Tuesday's Winners & Losers: Technitrol, Coventry Health, DoubleClick, Com21, FreeMarkets

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Updated from 11:01 a.m.

Hey -- there are a lot of earnings releases out there to peruse. Here's a handy list of the latest and greatest, just published by

TheStreet.com

. Make sure you check out blue-chip

Johnson & Johnson

(JNJ) - Get Report

and broker

Merrill Lynch

(MER)

. Those two are biggies.

  • No Slowdown for EMC, Which Tops Expectations
  • Tellabs Earnings Match Expectations
  • Merrill Lynch Earnings Surpass Estimates
  • FreeMarkets Falls on Better-Than-Expected Results
  • Openwave Systems Up on Surprise Profit
  • Johnson & Johnson Beats Estimates by a Penny
  • Com21 Plummets on Wider-Than-Expected Loss, Downgrade
  • Cypress Semiconductor Tops Forecasts but Issues First-Quarter Warning
  • NCR Tops Lowered Expectations

Mergers, acquisitions and joint ventures

Apache

(APA) - Get Report

announced the purchase of oil and gas concession interests from Spain's

Repsol YPF

in a deal it valued at $410 million. This move helps boost Apache's Egyptian production by 75%, making it the second-largest producer in Egypt's Western Desert. Apache closed up 6 cents, or 0.1%, to $61.50.

Hormel

(HRL) - Get Report

doesn't just want to talk turkey anymore -- it wants to

be

turkey. This company, the maker of hobo staples Spam and Dinty Moore Beef Stew, announced the purchase of the Turkey Store for $334.4 million in cash, ensuring Hormel's lead the world's largest turkey processor. The Turkey Store will be absorbed by Hormel's Jennie-O Foods. Hormel closed up 38 cents, or 2.1%, to $18.19.

After Monday's Close

Drugmakers

Biogen

(BGEN)

and

Elan

(ELN)

have announced they are going into later-stage testing of their drug Antegren, to be used for sufferers of multiple sclerosis and Crohn's Disease. Biogen closed up $5.08, or 8.2%, to $66.77; Elan was up $2.56, or 5.3%, to $51.25.

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Earnings/revenue reports and previews

American Electric Power

(AEP) - Get Report

, a utility outfit serving the Midwest and Southwest regions, announced fourth-quarter earnings of 49 cents a share, topping the 42 cent Wall Street estimate. American Electric closed up 50 cents, or 1.2%, to $42.13.

Brinker International

(EAT) - Get Report

, which owns and runs such yummy chains as Chili's and Macaroni Grill, announced third-quarter earnings of 32 cents a share, just missing the 33 cent

First Call/Thomson Financial

estimate, but topping the year-ago 25 cents. The company said it will have a strong third quarter, however. Brinker closed up $1.50, or 6.3%, to $25.25.

Centex

(CTX)

, a homebuilder -- not a home wrecker like that cad Russell Crowe -- announced third-quarter earnings of $1.12 a share, besting the First Call/Thomson Financial estimate of $1.03 a share and the year-ago $1.04. Savor the taste of the earnings success, because Centex warned that 2001 would come in about where 2000 did, since rising fuel costs and lower product pricing will negatively impact earnings. Centex closed up $2, or 5.5%, to $38.19.

Coca-Cola Enterprises

(CCE)

, which has been warning in recent months about slower-than-expected sales and euro weakness, announced fourth-quarter earnings of 4 cents a share, topping the lowered Wall Street estimates by three cents a share. The company, which is 40% owned by

Coca-Cola

(KO) - Get Report

, announced revenue of $3.56 billion, just better than the year-ago $3.51 billion. CCE closed up 88 cents, or 4.9%, to $18.81, Coke was up $1.19, or 2.1%, to $56.88.

DPL

(DPL)

, an energy provider, announced fourth-quarter earnings of 37 cents a share, exactly what analysts thought it would make, and a dime better than what it reported this time last year. DPL also said that 2001 would be even better, with fiscal 2001 earnings coming in around $1.90, better than the $1.80 currently on the books at First Call/Thomson Financial. The stock closed up 38 cents, or 1.3%, to $28.94.

Dynegy

(DYN)

, a power and natural gas outfit, reported fourth-quarter earnings of 32 cents a share, crushing the raised 29 cent analyst estimate and the year-ago 19 cents. The earnings win wasn't exactly a surprise. On Jan. 4, Dynegy told analysts that it would beat estimates, causing analysts to up their picks from a consensus 25 cents to the current 29 cents. Unlike many other companies, the high price of energy costs has been good to Dynegy. Very good. Dynegy closed up $1.50, or 3.1%, to $50.25.

