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Friends,
Posted below is this evenings update from TheStreet.com. Interestingly,
a majority of stocks listed below have either warned or reported worse than
expected earnings after today's close. I wonder just how much longer this
market is going to be able to trade up on bad news... right now, it appears
that 'all' news is good news...this scares me a little, even though I am
still long but have begun moving my protective stops closer.
Time will tell,
John Boggio
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Evening Update: Cabletron Systems Posts Bigger Loss Than Expected
By Heather Moore
Staff Reporter
Cabletron Systems (CS:NYSE) posted a third-quarter operating loss of 12
cents a share, 2 cents wider that the 16-analyst First Call forecast and
behind the year-ago profit of 12 cents.
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Solectron (SLR:NYSE) will replace Pennzoil (PZL:NYSE) in the S&P 500 after
the closing bell Dec. 30. Pennzoil plans to spin off its Pennzoil Products
group, which will then merge with Quaker State (KSF:NYSE) to form
Pennzoil-Quaker State. The merged company will be added to the S&P MidCap
400. The surviving company, PennzEnergy, will not be added to any S&P
index. Suiza Foods (SZA:NYSE) will replace Quaker State in the MidCap
index.
In other postclose news (earnings estimates from First Call; earnings
reported on a diluted basis unless otherwise specified):
Earnings/revenue reports and previews
Caribiner (CWC:NYSE) announced a fourth-quarter loss of 29 cents a share,
missing both the six-analyst prediction for a profit of 19 cents and the
year-ago profit of 24 cents. The company named Christopher Sinclair
president and chief executive.
Case (CSE:NYSE) said it will take a restructuring charge of $130 million to
$135 million in the fourth quarter because of facility closures and a
previously announced restructuring.
Cypress Semiconductor (CY:NYSE) said it expects to post a fourth-quarter
loss of 4 cents a share because of manufacturing problems which have been
corrected. The nine-analyst forecast called for a profit of 4 cents
compared with the year-ago break-even quarter. The stock fell 1 11/16 to 8
in after-hours trading.
Day Runner (DAYR:Nasdaq) warned it expects to post second-quarter earnings
of 30 cents to 35 cents a share because of higher operating costs and lower
sales. The single-analyst forecast called for 55 cents vs. the year-ago 45
cents.
Encore Wire (WIRE:Nasdaq) said it expects to report fourth-quarter results
"significantly" below the year-ago 37 cents a share and below current
estimates because of fluctuations in the price of copper and the impact of
price competition for its copper wire products. The three-analyst view
called for 22 cents.
Hercules (HPC:NYSE) said it's comfortable with the lower end of analysts
1999 earnings estimates. The nine-analyst view calls for $2.49 a share in
1999 and $2.68 in 1998.
Micron Electronics (MUEI:Nasdaq), majority-owned by Micron Technology
(MU:NYSE), reported first-quarter earnings of 12 cents a share, 1 cent
above the 13-analyst estimate and higher than the year-ago penny.
Monarch Dental (MDDS:Nasdaq) warned it sees fourth-quarter and full-year
net earnings falling below estimates because of a charge and a slowdown of
operations in its Houston and Arkansas markets. Before the charge, the
company expects quarter earnings of 6 cents to 12 cents a share. The
15-analyst outlook called for 18 cents vs. the year-ago 9 cents. For the
year, analysts called for 58 cents compared with the year-ago 26 cents.
Noble Affiliates (NBL:NYSE) announced plans to slash its exploration and
development budget for 1999 by 44% and to take a $143 million charge in the
fourth quarter.
Northland Cranberries (CBRYA:Nasdaq) said it sees 1999 earnings falling
behind expectations due to heavy price discounting in the cranberry juice
market. The five-analyst view called for annual earnings of 74 cents a
share vs. the year-earlier 19 cents.
Renaissance Worldwide (REGI:Nasdaq) said it expects breakeven
fourth-quarter results, which would fall below the eight-analyst prediction
for a profit of 7 cents a share and the year-ago 15 cents.
Smart & Final (SMF:NYSE) said it expects fourth-quarter earnings to fall
below forecasts because of unsatisfactory operating results from its food
service distribution division, interest expense and restructuring costs.
The three-analyst view called for earnings of 17 cents a share vs. the
year-ago loss of 31 cents.
Technology Solutions (TSCC:Nasdaq) reported second-quarter earnings of 9
cents a share, in line with the 10-analyst estimate but below the year-ago
13 cents.
Vishay Intertechnology (VSH:NYSE) said it will take more than $30 million
in 1998 charges to cover an acquisition and a write-off.
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