Updated from 10:37 a.m. EST

  • UAL ( UAL) said fourth-quarter revenue fell to $2.9 billion from $4.8 billion as air travel evaporated following Sept. 11. The airline posted a fourth-quarter loss of $308 million, or $5.68 a share, but the figure was padded by government money and other items totaling $332 million. Before the items the loss was $640 million, or $11.74 a share, substantially narrower than the $14.96 analysts were predicting. The company expects another big loss in the first quarter.

    Earnings Reports & Outlooks

  • Airborne Inc. ( ABF), the holding company for shipping service Airborne Express, posted fourth-quarter earnings of 5 cents a share. Results for the quarter include a credit of 6 cents a share related to federal compensation under the Air Transportation Safety and System Stabilization Act and a gain from the sale of radio frequencies of a penny a share. Excluding the credits, the company lost 2 cents. According to First Call, analysts were looking for a loss of 12 cents. Revenue fell 5.4% to $803 million. Airborne expects pressure on its operating performance in the first quarter because of higher operating costs, due in part to increased pension and insurance costs and fewer operating days.

  • Waste Management ( WMI) expects to report earnings of 24 cents to 25 cents a share and revenue of about $2.79 billion for the fourth quarter. The company earned 6 cents on revenue of $2.88 billion in the year-ago quarter. Excluding certain costs, Waste Management expects to earn 30 cents to 31 cents. Analysts, according to First Call, expect earnings of 34 cents. The quarter's projected results include a pretax expense of $16 million, or a little more than a penny a share, related to the Enron ( ENRNQ) bankruptcy. The company doesn't have any other financial exposure to Enron. Separately, Waste Management's board approved the repurchase of up to $1 billion of company common stock each year for the foreseeable future.

    Analyst Actions

  • UBS Warburg now expects Ciena ( CIEN) to post a loss of 25 cents a share in fiscal 2002. The firm previously expected a loss of 12 cents. UBS also expects Ciena to earn 10 cents a share in fiscal 2003, down from a previous estimate of 27 cents. The firm maintained its hold rating on the stock and cut its price target to $16 from $19.

  • Robertson Stephens upgraded Cumulus Media ( CMLS), Emmis Communications ( EMMS), Hearst Argyle ( HTV), Lamar Advertising ( LAMR), Regent Communications ( RGCI) and Salem Communications ( SALM) to buy from market perform. The firm said the recent pullback in the companies makes valuations more attractive amid early signs of improving fundamentals.

    Mergers, Acquisitions & Joint Ventures

  • Biogen ( BGEN) agreed to use Genaissance Pharmaceuticals ( GNSC) technology for drugs in development and under investigation. Genaissance will receive an upfront cash payment, research funding and milestone payments based on predetermined goals.

    Offerings

  • Taiwan Semiconductor ( TSM) priced an offering of 52 million American depositary shares at $16.75 each.

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