E.W. Scripps

(SSP) - Get Report

, a publisher of newspapers, including the

Denver Rocky Mountain News

and the

Cincinnati Post

, announced fourth-quarter operating earnings of 69 cents a share. This number tops the 67-cent estimate and is right where Scripps said the quarter would come in when it preannounced about its quarter back in December. E. W. Scripps closed up $1.56, or 2.5%, to $64.31.

Horace Mann Educators

(HMN) - Get Report

, an insurance company, announced a fourth-quarter loss of 21 cents a share, whiffing on the First Call/Thomson Financial estimate, which was a 31 cent profit. The full-year results will now come in at 62 cents a share, also way, way, far away from the $1.14 a share estimate from the analysts. The company blamed the miss on severe winter weather and its efforts to increase prior reserves for claims. Horace Mann closed down $1, or 5.2%, to $18.31.

Interwoven

(IWOV)

, a software 'n services provider, announced fourth-quarter earnings of 2 cents a share, double what the analysts thought it'd make. Then again, that's not saying much, is it? The company beat the year-ago quarter, which had a 3-cent loss. Revenue at Interwoven was also way up, coming in at $54.6 million this quarter from $7.5 million in the year-ago. Interwoven closed up $1.75, or 5.9%, to $31.25.

Invacare

(IVC) - Get Report

, a home medical-device maker, announced fourth-quarter earnings of 61 cents a share, beating the 60 cent estimate and the year-ago 52 cents. Going forward, the company said its first quarter would come in between 36 cents and 38 cents a share, with the full-year coming in between $2.18 and $2.23 a share. The First Call/Thomson Financial first-quarter projection is 37 cents, with the full-year at $2.21 a share. Invacare closed up $1.44, or 4.4%, to $34.50.

ITT Industries

(ITT) - Get Report

, a military defense system engineer, announced fourth-quarter earnings of 87 cents a share, topping the 85 cent estimate and the year-ago 77 cents. But the news wasn't all good. Revenue slipped by 2% from last year because of weaker markets for some of ITT's products and the end of some defense contracts. ITT closed up $1.88, or 5.1%, to $38.88.

National City

(NCC)

, a commercial bank, announced fourth-quarter earnings of 55 cents a share, matching last year's quarter, but missing the 56 cent estimate from First Call/Thomson Financial. Net income fell by more than 10% from the previous year. National City closed flat at $28.88.

Neuberger Berman

(NEU) - Get Report

, an investment manager, announced fourth-quarter earnings of 73 cents a share, matching what the analysts thought it'd make. This number beats last year's pro forma number of 64 cents a share. Neuberger Berman closed up $2.94, or 3.8%, to $80.63.

Praxair

(PX)

, the industrial gas giant, announced fourth-quarter earnings of 76 cents a share, matching Wall Street expectations and topping the year-ago 70 cents a share. Last month, Praxair said it would meet expectations, while announcing a restructuring that slashed 3% of its workforce. The in-line earnings release isn't terribly disappointing, considering that Praxair did it despite rising energy costs and the ever-cooling American economy.

But going forward, the picture isn't as rosy. Praxair warned that a continued economic slowdown could drop its earnings growth from 10% to 5%. Praxair closed up $1.25, or 3.1%, to $41.25.

After Monday's Close

Another typically busy day in earnings season saw warnings from

Dell

(DELL) - Get Report

and

American Express

(AXP) - Get Report

, which

TheStreet.com

has been covering all day. Dell closed up 88 cents, or 3.4%, to $26.38; American Express was up $1.50, or 3.3%, to $46.50.

Check out these after-hours earnings stories:

  • Acxiom Matches Third-Quarter Estimates
  • FreeMarkets Easily Beats Fourth-Quarter Projection
  • Computer Associates Tops December-Quarter Earnings Expectation
  • Vitesse Semiconductor Tops Estimates, Shares Down After Hours
  • Kemet Beats Expectations by a Penny, Sees Revenue Flat Sequentially
  • Openwave Baffles Sages by Turning Second-Quarter Profit
  • Texas Instruments Misses Fourth-Quarter Expectations

Allmerica Financial

(AFC) - Get Report

said it expects fourth-quarter earnings to be reduced by 29 cents due to losses from winter storms, but it will gain a tax benefit to offset the losses. The impact on net operating earnings is expected to be $24 million. The nine-broker consensus is currently $1.51 a share. Allamerica closed down $1.81, or 2.9%, to $60.

