Sybase Shuffles Management, Takes $70M Charge

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With Asian markets opening strongly on Thursday's big rise in U.S. equities, a database-software leader makes some changes at the top of our post-close report (earnings estimates from

First Call

):

Sybase

(SYBS)

shook up its top management ranks and said it would take a $70 million restructuring charge in the first quarter. Sybase President John Chen now will share the CEO title with Chairman and CEO Mitchell Kertzman. The company's shares moved up in after-hours trading,

Reuters

reported.

Tower Air

(TOWR) - Get Report

reported a fourth-quarter loss of 69 cents per share, far worse than the lone analyst's expectation of a 38-cent loss but better than the year-ago loss of 92 cents.

Hutchinson Technology

(HTCH)

said it lost 56 cents per share in the first eight weeks of the second quarter, which ends March 29. The four-analyst consensus estimate for the whole quarter calls for a loss of 57 cents versus the year-ago profit of 91 cents. The company cited weak demand for its disk drive suspension assemblies.

Union Pacific

(UNP) - Get Report

, which earlier Thursday slashed its dividend and warned that it expects to post a first-quarter loss, said the effects might extend into the second quarter as well. The company said it is seeking to raise up to $1 billion in financing this year, probably through issues of equity-linked securities.

VLSI Technology

(VLSI)

warned that its first-quarter earnings will be "significantly below" the 11-analyst estimate of 32 cents per share versus the year-ago 19 cents. The company cited slowing orders and shipments, along with uncertainties related to the Asian economic crisis.

GST Telecommunications

(GST)

reported a fourth-quarter loss of $1.39 per share, 11 cents lower than the nine-analyst expectation and down from the year-ago loss of $1.02.

Pinkerton's

(PKT)

reported fourth-quarter earnings of 50 cents per share, 10 cents better than the one-analyst estimate and up from the year-ago 36 cents.

Grupo Industrial Durango

(GID)

reported fourth-quarter earnings of 34 cents per share, 6 cents ahead of the 14-analyst prediction and up from the year-ago 20 cents.

Western Staff Services

(WSTF)

reported first-quarter earnings of 22 cents per share, 5 cents better than the four-analyst prediction and up from the year-ago 11 cents.

Pan Am

(PAA) - Get Report

said it would temporarily cease operations while seeking debtor-in-possession financing after two of its major units filed for Chapter 11 bankruptcy protection. The company, which stressed that it did not file for bankruptcy protection itself, said its two remaining aircraft will be grounded and 225 employees will be furloughed.

Ortel

(ORTL)

warned that it expects to post an unspecified fourth-quarter loss, citing weak international sales. The five-analyst estimate calls for a loss of 2 cents per share versus the year-earlier profit of 14 cents. Ortel also reported third-quarter earnings of 3 cents per share, 2 cents better than expected but down from the year-ago profit of 17 cents.

BEA Systems

(BEAS)

reported fourth-quarter earnings of 7 cents per share, 2 cents higher than the seven-analyst forecast and up from the year-ago loss of 3 cents.

Coflexip's

(CXIPY)

formed a joint venture to pursue projects related to the development of subsea oil and gas fields in the Gulf of Mexico.

Kimco Realty

(KIM) - Get Report

reported fourth-quarter funds from operations of 68 cents per share, 2 cents higher than the 10-analyst expectation and up from the year-ago 61 cents.

Wind River Systems

(WIND)

reported fourth-quarter earnings of 22 cents per share, a penny better than the four-analyst view and up from the year-ago 15 cents.

Brown-Forman

(BFA)

reported third-quarter earnings of 66 cents per share, in line with the seven-analyst estimate and up from the year-ago 60 cents.

Minerals Technology

(MTX) - Get Report

set a buyback of up to $150 million worth of its shares.

BB&T

(BBK) - Get Report

set a buyback of up to 5 million shares in addition to the 1.6 million shares remaining under a prior authorization.

ContiFinancial

(CFN)

set a buyback of up to 1 million shares.