Updated from 8:02 p.m. ET Tuesday

Things got decidedly sweeter for

Krispy Kreme's

(KREM)

investors as the company reported earnings that beat Wall Street's estimates for the first quarter.

The company, which is preparing to switch from the

Nasdaq

to the

New York Stock Exchange

this week, said it earned $5.7 million, or 20 cents a share, in the period. Five analysts polled by

Thomson Financial/First Call

were expecting the doughnut maker to report earnings of 17 cents a share. The company raked in $3 million, or 13 cents a share, in the year-ago quarter.

Systemwide sales jumped to $140.4 million from $103.3 million in the year-ago period. Total revenue increased to $87.9 million from $70.9 million in the same period last year.

The North Carolina-based company also upped its earnings guidance for the rest of fiscal 2002 and for fiscal 2003. The company now expects to earn 77 cents for fiscal 2002 and $1 a share in 2003. Wall Street is currently expecting the company to earn 70 cents in 2002 and 87 cents in 2003.

Earnings/revenue reports and previews

Federated Department Stores

(FD)

said its first-quarter revenue dropped to $3.822 billion from $4.032 billion in the year-ago period. Same-store sales fell 1.5%.

The retailer, which blamed its shortcomings on disappointing sales in its department store segment, said net income totaled $58 million, or 29 cents a share, down from $89 million, or 41 cents a share, in the year-ago period. Analysts were calling for 36 cents a share.

The company maintained its earning projection of $4 to $4.25 for the year. Federated also said it expects to earn 70 cents to 75 cents in the second quarter, 68 cents to 73 cents in the third quarter and $2.22 to $2.32 in the fourth quarter. Wall Street is expecting $4.02 for the year, with 73 cents in the second quarter, 57 cents in the third quarter and $2.36 in the final period of the year.

Sprint

(FON)

cut its second quarter and full-year earnings guidance late on Tuesday, laying the blame on a weak global economy. The company said its FON group faced weaker contributions from its global market segment.

The company, which is based in Kansas City, Mo., said its 2001 earnings for the FON group should be between $4.3 billion and $4.4 billion, before interest, taxes, depreciation and amortization. Earnings should range from 28 cents to 30 cents a share in the second quarter and $1.13 to $1.18 for the year. The company also said second-quarter revenue for its FON group should be similar to the year-ago period, while full-year revenue should increase at a low-single-digit rate.

France Telecom

and

Deutsche Telekom

are reportedly interested in selling their stakes in the company.

Credit Suisse First Boston

dropped its earnings estimate for the company for 2001 on Wednesday morning.

After Tuesday's Close

Abercrombie & Fitch

(ANF) - Get Report

reported first-quarter earnings of 20 cents a share, beating the consensus estimate of 17 cents a share. The Ohio-based retailer said it remains comfortable with second-quarter earnings estimates. First-quarter sales rose 29% to $263.7 million from $205 million.

Applied Materials

(AMAT) - Get Report

, a maker of equipment for semiconductor producers, said Tuesday that net income for the second quarter fell 52%, as the company struggled amid the slowdown in the chip industry. Excluding one-time charges, the company posted second-quarter earnings of 32 cents a share, which was in line with analysts' expectations. In the year-ago quarter, the company posted income of 53 cents a share. The company offered a gloomy outlook for the fiscal third quarter, saying earnings could slip to break-even.

In a

separate story,

TheStreet.com's

Caroline Humer

took a closer look at the earnings release.

Web-based software firm

BEA Systems

(BEAS)

reported first-quarter earnings that beat analysts' expectations as its WebLogic product continued to impress customers. The San Jose, Calif., company posted earnings of 8 cents a share, up from 3 cents a share in the year-ago quarter. Analysts on average were expecting earnings of 7 cents a share.

After issuing a profit warning last month, switching equipment maker

Brocade

(BRCD)

reported second-quarter earnings that were in line with analysts' expectations. The company posted earnings of 5 cents a share, down a penny from the year-ago quarter.

Greg Reyes, the company's chairman and chief executive, said in a statement that "considering the current difficult economic environment for technology companies, the second quarter was a period of significant achievement for Brocade. We are pleased that we met the expectations that we set out in April, and we believe that the second quarter was the low water mark for our business. We are now seeing signs that IT budgets may be thawing."

Network storage systems company

Network Appliance

(NTAP) - Get Report

reported fiscal fourth-quarter results that were in line with Wall Street's drastically reduced expectations.

The Sunnyvale, Calif., maker of storage server appliances said after the regular session closed Tuesday that income, excluding certain items, totaled $7.9 million, or 2 cents a share, in the period ended April 28. That figure matched the expectations of analysts polled by

Thomson Financial/First Call

but was 71% lower than the $24.9 million, or 7 cents a share, the company earned in the same period last year. Actual earnings were $500,000, allowing the company to break even on a per-share basis, compared with last year's $24.5 million, or 7 cents a share.

Revenue, meanwhile, came in at $225.8 million, beating the $219 million analysts were expecting and up from last year's $200 million. Up until mid-April, analysts had been expecting NetApp's sales to come in around $310 million and earnings to be close to 10 cents a share. But then NetApp warned that it expected fourth-quarter sales to plunge as much as 25% from the third quarter's $288 million. The company said then that it expected earnings to come in between 1 cent and 3 cents a share for the quarter.

Sycamore Networks

(SCMR)

, a maker of optical networking equipment, reported a third-quarter loss of 19 cents a share, as compared with a profit of 2 cents a share in the year-ago period. Analysts were expecting the company to lose 18 cents a share. Revenue for the quarter dropped 8% to $54.2 million from $59.2 million last year. The company took a third-quarter restructuring charge of $165.8 million, partly due to the fact it slashed 13% of its workforce last month.

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Analyst actions

Credit Suisse First Boston

slashed estimates for PC maker

Dell

(DELL) - Get Report

, just a day before the computer maker's earnings release. The firm dropped its 2002 estimate to 70 cents a share from 82 cents. CSFB also cut its 2003 estimate to $1 from $1.10. The firm cited a possible computer price war as the motive behind the revision, saying that it believes Dell will continue to price aggressively in an attempt to push competitors out of areas of the PC market.

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