As Trevor Howard's policeman told Joseph Cotten in

The Third Man

, "It's Callaway, not Callahan. I'm British, not Irish." The company,

Callaway Golf

(ELY) - Get Report

, which doesn't write pulp fiction but produces golf clubs and other high-performance golf equipment, reported earnings of 4 cents a share, beating the 10-broker consensus, which was looking for a loss of 1 cent per share. The company broke even for the same period a year ago. Callaway closed up 88 cents, or 4.4%, to $20.56.

Cell Genesys

(CEGE)

reported earnings of $1.05 a share, quite a bit better than the 44 cent loss reported at this time last year. Cell Genesys closed up $1.25, or 6.7%, to $19.88.

Coach Luggage

(COH)

reported earnings of 88 cents a share, beating the three-broker First Call estimate by 2 cents. Coach closed flat at $31.

Cognex

(CGNX) - Get Report

reported earnings of 36 cents a share, besting the seven-broker consensus looking for earnings of 35 cents a share. Cognex closed up $2.94, or 11.99%, to $27.44.

Cytec Industries

(CYT)

reported earnings of 70 cents a share, in line with the nine-broker consensus. Cytec closed down $3.63, or 10.6%, to $30.69.

Diversified industrial manufacturer

Dover

(DOV) - Get Report

earned 66 cents a share, missing the 11-broker estimate by a penny. The company earned 58 cents a share for the same time period a year ago. Dover closed down 25 cents, or 0.6%, to $40.81.

Liz Claiborne

(LIZ)

said it would take a pretax charge of $15 million to $17 million in the fourth quarter to cover expenses related to layoffs, real estate consolidations and asset write-downs. The company still expects to meet earlier estimates -- currently, the expectation is for the company to earn 95 cents a share for the fourth quarter. It's expected to report earnings sometime during the week of Feb. 22. Liz closed down 25 cents, or 0.5%, to $46.06.

Business software company

SeeBeyond

(SBYN)

reported a loss of 6 cents a share, narrower than the three-broker consensus looking for a loss of 7 cents a share. At this time a year ago, the company lost 20 cents a share. SeeBeyond closed up 25 cents, or 1.3%, to $19.06.

Summit Properties

(SMT)

reported earnings of 62 cents a share, in line with the seven-broker consensus. The company earned 57 cents a share for the year-ago period. Summit closed up 38 cents, or 1.6%, to $23.88.

Electronic components manufacturer

Technitrol

(TNL)

reported earnings of 88 cents a share, beating the four-broker consensus by a penny. Technitrol closed up $8.88, or 19.2%, to $55.

Boutique brokerage

Tucker Anthony

(TA) - Get Report

reported earnings of 20 cents a share, falling far short of the three-broker analyst consensus looking for 51 cents a share. At this time a year ago, the company earned 38 cents a share. Tucker closed up 25 cents, of 1.2%, to $21.31.

You gotta blame it on something --

Vulcan Materials

(VMC) - Get Report

, a specialty chemicals and construction firm, blamed it on the rain (and snow). The company said fourth-quarter earnings fell 48% due to cold weather. The company earned 47 cents a share, missing the seven-broker consensus looking for 49 cents a share. The company earned 64 cents a share at this time a year ago. Vulcan did the mind-meld and closed up $1.19, or 2.8%, to $43.94. The

Star Trek

reference doesn't make much sense, I know, but you can't help doing something with Vulcan.

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Analyst actions

It's a bird! It's a plane! It's

Credit Suisse First Boston

analysts Wendell Laidly and Brent Thill!

After dropping 8% yesterday, many Wall Street eyes were all over

Oracle

(ORCL) - Get Report

, as rumors persisted that the company would be restating its just-released earnings numbers in a 10Q -- essentially a quarterly report -- sent to the

Securities and Exchange Commission

. Well, today, CSFB analysts rushed to the rescue, telling investors that the massive dip was unfounded, because the company will not be restating any financial data. Moving faster than a speeding locomotive, the duo reiterated its strong buy rating.

"To be clear, Oracle has not restated numbers," they wrote in a letter to investors. "This is nothing new here from past 10Qs." Oracle closed down anyway, lower by 33 cents, or 1%, to $31.48.

