The firm maintained a buy rating on the stock, but lowered its price target to $21.50 from $23.50. Separately, Goldman Sachs initiated coverage on Cisco with a market outperform rating.

Earnings Reports & Outlooks


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said January pro forma operating revenue declined 6% from the same month in 2001. Pro forma newspaper advertising revenue fell 8%, and pro forma classified revenue dropped 12%.

Hispanic Broadcasting


posted fourth-quarter earnings of 8 cents a share, 3 cents ahead of estimates. Revenue for the quarter decreased 0.1% to $61.3 million. Broadcast cash flow fell 9.2% to $23.3 million, and earnings before interest, taxes depreciation and amortization slid 11.2% to $21 million. After-tax cash flow dropped 10.8% to $21.4 million. For 2002, the company expects revenue growth of 4% to 6%, broadcast cash flow of $90 million to $95 million, EBITDA of $85 million to $90 million and earnings of 37 cents to 40 cents a share. Hispanic Broadcasting expects first-quarter net revenue to increase 1% to 3%, with broadcast cash flow of $12 million to $13 million, EBITDA of $10 million to $11 million and earnings of around 4 cents a share. Analysts expect first-quarter earnings of 5 cents and full-year earnings of 42 cents.

Payless ShoeSource


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posted a fourth-quarter loss of $1.53 a share, including restructuring charges. Excluding the charge, the company earned 41 cents, down from 62 cents in the year-earlier period. On that basis, the company topped the First Call consensus estimate by 5 cents. Sales totaled $642.3 million, down 8.3% from the year-ago fourth quarter. Payless forecast first-quarter earnings of $1.35 to $1.45 a share, and for the full year, the company projected a profit of $4.65 to $4.85. A first-quarter estimate wasn't available on First Call, but analysts expect earnings of $4.75 for the year.


( TRB) reported consolidated revenue for January of $446 million, down 7% from last year. Publishing revenue decreased 8% to $342 million. Total advertising revenue fell 12% to $256 million.



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, the British oil and energy company, filed with U.S. regulators to sell, from time to time, up to $6 billion in debt securities. The company plans to use the proceeds for general corporate purposes.


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filed with the Securities and Exchange Commission to periodically sell up to $1 billion in debt, common and preferred stock, and other securities. The company plans to use the net proceeds for general corporate purposes.

Tesoro Petroleum


plans to offer 20 million newly issued common shares. Lehman Brothers is the lead manager. The offering will provide partial funding for Tesoro's pending acquisition of the Golden Eagle refinery along with 70 associated retail sites from

Valero Energy

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. Tesoro plans to close the acquisition of the Golden Eagle assets in April.

Miscellaneous News


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said a bankruptcy court that earlier this month issued a temporary restraining order staying more than 200,000 pending asbestos claims against the company's Dresser Industries unit has extended the stay until April 4. On that date, the court will hold a hearing to decide if the stay should continue or be modified.

Peoples Energy


said Richard E. Terry, the company's chairman and chief executive, will retire Aug. 1, consistent with the corporate policy requiring officers to retire at the age of 65. The company plans to name Thomas M. Patrick, currently president and chief operating officer, to the posts of chairman and CEO. Patrick will continue to hold the position of president.