Updated from 4:13 p.m.
, that old blue-chip chemical company, announced third-quarter earnings of 51 cents a share, which is exactly what those guys at
First Call/Thomson Financial
called for. It''s not quite as good as last year's 65 cents a share, though. Revenues were also relatively flat, coming in at $6.87 billion vs. last year's $6.62 billion. That's a 3% gain.
DuPont pays a dividend, which is a cash payout to shareholders, a sort of "thank you for investing in us, here's your cut of the profits" gesture that has become increasingly rare these days. DuPont declared a fourth-quarter dividend of 35 cents a share, the same as the previous quarter. This will mark the 385th consecutive time that DuPont will pay out a dividend to shareholders, never having once missed since it enacted the practice during the fourth quarter of 1904. DuPont closed down 50 cents, or 1.2%, to $42.63.
, Sumner Redstone's company and home to an alphabet of cable brands such as MTV, VH-1 and TNN, announced third-quarter earnings of 2 cents a share, worse than last year's 14 cents a share. Still, that's better than what analysts expected, which was a 2 cent loss. Net income for this quarter was $33 million, lower than last year's $97 million because of the company's purchase of CBS' broadcast network.
Revenues did skyrocket, though, growing 79% to $6 billion thanks in part to the success of the pop-icon "Survivor" television series and this year's MTV's Video Music Awards, which featured a stripping Britney and the comedic "talents" of the dreadful Wayans brothers. Viacom closed down $2.25, or 3.98%, to $54.25.
Meanwhile check out some of the most recent stories that have run on
AT&T Beats Lowered Estimates, Formalizes Restructuring
CNet Says It's on the Right Track, Surpassing Analysts' Estimates
Nortel's Blip Could Burst the Optical Bubble
Compaq Clears Consensus Estimates
Surprise: Plenty of Good News from Amazon
Halliburton Beats Third-Quarter Estimates by a Penny
LSI Logic Meets Third-Quarter Estimate, Backs Fourth-Quarter View
BMC Software Meets Analysts' Second-Quarter Estimates
Fairchild Semiconductor Beats Third-Quarter Estimates
Computer Associates Beats Lowered Second-Quarter Estimates
Excite@Home Hits Earnings Target but Warns About Fourth Quarter
Siebel Tops Estimates
VerticalNet Beat Estimates, but Questions Remain
Back to top
Mergers, acquisitions and joint ventures
announced that it received clearance from the
U.S. Federal Trade Commission
to purchase Italian cable firm
90% stake in its optical components and devices for as much as $3.6 billion. Corning and other tech stocks fell in sympathy with Nortel
; see details on Nortel below in the Analyst Actions section. Corning closed down $16.63, or 17.8%, to $76.88.
After Tuesday's Close
agreed to acquire
in a stock swap worth about $468 million, based on H-P's closing price yesterday of $92.50.
Also after the bell yesterday, Bluestone reported a third-quarter loss of 33 cents a share, better than the two-analyst estimate of a loss of 42 cents. The company's year-ago loss was 26 cents. Today, H-P closed down $5.56, or 6%, to $86.94; Bluestone was down $2.81, or 12.1%, to $20.38.
will buy online sporting goods retailer
for about $38.4 million in stock.
Also, Fogdog posted a third-quarter loss of 23 cents, which was in line with the four-analyst estimate. Its year-ago loss was $1.47 a share. Global ended the day down 53 cents, or 6.6%, to $7.56; Fogdog wasdown 19 cents, or 21.4%, to 69 cents.
Back to top
Earnings/revenue reports and previews
had a pretty good quarter, beating estimates and adding a sizeable amount of new wireless customers. The company announced third-quarter earnings of 67 cents a share, beating the 68 cent
First Call/Thomson Financial
estimate by a penny. That's a penny lower than last year's quarter, however.
Alltel's wireless revenue grew by 14% over the previous year. In comparison, overall revenue grew by 8%, from $1.68 billion to $1.81 billion. The wireless revenue figures were certainly helped by the fact that Alltel added 116,000 new wireless customers in the third quarter. Alltel closed up 38 cents, or 0.7%, to $57.
