Thursday's Winners & Losers: Horizon Health, CBRL, American Eagle, Lamar, Xilinx

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Updated from 2:50 p.m.

Applied Materials

(AMAT) - Get Report

posted fourth-quarter earnings of 77 cents a share, a penny better than the 26-analyst estimate and up from year-ago earnings of 39 cents a share.

The supplier of wafer-fabrication systems to the semiconductor industry said in a conference call that it expects first-quarter EPS for 2001 of between 75 cents and 78 cents, lower than the current

First Call/Thomson Financial

estimate of 80 cents. See how analysts reacted below in the "Analyst Actions" section. AMAT closed down $1.13, or 2.6%, to $41.63.

AT&T's

(T) - Get Report

board voted to spin off

Liberty Media Group

(LMG.A)

, which it acquired through the acquisition of

TeleCommunications Inc.

. Before the spinoff can happen, however, the company must receive a favorable tax ruling from the

Internal Revenue Service

.

AT&T expects to convert the Liberty Media tracking stock into an asset-based security and launch the company as an independent, publicly traded entity in the second quarter of 2001. AT&T said the spinoff is consistent with its recent decision to restructure into four companies. The Big T ended the day up 19 cents, or 0.9%, to $20.75.

Mergers, acquisitions and joint ventures

After Wednesday's Close

Willamette

(WLL) - Get Report

said its board unanimously rejected

Weyerhaeuser's

(WY) - Get Report

bid of $5.3 billion, or $48 a share, saying the offer wasn't in the best interest of the company and that it doesn't reflect Willamette's value or growth prospects. Willamette closed up 50 cents, or 1.1%, to $47.44; Weyerhaeuser was down $1.19, or 2.8%, to $41.44.

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Earnings/revenue reports and previews

American Eagle Outfitters

(AEOS)

posted third-quarter earnings of 61 cents a share, beating the 18-analyst estimate of 54 cents a share and up from year-ago earnings of 50 cents. The retailer said third-quarter same-store sales increased 6.8% from a year ago. American Eagle Outfitters closed up $2.88, or 7.7%, to $40.44.

CBRL

(CBRL) - Get Report

, a restaurant holding company, posted first-quarter earnings of 30 cents a share, 2 cents better than the eight-analyst estimate and up from year-ago earnings of 25 cents a share.

The company said sales and income performance of its

Cracker Barrel Old Country Store

unit exceeded the company's expectations.

For the second quarter, the company plans to report earnings in the range of the high 20s (cents a share), compared with 11 cents a year ago. The

First Call/Thomson Financial

five-analyst estimate for the quarter is currently 23 cents a share. CBRL expects same-store sales of its Cracker Barrel unit to increase 6.5% to 7%. CBRL closed up $2.16, or 11.8%, to $20.50.

Claire's Stores

(CLE)

pierced a lot of preteen ears in its third quarter. The company, which has stores in seemingly every mall in America, posted earnings of 28 cents a share, 2 cents better than the five-analyst estimate and up from year-ago earnings of 25 cents a share. Claire's said third-quarter same-store sales rose 6% and that for the latest quarter, earnings before interest, taxes, depreciation and amortization increased to 70 cents a diluted share from 49 cents a diluted share a year ago.

Claire's said it's comfortable with the estimate of $1.16 a share for the fourth quarter. Last year, it reported 91 cents a share, excluding a noncash restructuring charge. The company is expecting same-store sales to rise 4% for the period. Claire's closed up 88 cents, or 3.9%, to $23.06.

Limited

(LTD)

reported third-quarter earnings of 11 cents a share, or 9 cents a share, excluding special items and the spinoff of

Too

(TOO) - Get Report

, which it recorded as if it had occurred at the beginning of 1999. The 24-analyst estimate was 11 cents and year-ago earnings were 9 cents a share.

The young women's clothing retailer said it was comfortable with estimates in the range of 75 cents to 79 cents a share for the fourth quarter. The First Call/Thomson Financial 23-analyst estimate is currently 77 cents. The Limited closed up 6 cents, or 0.2%, to $25.94; Too was up $1.25, or 9.3%, to $14.69.

Kulicke & Soffa Industries

(KLIC) - Get Report

posted fourth-quarter earnings of 56 cents, 2 cents better than the 13-analyst estimate and up from year-ago earnings of 15 cents. The semiconductor-assembly equipment maker attributed its improvements to increased production accounting. Kulicke closed up 38 cents, or 3.4%, to $11.56.