Yesterday,

American Express

(AXP) - Get Report

produced earnings in line with Wall Street forecasts, but warned about the upcoming 2001 earnings season. Today, it was upgraded to a buy at

Merrill Lynch

and added to the firm's Focus 1 list with a price target of $60.

Uh,

what

?!

Usually that kind of news is bad for a stock, but Merrill analyst Michael Hughes said he is bullish on financials as a whole, and would use this weakness as a buying opportunity in the face of future

Fed cuts.

"We are using the weakness to upgrade American Express," he wrote to investors. "The stock is 18% below the

S&P 500, but we believe

it provides far superior growth, plus we believe that financials will generally outperform this year with lower interest rates."

As noted above, American Express closed up $1.50, or 3.3%, to $46.50

Veritas Software

(VRTS) - Get Report

will be releasing earnings this week, and when it does,

Prudential Securities'

analyst David Breiner said the news will be good. Breiner wrote that he expects Veritas to release fourth-quarter earnings that top expectations, with positive future guidance.

"Our key takeaway is that Veritas seems well-positioned to withstand a spending slowdown, given the non-discretionary nature of storage and data availability," he wrote. Veritas closed up $4.31, or 4.3%, to $105.

Upgrades

Abercrombie & Fitch

(ANF) - Get Report

: UP to intermediate-term buy from intermediate-term neutral at Merrill Lynch. A&F closed up $1.38, or 5.5%, to $26.50.

Conoco

(COC.B)

: UP to buy from hold at

UBS Warburg

. Conoco closed up 69 cents, or 2.5%, to $27.88.

Duke Energy

(DUK) - Get Report

: UP to buy from outperform at

Salomon Smith Barney

. Duke closed up 19 cents, or 0.3%, to $74.19.

K-Swiss

(KSWS)

: UP to intermediate-term accumulate from intermediate-term neutral at Merrill Lynch. K-Swiss closed up 94 cents, or 3.8%, to $25.50.

Pacificare Health

(PHSY)

: UP to buy from market perform at

Lehman Brothers

. Pacificare closed up $5.94, or 34.3%, to $23.25.

Downgrades

AnnTaylor

(ANN)

: DOWN to hold from buy at CSFB. AnnTaylor closed down 25 cents, or 0.9%, to $27.56.

Com21

(CMTO)

: DOWN to hold from buy at CSFB. Com21 closed down $2.78, or 32.7%, to $5.72.

FreeMarkets

(FMKT)

: DOWN to market outperform from buy at

Goldman Sachs

. FreeMarkets closed down $5, or 18.7%, to $21.69.

InfoSpace

(INSP) - Get Report

: DOWN to neutral at

W.R. Hambrecht

. InfoSpace closed down $1.03, or 14.7%, to $6.

iPrint

(IPRT)

: DOWN to neutral at W.R. Hambrecht. IPrint closed down 25 cents, or 18.6%, to $1.

Initiations

Costco

(COST) - Get Report

: NEW market perform at

J.P. Morgan Chase

; price target: $40. Costco closed up 25 cents, or 0.6%, to $42.50.

Coventry Health

(CVTY)

: NEW buy at Lehman Brothers; price target: $24. Coventry closed up $2.06, or 10.8%, to $21.13.

Oxford Health

(OXHP)

: NEW strong buy at Lehman Brothers; price target: $45. Oxford closed up $2.38, or 7.4%, to $34.69.

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Offerings and stock actions

E*Trade

(EGRP)

has finally got a deluxe apartment in the sky. It's moving on up! (Moving on up!) To the

New York Stock Exchange

, where it'll begin trading next month under the new ticker ET. Under the old ticker, E*Trade closed up 75 cents, or 6.1%, to $13.06.

After Monday's Close

Kansas City Life Insurance

(KCLI)

t increased its quarterly dividend to 27 cents a share from 25 cents per share. Kansas City Life Insurance closed up $1.03, or 2.7%, to $39.47.

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Miscellany

Pacificare Health

(PHSY)

named Gregory Scott to the post of chief financial officer. As noted above, Pacificare closed up $5.94, or 34.3%, to $23.25.

After Monday's Close

The

Federal Trade Commission

dropped its inquiry into

DoubleClick's

(DCLK)

ad serving and data collection practices. The investigation began in February 2000, but ultimately the FTC concluded the company hadn't used sensitive data "for any online preference marketing product." DoubleClick closed up $2.06, or 13.5%, to $17.31.

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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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