NEW YORK (CNNfn) - Shares of Eastman Kodak rose Thursday after the photo giant reiterated its earnings guidance and said it expects to generate at least $6 billion of free cash flow between 2001 and 2005.
American Tower stock, however, fell after warning about its second-quarter results, while greeting card maker American Greetings got shredded after saying it was revamping a $400-million bond sale in order to save money.
Exodus Communications shares were hit by a trio of negative analyst comments a day after the Web hosting company cut forecasts for its second quarter and full year, while microprocessor maker Transmeta plunged 53 percent after warning that it would miss second-quarter revenue estimates by as much as 45 percent.
Thursday's losers
American Tower (AMT: down $0.80 to $18.35, Research, Estimates). The wireless communications company said it expects second-quarter revenue of $251 million to $276 million and a loss per share of 52 cents to 58 cents. The First Call consensus is for revenue of $269 million and a 41-cent loss per share.
American Greetings (AM: down $2.57 to $11.68, Research, Estimates). The maker of greeting cards and stationery said it decided to revamp a $400-million bond sale to include convertibles as well as junk in order to save money. On Tuesday, the company reported a net loss for the first quarter of $1.26 per share.
Avery Dennison (SHW: down $1.33 to $21.59, Research, Estimates). The paintmaker and retailer lowered its guidance for second-quarter and full-year earnings, saying "weak economies" and unfavorable foreign exchange rates are cutting into sales.
Transmeta (TMTA: down $7.24 to $5.36, Research, Estimates). Merrill Lynch cut its near-term rating and estimates on the producer of low-power microprocessors designed for lightweight notebook computers. The company said Wednesday it expects second-quarter revenue to be as much as 45 percent below the $18.6 million it reported during the first quarter.
Millipore (MIL: down $1.98 to $58.50, Research, Estimates). The technology firm said Wednesday that second-quarter earnings per share will fall far short of expectations amid a continued downturn in the microelectronics industry and weakening in foreign currencies.
Exodus Communications (EXDS: down $0.66 to $1.59, Research, Estimates). The Web hosting company suffered three downgrades, one day after it cut forecasts for the second quarter and full year, saying business conditions remain challenging.
Estee Lauder (EL: down $1.01 to $41.00, Research, Estimates). The maker of skin care, makeup, fragrance and hair care products was downgraded by Salomon Smith Barney to "neutral" from "outperform."
Verity (VRTY: down $4.55 to $17.23, Research, Estimates). The Internet search software maker on Wednesday reported fiscal fourth-quarter earnings of 25 cents a share, matching Wall Street forecasts, but lowered its guidance for first-quarter and fiscal 2002 earnings.
Knight Trading (NITE: down $0.02 to $9.95, Research, Estimates). The market maker in Nasdaq securities announced that it may cut 6 percent of its domestic equity employees as it evaluates cost structure in light of changes in the market. The company also announced the departure of two top executives.
Applied Micro Circuits (AMCC: down $0.02 to $14.05, Research, Estimates). Banc of America Securities said it cut its June quarter estimates in a reflection of the firm's strong conviction that the chipmaker will issue a warning.
Thursday's winners
Eastman Kodak (EK: up $1.66 to $49.21, Research, Estimates). The photo giant reiterated its earnings guidance and said it expects to generate at least $6 billion of free cash flow between 2001 and 2005. The Dow component also said it postponed a $650 million bond offering and plans a $75 million charge, both due to the "anticipated bankruptcy filing" by a customer.
Winnebago Industries (WGO: up $3.09 to $26.30, Research, Estimates). At a meeting Wednesday, the company's board of directors elected William J. O'Leary to serve in the position of vice president of product development, following the recent retirement of Ronald Buckmeier. The company also reported its third-quarter earnings after the closing bell Wednesday, beating Wall Street forecasts by almost 40 percent.
Global Crossing (GX: up $0.84 to $7.76, Research, Estimates). Kaufman Bros. upgraded the global long distance provider after it said Wednesday it had entered into an agreement with DirecTV, a unit of Hughes Electronics (GMH: up $0.20 to $20.45, Research, Estimates), to provide broadband connection.
Sanmina (SANM: up $1.10 to $21.18, Research, Estimates). The electronics contract manufacturer said it expects fiscal third-quarter revenue and earnings to be lower than estimated. Diluted earnings per share before one-time charges will be approximately 10 cents; the First Call consensus is 19 cents per share.
Carnival (CCL: up $2.15 to $28.40, Research, Estimates). The world's No. 1 cruise line operator said second-quarter profit dropped 8 percent, in line with expectations, as prices for sea vacations remain tepid.
Morgan Stanley (MWD: up $5.60 to $64.95, Research, Estimates).The brokerage house reported sharply lower profit in its fiscal second quarter, although the firm beat forecasts.
Micron Electronics (MUEI: up $0.18 to $1.48, Research, Estimates). The Internet hosting company posted a fiscal third-quarter loss in line with Wall Street estimates and said it planned to exit the consumer dial-up Internet access business.
Walt Disney (DIS: up $0.85 to $30.10, Research, Estimates). The media company said Wednesday that Peter Schneider, the chairman of its film and television studios and a 16-year veteran executive, will resign to start an independent Broadway production company.
-- compiled from staff and wire reports 
--from staff and wire reports
|