Bindley Western Industries
matched analyst estimates on its third quarter, announcing per share earnings of 33 cents, in line with what 10 analysts expected. The quarter also beat last year's 27 cents a share. Bindley closed down $7.63, or 21.2%, to $28.38.
You take the good and the bad.
didn't beat last year's second quarter, but it did beat estimates. The company announced second-quarter earnings of 98 cents a share, 9 cents lower than last year's quarter, but 3 cents better than the 95 cent analyst estimate. Centex closed up 31 cents, or 0.9%, to $34.19.
third quarter came in at 42 cents a share, a penny higher than the First Call/Thomson Financial estimate and 6 cents better than last year's quarter. Net income came in at $100 million, better than last year's $87 million.
Revenues were also 5% higher at Clorox, which, although synonymous with bleach, makes other products such as Fresh Step cat litter and Hidden Valley Ranch salad dressing (so that explains the aftertaste). The company credited increased demand for its Kingston charcoal and sales of home-care products for the growth. Clorox closed up $2.06, or 5%, to $43.19.
: 3Q EPS of $1.01, above 90 cent estimate and last year's 95 cents. Conectiv ended the day down 38 cents, or 2.3%, to $16.31.
announced first-quarter earnings of 22 cents a share, beating last year's 14 cents a share and a five-analyst estimate of 18 cents. Harman closed up 50 cents, or 1.4%, to $36.
is in line with estimates after releasing its third-quarter results of what the company called its "best quarterly financial performance ever." The company announced earnings of 33 cents a share, matching the First Call/Thomson Financial call. So why all the hyberbole for meeting expectations? Well, Ocean Energy has more than doubled last year's quarter, coming in 17 cents above last year's 16 cents a share. The company credited strong oil prices and increased production for the good quarter. Ocean Energy closed down $1.50, or 10.1%, to $13.38.
released third-quarter earnings of $1.38 a share, above the $1.28 estimate and last year's $1.16 a share. Revenues increased from $443 million in the year ago quarter to $523 million in the third quarter. OGE closed down 19 cents, or 0.96%, to $19.31.
, everyone's favorite Australian-themed chain restaurant featuring flaming meat and massive onions drawn, quartered and breaded, announced third-quarter earnings of 45 cents a share, beating last year's 40 cents and in line with estimates. The Outback ended the day down $2.75, or 9.2%, to $27.19.
Park Place Entertainment
, an international gambling outfit based in (where else?) Las Vegas, announced earnings of 22 cents a share, 1 cent better than the First Call/Thomson Financial estimate and 3 cents better than last year's quarter. Net revenue came in at a whopping $1.28 billion, far better than last year's quarter, which came in at $839 million. Park Place closed down 13 cents, or 0.9%, to $13.44.
announced third-quarter earnings of 20 cents a share, beating the 23 cent First Call/Thomson Financial estimate and killing last year's 9 cents a share. Net sales more than doubled, growing to $150 million from $72.6 million. Power-One closed down $11.27, or 12.95%, to $75.75.
People. People who need
, an energy conglomerate and home to a great many PPL-related companies, such as PPL Montana, PPL Global, PPL Electric Utilities and PPL Spectrum. The company announced the results of its third quarter, and by all rights, both people and PPL should be happy. Earnings came in at 81 cents a share, destroying the seven-analyst estimate of 66 cents a share. It's also much higher than last year's 55 cents a share.
The company also made some projections about its future. PPL expects fiscal 2000 to come in around $3 a share, better than the $2.93 First Call/Thomson Financial estimate. PPL said its 2001 will come in between $3.20 and $3.30, on the high side of its $3.20 estimate, while 2002 will come in between $3.55 and $3.65, on the high side of its $3.55 estimate. PPL closed down, however, lower by $1.06, or 2.6%, to $40.25.
