11:00 -- 12:00 ET (Updated throughout the hour)******
Charter One (CF) 28.19 +0.90: -- Before Open -- Salomon Smth Brny initiates coverage with a Buy rating and price target of $35 as firm believes CF is among a select group of banks that execute well in retail banking. Thinks combination of low cost producer, superior sales culture and strong asset quality makes CF one of the best managed banks. Notes that CF has the 5th lowest P/E of the top 50 banks, which is why firm views it as a very compelling buying opportunity, since banks with similar strong execution all trade at large P/E premiums to the group.
Avery Dennison (AVY) 54.55 +0.62: -- Intraday -- Reports Q4 (Dec) earnings of $0.61 per share, $0.01 better than the Multex consensus of $0.60; revenues fell 2.2% year/year to $912.6 mln vs the $920.1 mln consensus; issues guidance for Q1 (Mar), expecting $0.60-0.65 (consensus $0.64); expects FY02 to be in range of $2.50-2.70 (consensus $2.66).
Goldman on Gold : --Before Open-- Goldman Sachs downgrades PDG, ASL, NCM, lowers gold price forecast to $285 from $300, lowers recommended weighting in gold stocks to market weight from market overweight; cites impact of slow global economy, continued strong dollar, easing of security fears since mid Sept.. Equity downgrades also reflect the fact that all three issues have recently hit firm's target prices.
Curative Health (CURE) 19.69 +0.14: -- Before Open -- SWS Securities initiates coverage with a Buy rating and price target of $31. Firm believes CURE's expanded focus that now includes specialty pharmaceutical distribution and diabetes disease management will drive FY02 revenue and earnings growth to an estimated $94 mln and $0.67, respectively; thinks investors will value CURE more favorably as a combined disease management provider/specialty pharmaceutical distributor, in what firm believes is a first of its kind business combination.
10:00 -- 11:00 ET (Updated throughout the hour)******
OraSure Tech (OSUR) 7.10 -3.25: --Before Market-- Robertson Stephens downgrades to MKT PERFORM from Buy rating and price target of $10 on preannouncment of Q4' results significantly below expectations. Firm sees long-term potential, but will look for greater visibility on consistent, strong performance before re-adjusting rating. Wells Fargo also downgrades to MKT PERFORM from Buy.
Agile Software (AGIL) 14.55 +1.29: -- Before Open -- Robert W. Baird upgrades to MARKET OUTPERFORM from Market Perform rating with price target of $15. Firm believes Q3 (Jan) license revenues will come in line with its $11 mln forecast, and is more confident that AGIL will meet or exceed revenue and EPS forecasts for Q4 (April) and FY03 based on the following: (a) an anticipated gradual firming of business conditions within the electronics/high-tech vertical; (b) rebuilding of the pipeline and enhanced sales force productivity; (c) continued solid demand for AGIL's core, high-ROI solution; and (d) an expected acceleration in demand for AGIL's newer product sourcing solution.
Retek (RETK) 29.94 -0.17: -- Before Open -- Software maker reports Q4 (Dec) earnings of $0.06 per share, in line with the Multex consensus; revenues rose 60.3% year/year to $51.3 mln vs the $51.2 mln consensus; maintains guidance for Y02 (Dec), expecting $0.40-0.50 (consensus $0.43); CEO says, "company's results were strong across all geographies and I am especially pleased with our entry into the Japanese market with the signing of Fast Retailing. Our U.S. business substantially grew several existing relationships and continued to move sales efforts forward at a number of key accounts.".
Alcan Aluminium (AL) 35.41 +0.88: -- Before Open -- Reports Q4 (Dec) earnings of $0.22 per share, $0.04 better than the Multex consensus of $0.18 (on Oct 17, company lowered Q4 guidance to $0.15-0.20); revenues fell 4.6% year/year to $3.04 bln vs the $3.05 bln consensus. Company warns that Y02 (Dec) will be $1.70-2.10 vs consensus $2.32.