Men's Wearhouse

(MW)

posted third-quarter earnings of 40 cents a share, in line with the eight-analyst estimate and up from year-ago earnings of 31 cents a share. The company's stock closed up $1.75, or 7.1%, to $26.38.

Sunglass Hut

(RAYS)

posted a loss of 6 cents a share, which was in line with the five-analyst estimate, but wider than the year-ago loss of 3 cents. The company said the loss is typical for its third quarter because of the seasonality of its business.

Also, the third-quarter results included a loss of 2 cents a share from recently acquired

Watch World

operations as well as a loss of 2 cents a share for stock repurchases. Before these items, the third-quarter loss was 2 cents a share. The company said it's comfortable with the range of earnings estimates for its fourth quarter. The First Call/Thomson Financial four-analyst estimate is currently 15 cents a share. Sunglass Hut closed down 50 cents, or 6.2%, to $7.56.

After Wednesday's Close

Nordstrom

(JWN) - Get Report

reported a third-quarter loss of 3 cents a share, including charges, which is well below the 19-analyst estimate of a 19-cent profit and down from year-ago earnings of 25 cents a share.

Pretax charges totaling 21 cents a share negatively impacted earnings. The charges included $20.7 million related to the company's 1998 investment in

Streamline.com

, $13 million in estimated severance costs for senior management restructuring during the quarter and a charge of $10.2 million for the write-off of certain information technology investments. The 1999 third-quarter results were reduced 4 cents a share by charges related mainly to restructuring in the company's information technology area.

Before nonrecurring charges in both years, third-quarter 2000 diluted EPS declined 37.9% from the 1999 third quarter. The earnings decrease resulted largely from increased markdowns -- primarily in women's apparel -- and increased selling, general and administrative expenses. Nordstrom closed down 88 cents, or 4.8%, to $17.25.

Phillips-Van Heusen

(PVH) - Get Report

posted third-quarter earnings of 71 cents, beating the seven-analyst estimate of 68 cents a share and up from year-ago earnings of 56 cents a share.

The company said it was comfortable with a fourth-quarter earnings estimate of 21 cents to 23 cents a share. The First Call/Thomson Financial estimate is currently 20 cents for the fourth-quarter. Phillips-Van Heusen ended the day up $1.06, or 9%, to $12.81.

Tetra Tech

(WATR)

reported fourth-quarter earnings of 35 cents a share, beating the seven-analyst estimate of 27 cents a share and up from year-ago earnings of 22 cents a share.

The fourth-quarter results include charges that contributed 7 cents to Tetra Tech's earnings per share. Tetra Tech closed down $3, or 9%, to $30.31.

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Analyst Actions

Merrill Lynch

cut

Applied Materials'

(AMAT) - Get Report

outlook for first-quarter EPS to 78 cents from 79 cents and the forecast for fiscal 2001 EPS to $2.95 from $3.50. Merrill also slashed the company's 12-month price target to $55 from $76. The firm cut the stock after Applied Materials reported fourth-quarter earnings that beat estimates, but forecast first-quarter earnings below estimates. As noted above, AMAT closed down $1.13, or 2.6%, to $41.63.

Downgrades

Bank of America

(BAC) - Get Report

: DOWN to market performer from buy at

J.P. Morgan

; 2000 EPS estimate DOWN to $5.05 from $5.25 and 2001 EPS estimate DOWN to $5.50 from $5.85. The stock closed down 13 cents, or 0.3%, to $41.88.

Micron

(MU) - Get Report

: first-quarter 2001 EPS estimate DOWN to 60 cents from 64 cents; fiscal 2001 EPS estimate to $2.30 from $2.60 and fiscal 2002 EPS estimate to $4.60 from $5.30 at

Prudential Securities

. Micron closed down $1.88, or 5.4%, to $33.13.

Sealed Air

(SEE) - Get Report

: DOWN to hold from buy at

Credit Suisse First Boston

. Sealed Air closed down $1.81, or 3.6%, to $49.13.

TD Waterhouse Group

(TWE)

: DOWN to outperform from strong buy at

Morgan Stanley Dean Witter

; price target: $21. The stock closed down 75 cents, or 4.5%, to $15.81.

Valero

(VLO) - Get Report

: DOWN to hold from buy at

UBS Warburg

. Valero ended the day down $1.44, or 3.8%, to $36.94.

Initiations

Brocade

(BRCD)

: NEW buy at

Banc of America

; price target: $300. Brocade closed up $4.56, or 2.1%, to $226.50.

EMC

(EMC)

: NEW strong buy at Banc of America; price target: $120. EMC closed down $4.69, or 5.3%, to $84.13.