, a global energy provider based in good ol' Houston, missed analyst estimates. The company announced diluted third-quarter earnings of $1.34 a share, 2 cents under an 11-analyst estimate, but higher than last year's 99 cents a share.
Reliant released a truly "mixed bag" earnings picture. On one hand, revenues came in at $9.5 billion, much better than last year's $4.9 billion. On the other, net income came in at $388 million vs. last year's $1.7 billion. Reliant Energy closed down $1.75, or 4.1%, to $40.63.
Consumer products company
posted first-quarter earnings of 29 cents a share, in line with the seven-analyst estimate and above the year ago 28 cents. Sara Lee closed up 44 cents, or 2.2%, to $20.25.
announced a first-quarter loss of 25 cents a share, which is lower, and therefore worse, than last year's 19 cents. But that's better than what the guys at First Call/Thomson Financial predicted. Analysts had called for a 29 cent loss. Southern Union closed down 81 cents, or 4.5%, to $17.38.
announced third-quarter earnings of 31 cents a share, 4 cents better than last year's quarter and in line with the 31 cent estimate. Net sales rose by more than $70 million, from last year's $903 million to the just-released $975 million. Wesco closed down 6 cents, or 0.6%, to $9.69.
After Tuesday's Close
posted third-quarter earnings of 35 cents a share, missing the 12-analyst estimate of 43 cents, and down from year-ago earnings of 38 cents. The company blamed its 26.5% drop in income on currency exchange rates and pricing pressures.
Also, the company warned that its fourth-quarter earnings may be "slightly" lower than its third quarter's because of seasonally lower sales and currency exchange rates. The 10-analyst estimate for its fourth quarter is currently 10 cents. Sigma-Aldrich closed up 25 cents, or 0.7%, to $34.94.
Here's a quick roundup of company earnings releases and how they fared against estimates and last year's quarter:
3Q EPS of 62 cents, above the 18-analyst estimate of 61 cents and the year-ago 52 cents. Aflac closed up $3.38, or 5.4%, to $65.88.
1Q loss of 9 cents, narrower than the 16-analyst estimate of a loss of 10 cents. The company's year-ago loss was 5 cents a share. CheckFree ended the day down $3.50, or 7.1%, to $45.69.
Dollar Tree Stores
3Q EPS of 19 cents, in line with the 16-analyst estimate and above the year-ago 11 cents. The stock closed up $4.88, or 16.7%, to $34.06.
3Q EPS of 38 cents, above the nine-analyst estimate of 35 cents and the year-ago 23 cents. Insight closed up $4.31, or 17.1%, to $29.50.
3Q EPS of 17 cents, above the four-analyst estimate of 11 cents and the year-ago's nil. The company also announced that it will buy
for about $30 million in cash, notes and stock. The stock closed up $8.44, or 13.5%, to $71.19.
4Q EPS of 13 cents, above the 12-analyst estimate of 11 cents and the year-ago 6 cents. Micromuse ended the day down $15.88, or 7.8%, to $187.
3Q EPS of 92 cents, above the 21-analyst estimate of 88 cents and the year-ago 77 cents. Nationwide ended the day up $2.19, or 5.2%, to $44.50.
3Q EPS of 3 cents, above the eight-analyst estimate of a loss of 1 cent and the year-ago loss of 17 cents. Netegrity closed up $6.31, or 8.9%, to $77.19.
3Q EPS of 49 cents, above the eight-analyst estimate of 45 cents and the year-ago 19 cents. NRG closed down $3.25, or 10.9%, to $26.69.
2Q EPS of 12 cents, above the seven-analyst estimate of 11 cents and the year-ago 8 cents. The stock closed down 88 cents, or 3.8%, to $21.94.
3Q EPS of 38 cents, above the five-analyst estimate of 35 cents and the year-ago 30 cents. Remedy closed down $3.88, or 17.9%, to $17.81.
3Q EPS of 57 cents, below the two-analyst estimate of 61 cents and the year-ago 67 cents. York closed down $1.69, or 6.4%, to $24.56.