Air Products (APD) 44.20 +0.19: -- Before Open -- Reports Q1 (Dec) earnings of $0.52 per share, $0.02 worse than the Multex consensus of $0.54; revenues fell 10.8% year/year to $1.32 bln vs the $1.37 bln consensus; CEO says, "Visibility going forward continues to be a challenge, and we have not yet seen signs of recovery. Based on less favorable assumptions on the timing and pace of economic recovery, we believe operating earnings per share this year will be close to the lower end of our previous guidance of $2.35-2.45 (consensus $2.39), with Q2 operating earnings about equal to Q1 earnings." (Q2 consensus $0.57).
09:30 -- 10:00 ET (Updated throughout the hour)******
CSX Corp (CSX) 37.00 +0.41: -- Before Open -- Rail operator reports Q4 (Dec) earnings of $0.48 per share, in line with the Multex consensus; revenues fell 1.9% year/year to $2.01 bln vs the $2.03 bln consensus; notes that, despite the recession, surface transportation, which includes the rail and intermodal units, had its strongest earnings since the first quarter of 1999; the recession and the slowdown in business following the events of Sept. 11, drove down chemicals, autos, metals, paper, minerals and intermodal revenues for the quarter but coal remained solid.
BJ Services (BJS) 26.22 +0.37: -- Before Open -- Reports Q1 (Dec) earnings of $0.42 per share, $0.01 worse than the Multex consensus of $0.43; revenues rose 4.2% year/year to $510.1 mln vs the $529.1 mln consensus. CEO says, "While we remain optimistic about the long-term prospects for an improved natural gas and oil drilling environment, we believe the next few quarters will continue to reflect an environment of reduced spending by our customers." Also issues guidance for Y02 (Sep), expecting EPS of $1.25-1.40 (consensus $1.36).
Johnson & Johnson (JNJ) 59.50 -0.20: -- Before Open -- Reports Q4 (Dec) earnings of $0.39 per share, in line with the Multex consensus; revenues rose 15.1% year/year to $8.40 bln vs the $8.20 bln consensus.
Charter One (CF) 28.19 +0.90: -- Before Open -- Salomon Smth Brny initiates coverage with a Buy rating and price target of $35 as firm believes CF is among a select group of banks that execute well in retail banking. Thinks combination of low cost producer, superior sales culture and strong asset quality makes CF one of the best managed banks. Notes that CF has the 5th lowest P/E of the top 50 banks, which is why firm views it as a very compelling buying opportunity, since banks with similar strong execution all trade at large P/E premiums to the group.
Avery Dennison (AVY) 54.55 +0.62: -- Intraday -- Reports Q4 (Dec) earnings of $0.61 per share, $0.01 better than the Multex consensus of $0.60; revenues fell 2.2% year/year to $912.6 mln vs the $920.1 mln consensus; issues guidance for Q1 (Mar), expecting $0.60-0.65 (consensus $0.64); expects FY02 to be in range of $2.50-2.70 (consensus $2.66).
Goldman on Gold : --Before Open-- Goldman Sachs downgrades PDG, ASL, NCM, lowers gold price forecast to $285 from $300, lowers recommended weighting in gold stocks to market weight from market overweight; cites impact of slow global economy, continued strong dollar, easing of security fears since mid Sept.. Equity downgrades also reflect the fact that all three issues have recently hit firm's target prices.
Curative Health (CURE) 19.69 +0.14: -- Before Open -- SWS Securities initiates coverage with a Buy rating and price target of $31. Firm believes CURE's expanded focus that now includes specialty pharmaceutical distribution and diabetes disease management will drive FY02 revenue and earnings growth to an estimated $94 mln and $0.67, respectively; thinks investors will value CURE more favorably as a combined disease management provider/specialty pharmaceutical distributor, in what firm believes is a first of its kind business combination.