Network Appliance

(NTAP) - Get Report

: NEW strong buy at Banc of America; price target: $125.

QLogic

(QLGC)

: NEW buy at Banc of America; price target: $150. QLogic closed down $7.31, or 6.2%, to $110.75.

Torchmark

(TMK)

: NEW 12-month price target of $45 at Merrill Lynch. Torchmark closed up $2.13, or 6.2%, to $36.31.

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Offerings and stock actions

Horizon Health

(HORC)

announced that its board of directors approved a stock buyback of up to 1 million shares and restructured the terms of its loan facility. Horizon Health closed up 63 cents, or 14.5%, to $4.94.

ImmunoGen

(IMGN) - Get Report

, which develops cancer drugs, said it sold 4 million shares at $33 each in a secondary offering. ImmunoGen ended the day down 92 cents, or 2.6%, to $34.13.

Xilinx

(XLNX) - Get Report

said its board approved a $250 million share buyback program. Xilinx closed down $3.88, or 5.6%, to $66.

After Wednesday's Close

Citing poor market conditions,

Art Technology Group

(ARTG)

withdrew its planned offering of 4 million shares of common stock plus 725,000 shares for certain shareholders, according to a filing Wednesday with the

Securities and Exchange Commission

.

The Internet-software maker had also registered 708,750 shares for any overallotments. The firm expected to receive net proceeds of $331.2 million from the offering, or $390 million if the overallotment was exercised in full. Art Technology Group closed up 69 cents, or 1.4%, to $48.69.

Duke Energy Services

pulled its $521 million IPO, citing market conditions.

Integra Bank

(IBNK)

raised its quarterly dividend 11.9%, to 23.5 cents from 21 cents. Integra ended the day down 44 cents, or 1.7%, to $25.69.

Lamar Advertising

(LAMR) - Get Report

said it would sell 4.5 million shares at $45 a share. The outdoor advertising company said it would use proceeds to repay amounts outstanding under its credit facility and for acquisitions and corporate working capital purposes. Lamar closed down $5.13, or 10.7%, to $42.69.

3M

(MMM) - Get Report

said it will buy back up to 10 million shares in 2001. 3M closed down 6 cents, or 0.1%, to $95.31.

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Miscellany

Air Products and Chemical

(APD) - Get Report

, a chemicals and industrial gases company, announced that it has named John Jones as chairman and chief executive. He replaces Harold Wagner, who plans to retire. Air Products and Chemicals closed down $1.50, or 4.3%, to $33.13.

Coca-Cola

(KO) - Get Report

has settled a racial discrimination suit brought by black workers. The company will pay $192.5 million to hundreds of African-American workers who claimed the beverage giant discriminated against them regarded to pay, promotions and evaluations. Coke closed up 63 cents, or 1%, to $61.94.

Visteon

(VC) - Get Report

is investing $100 million to modernize its chassis systems operations at the Monroe Plant, an action that will position the facility for future growth. Improvements to the facility already have begun and are expected to be completed by 2002. Visteon ended the day down 19 cents, or 1.2%, to $15.94.

Medical-device manufacturer

West Pharmaceuticals

(WST) - Get Report

announced a restructuring plan that will reduce its work force by 4% in an effort to cut costs and boost profits. West closed up 13 cents, or 0.5%, to $23.25.

After Wednesday's Close

Ametek

(AME) - Get Report

, which makes electric motors and instruments, named CEO Frank Hermance its chairman. Ametek closed down 31 cents, or 1.4%, to $21.69.

Crompton

(CK)

, which makes polymer and specialty chemical products, said it will take a charge of about $15 million against fourth-quarter earnings after it closes its manufacturing facility in Freeport, Grand Bahama Island, a closing that is expected by the end of the year. The facility manufactures a range of polymer additive products.

The company said the charge is primarily noncash and should provide an after-tax benefit of more than $2 million beginning in 2001. Crompton closed down 25 cents, or 3.1%, to $7.75.

Chemical manufacturer

Hercules

(HPC)

, which has been plagued by debt and is going through a restructuring, said it's named George MacKenzie, former executive vice president and chief financial officer, as vice chairman. Hercules lost some strength today, closing down 69 cents, or 3.6%, to $18.56.

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By the Numbers

The data on NYSE and Nasdaq percent winners and losers are filtered to exclude stocks whose previous day's volume was less than 25,000 shares; whose last price was less than 5; and whose net change was less than 1/2.

Dow point gain and loss data are based on New York closing prices and do not reflect late composite trading.

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