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Ticker-Tape Parade: H-P Warns, Celera Misses Estimates

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Another day, another warning, or so it seems.

Hewlett-Packard

(HWP)

warned this morning that it expects revenue to drop 14% to 16% in the fiscal third quarter, ending in July, with a decline of 24% in consumer business revenue. In a cost-cutting measure, the company announced that it would cut an additional 6,000 jobs in the near-term in a bid to save upwards of $500 million a year. H-P expects total savings of nearly $130 million during the remainder of the current fiscal year ending in October. H-P also said it expects gross margins of 25% to 25.5%.

Earnings Reports & Warnings:

Applied Biosystems

(ABI)

posted earnings of 22 cents a share in the fiscal fourth quarter today, a penny below consensus estimates. The company earned 26 cents in the fourth quarter last year. The company guided earnings down slightly for fiscal 2002.

AstraZeneca

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posted second-quarter income of 42 cents a share this morning, within the range of 39 cents to 43 cents expected by analysts, but down a penny from the year-ago period. The company said it was "absolutely on track" to meet year-end targets in this morning's release.

Avaya

(AV)

reported earnings of 21 cents a share for the fiscal third quarter this morning, beating estimates by a penny. The company earned 11 cents a share last year. The company, a spinoff from

Lucent

(LU)

, sees next quarter's revenue falling 20%, but Avaya expects the bottom line to rise from the year-ago comparison.

Celera Genomics

(CRA)

posted a wider-than-expected loss of 56 cents a share for the fiscal fourth quarter . The consensus estimate called for a loss of 54 cents a share. Last year, the company posted a loss of 35 cents a share. The company predicted revenue growth of 40% to 50% in fiscal 2002.

Concord EFS

(CEFT)

posted second-quarter earnings of 28 cents a share today, in line with analysts' expectations, and up from the earnings of 21 cents a share in the year-ago period.

Dow Chemical

(DOW) - Get Dow, Inc. Report

reported earnings of 33 cents a share in the second quarter, above Wall Street's estimate of 30 cents a share, but far below last year's same-quarter earnings of 77 cents a share. The company guided third-quarter earnings to a range of 25 cents to 35 cents a share. The current estimate is for 27 cents a share.

Prodigy Communications

(PRGY)

posted a second-quarter loss of 46 cents a share earlier, narrower than both the analysts' expectations of a 51-cent loss and the year-ago loss of 59 cents. The company reiterated its guidance of 20% revenue growth in 2002.

Sony's

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operating profit fell to 3 billion yen ($24.27 million) in the June quarter, well below analysts' expectations of between 26 billion and 37 billion and last year's 30.59 billion yen.

Starwood Hotels

(HOT)

posted second-quarter earnings of 55 cents a share today, in line with consensus estimates, and down just a penny from the year-ago period. The company gave no forward guidance.

Viacom

(VIA) - Get Viacom Inc. Class A Report

posted second-quarter earnings of a penny a share today. Analysts expected the company to break even. The company said growth in the second half of the year will remain in line with the rate during the first half of the year.

In Overnight Activity:

Corning

(GLW) - Get Corning Inc Report

said, excluding charges and one-time items, second-quarter income was 29 cents a share, compared with 31 cents a share in the same period last year. Analysts expected the company to earn 18 cents a share. The company also took an expected $4.8 billion charge for layoffs and restructuring and lost, after factoring in all items, $5.13 a share.

Foundry Networks

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topped Wall Street's second-quarter expectations by 2 cents a share. Excluding charges, earnings came in at $8.3 million, or 7 cents a share, down from $23.9 million, or 19 cents a share, in the same period last year. Revenue for the quarter also fell slightly.

Axcelis Technologies

(ACLS) - Get Axcelis Technologies, Inc. Report

lost $2.2 million, or 2 cents a share, a penny worse than the consensus estimate. The semiconductor equipment maker earned $21.6 million, or 27 cents a share, in the year-ago period. The company also said it now expects to lose between 15 cents and 20 cents in the third quarter, which is well behind the 2-cent loss Wall Street is projecting.

BroadVision

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lost 19 cents a share for the second quarter, which was in line with the analysts' consensus estimate and the profit warning the company issued earlier in the month. The company lost 4 cents a share in the same period last year.

Halliburton

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beat analysts' expectations by reporting second-quarter earnings of 33 cents a share, up from the 12 cents in the year-ago period. Analysts were expecting 30 cents a share.

Economic Data:

10 a.m.:

Help Wanted Index for June. Source:

Conference Board. Forecast: N/A. Previous: 60.

11 a.m.:

Treasury Buyback. Source:

Treasury Department.