10:00 -- 11:00 ET (Updated throughout the hour)******
OraSure Tech (OSUR) 7.10 -3.25: --Before Market-- Robertson Stephens downgrades to MKT PERFORM from Buy rating and price target of $10 on preannouncment of Q4' results significantly below expectations. Firm sees long-term potential, but will look for greater visibility on consistent, strong performance before re-adjusting rating. Wells Fargo also downgrades to MKT PERFORM from Buy.
Agile Software (AGIL) 14.55 +1.29: -- Before Open -- Robert W. Baird upgrades to MARKET OUTPERFORM from Market Perform rating with price target of $15. Firm believes Q3 (Jan) license revenues will come in line with its $11 mln forecast, and is more confident that AGIL will meet or exceed revenue and EPS forecasts for Q4 (April) and FY03 based on the following: (a) an anticipated gradual firming of business conditions within the electronics/high-tech vertical; (b) rebuilding of the pipeline and enhanced sales force productivity; (c) continued solid demand for AGIL's core, high-ROI solution; and (d) an expected acceleration in demand for AGIL's newer product sourcing solution.
Retek (RETK) 29.94 -0.17: -- Before Open -- Software maker reports Q4 (Dec) earnings of $0.06 per share, in line with the Multex consensus; revenues rose 60.3% year/year to $51.3 mln vs the $51.2 mln consensus; maintains guidance for Y02 (Dec), expecting $0.40-0.50 (consensus $0.43); CEO says, "company's results were strong across all geographies and I am especially pleased with our entry into the Japanese market with the signing of Fast Retailing. Our U.S. business substantially grew several existing relationships and continued to move sales efforts forward at a number of key accounts.".
Alcan Aluminium (AL) 35.41 +0.88: -- Before Open -- Reports Q4 (Dec) earnings of $0.22 per share, $0.04 better than the Multex consensus of $0.18 (on Oct 17, company lowered Q4 guidance to $0.15-0.20); revenues fell 4.6% year/year to $3.04 bln vs the $3.05 bln consensus. Company warns that Y02 (Dec) will be $1.70-2.10 vs consensus $2.32.
Air Products (APD) 44.20 +0.19: -- Before Open -- Reports Q1 (Dec) earnings of $0.52 per share, $0.02 worse than the Multex consensus of $0.54; revenues fell 10.8% year/year to $1.32 bln vs the $1.37 bln consensus; CEO says, "Visibility going forward continues to be a challenge, and we have not yet seen signs of recovery. Based on less favorable assumptions on the timing and pace of economic recovery, we believe operating earnings per share this year will be close to the lower end of our previous guidance of $2.35-2.45 (consensus $2.39), with Q2 operating earnings about equal to Q1 earnings." (Q2 consensus $0.57).
09:30 -- 10:00 ET (Updated throughout the hour)******
CSX Corp (CSX) 37.00 +0.41: -- Before Open -- Rail operator reports Q4 (Dec) earnings of $0.48 per share, in line with the Multex consensus; revenues fell 1.9% year/year to $2.01 bln vs the $2.03 bln consensus; notes that, despite the recession, surface transportation, which includes the rail and intermodal units, had its strongest earnings since the first quarter of 1999; the recession and the slowdown in business following the events of Sept. 11, drove down chemicals, autos, metals, paper, minerals and intermodal revenues for the quarter but coal remained solid.
BJ Services (BJS) 26.22 +0.37: -- Before Open -- Reports Q1 (Dec) earnings of $0.42 per share, $0.01 worse than the Multex consensus of $0.43; revenues rose 4.2% year/year to $510.1 mln vs the $529.1 mln consensus. CEO says, "While we remain optimistic about the long-term prospects for an improved natural gas and oil drilling environment, we believe the next few quarters will continue to reflect an environment of reduced spending by our customers." Also issues guidance for Y02 (Sep), expecting EPS of $1.25-1.40 (consensus $1.36).
Johnson & Johnson (JNJ) 59.50 -0.20: -- Before Open -- Reports Q4 (Dec) earnings of $0.39 per share, in line with the Multex consensus; revenues rose 15.1% year/year to $8.40 bln vs the $8.20 bln consensus.
