NEW YORK (CNNfn) - More companies announced plans to take advantage of relaxed share repurchase rules after the bell Monday, while a Southwest Airlines executive endeavored to reassure investors.
Southwest Airlines (LUV: down $4.12 to $13.00, Research, Estimates), the No. 7 U.S. carrier, said it had no plans to lay off employees even though it is considering a number of other options to deal with the unprecedented financial crisis facing the airline industry.
The airline had a long-standing line of credit totaling $475 million that it tapped last week, in addition to $1 billion cash on hand at the end of the second quarter, Gary Kelly, its chief financial officer, said in an interview.
Among financing options are sale and leaseback transactions for its owned aircraft, issuing Enhanced Equipment Trust Certificates and senior unsecured debt, Kelly said.
Energy company Reliant Resources (RRI: Research, Estimates) said it is evaluating strategic alternatives for its European power generating assets, including a possible sale of its Dutch assets.
Reliant Executive Vice President Robert W. Harvey said in a statement that Reliant has been contacted by a number of parties interested in the assets.
Hewlett-Packard (HWP: Research, Estimates) said it has resumed a $1.8 billion stock buyback program suspended after its merger agreement with Compaq (CPQ: Research, Estimates), while Applied Micro Circuits (AMCC: Research, Estimates) approved a $200 million share repurchase plan.
Yahoo! (YHOO: Research, Estimates) said it repurchased about 4.96 million common shares of from its largest shareholder, Softbank America, in a private transaction valued at $55 million.
Visx (EYE: Research, Estimates), the leading maker of eyesight correction lasers, warned its third-quarter earnings will fall short of estimates amid continued economic weakness.
Visx said it now expects earnings per share in the range of 6 cents to 8 cents for the quarter ending September 30. Wall Street analysts on average expected the company to earn 18 cents in the quarter, according to First Call.
Oil drilling company ENSCO International (ESV: Research, Estimates) warned that its third and fourth-quarter earnings would fall short of estimates due to a decline in drilling activity in the Gulf of Mexico.
The Dallas-based company said it expects to post a profit of between 38 and 42 cents per share for the September quarter. Fourth quarter earnings are expected to fall between 25 and 30 cents per share.
For the third quarter, Wall street analysts had been expecting the company to earn 45 cents per share, according to First Call. Estimates for the fourth quarter were for 41 cents per share.
Pizza chain Papa John's International (PZZA: Research, Estimates) said sales rose 0.5 percent at restaurants open at least a year systemwide in August, and the company expects third-quarter earnings per share to be near the middle of a previously announced range.
Papa John's said in July that it expected earnings per share to be at or near the lower end of previously forecasted ranges of 42 cents-to-49 cents for the third quarter and 51 cents-to-58 cents for the fourth quarter due to higher cheese and utility costs and a very competitive marketing and promotional environment during the second half of 2001. 
-- from staff and wire reports
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