Back to top
announced third-quarter earnings that beat estimates, but that wasn't really good enough. Not while fears of a slowdown in semiconductors and the economy as a whole plague the markets. So when Nortel missed revenue estimates, many a market-maker came a-calling. Today, in the wake of the Nortel earnings fallout, a smorgasbord of analysts weighed in.
Here's a quick roundup:
Credit Suisse First Boston
maintained its 2000 and 2001 earnings per share estimates, but lowered its estimate on the fourth quarter to $8.45 billion from $8.9 billion. In its report, CSFB said that Nortel, although not cheap, was reasonable
lowered its price target to $60 from $115, while maintaining a buy rating.
reiterated its buy rating, but cut fourth-quarter revenue estimates to $8.6 billion from $9 billion and lowered its earnings per share outlook for 2000 and 2001. Merrill now expects 2000 to come in at 72 cents a share, from 74 cents a share, while 2001 is expected at 97 cents a share from 98 cents a share.
lowered its rating to outperform from buy and slashed its price target to $55 from $100.
Nortel's stock was slammed today; it closed down $18.44, or 29.1%, to $44.88.
: UP to buy from accumulate at Merrill Lynch. Manor Care closed up $2.13, or 15.2%, to $16.13.
Oxford Health Plans
: UP to outperform from neutral at
Salomon Smith Barney
. Oxford ended the day up $3, or 11.1%, to $30.06.
: DOWN to accumulate from buy at Merrill Lynch. The big T closed down $3.50, or 13%, to $23.38.
: DOWN to hold from buy at
. The stock closed down $4.56, or 10.96% to $37.06.
: DOWN to neutral from accumulate at Merrill Lynch. Lincoln closed up 63 cents, or 1.4%, to $47.
Maxim Integrated Products
: DOWN to buy from strong buy at Credit Suisse First Boston. Maxim closed down -- a lot -- $20.25, or 26.2%, to $57.19.
: DOWN to buy from strong buy at UBS Warburg. The stock ended the day down $1.44, or 5.9%, to $22.81.
: DOWN to neutral from outperform at Salomon Smith Barney. The stock closed flat at $10.88.
: NEW buy at ING Barings. CenturyTel closed down $2.44, or 7.2%, to $31.38.
DMC Stratex Networks
: NEW hold at CSFB. DMC ended the day down $1.81, or 7.4%, to $22.56.
: NEW buy at UBS Warburg; price target: $14. Elastic closed down 50 cents, or 7.1%, to $6.50.
: NEW high at Salomon Smith Barney; price target: $33. Hydril closed up 13 cents, or 0.6%, to $19.88.
: NEW buy at CSFB. Netro closed down $3.44, or 14.4%, to $20.50.
Back to top
Offerings and stock actions
After Tuesday's Close
Inverness Medical Technology
filed with the
Securities and Exchange Commission
to sell 3.5 million shares of its common stock. IMA closed down 88 cents, or 3.2%, to $26.13.
set a 2-for-1 stock split. The stock closed up 39 cents, or 0.8%, to $51.63.
Back to top
the world as we know it. O.K., maybe not, but getting sued can feel like that sometimes.
filed a lawsuit against Endo Pharmaceuticals, alleging that Endo infringed on its patents for OxyContinr, a pain reliever. The lawsuit was filed in the
U.S. District Court for the Southern District of New York
on Oct. 20, and at issue is Endo's right to make a bioequivalent version of the pain reliever. If you're Purdue, then you think that Endo infringed on three patents. But if you're Endo, you say that the
Food and Drug Administration
accepted your abbreviated new drug application to make a version of the drug and that you'll vigorously defend your position in court. Endo ended up 13 cents, or 1.8%, to $7.
After Tuesday's Close
said it will shut down its propylene glycol production facilities in South Charleston, W.Va., by Dec. 31 because of high raw-material costs. Eastman ended the trading day down $1.06, or 2.7%, to $38.06.
Back to top