Corning ( GLW) expects to report a first-quarter loss of 14 cents to 18 cents a share on revenue of $925 million to $950 million. Analysts expect a loss of 17 cents. The company expects its revenues to increase as the year progresses, but Corning said the pace and timing of a recovery remains uncertain.
Earnings Reports & Outlooks
Pep Boys ( PBY) remains comfortable with the fourth-quarter consensus earnings estimate of 5 cents a share. The company will report its results March 21.
Prudential upgraded C.R. Bard ( BCR) to buy from hold after the company terminated its merger agreement with Tyco ( TYC) and raised its guidance. The firm has a price target of $63 on the stock. ABN Amro upgraded Micron Technology ( MU) to buy from hold, citing a dramatically improved outlook for the DRAM market. The firm also raised its earnings estimates on the company for 2002 and 2003. UBS Warburg upgraded National Semiconductor ( NSM) to buy from hold and raised its 2002 and 2003 estimates. The firm also sees potential growth of 30% in the company's stock price. Merrill Lynch raised its long-term rating on Sun Microsystems ( SUNW) to buy from neutral, but maintained its near-term neutral rating on the stock.
Cree ( CREE) extended its stock repurchase program through Jan. 30, 2003. The company has the ability to buy back up to 7 million shares, of which around 2.6 million have already been repurchased.