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10:29AM |
ANF boosts Q2 guidance (ANF) by Michael Baron |
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Abercrombie & Fitch (ANF) is up 1 15/16, or 12.2 percent, to 17 7/8 after raising its guidance for second-quarter earnings. Before Thursday's opening bell, the Reynoldsburg, Ohio, casual apparel retailer reported July same-store sales fell 2 percent. Total sales for the four weeks ended July 29 rose 22 percent to $86.2 million from $70.4 million in the same period a year earlier. A&F said the better-than-expected performance in July will result in second-quarter earnings in a range of 14 cents to 16 cents a share, above the company's previously lowered guidance.
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10:29AM |
Teradyne leads chips lower (KLIC, $SOX, TER, KLAC, INTC, RMBS, AMAT) by Tomi Kilgore |
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The chip sector is taking it on the chin Thursday following the warning from assembly equipment supplier, Kulicke & Soffa (see 9:24 item). The 6.6 percent drop in the Phlx Semiconductor Index ($SOX), with all 16 of its components seeing red. The hardest hit in the group is Teradyne (TER), which is sliding 12 9/16, or 21 percent, to 46 5/8. SG Cowen analyst Tia-min Pang downgraded the stock to a "buy" rating. Pang says the warning from KLIC suggests that Teradyne's business could continue to grow at a moderated rate for the next quarter. KLIC is now down 8 1/4, or 37 percent, to 13 7/8. KLA-Tencor (KLAC) is the next biggest loser, slumping 8 3/4, or 17 percent, to 41 3/4. Among other SOX stocks, Intel (INTC) is losing 1 7/16 to 61 7/8, Rambus (RMBS) is 3 5/16 lower at 64 7/16 and Applied Materials (AMAT) is falling 6 1/8 to 66 7/16.
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10:26AM |
Factory orders up 5.5% by Rachel Koning |
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Orders at U.S. factories rose 5.5 percent in June, largely on an expected surge in demand for aircraft. The overall rise that month actually fell short of a 6.1-percent increased anticipated in a survey of economists by CBS.MarketWatch.com, after orders rose an upwardly revised 4.7 percent in May. Aircraft orders alone shot up over 175 percent for the month. Manufacturing orders in June outside of transportation rose just 0.3 percent, off from a 4.4-percent rise in May and ex-defense orders rose 2 percent, off the 4.3-percent rise of a month earlier.
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10:24AM |
Securitas to acquire Burns (BOR) by Michael Baron |
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Burns International (BOR) is soaring 7 13/16, or 59 percent, to 21 1/16 on news that it has agreed to be acquired by Sweden's Sercuritas AB for $650 million, including debt assumption. The deal values the Chicago provider of physical security services at $21.50 a share. Securitas expects to begin a cash tender offer for Burns next week.
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10:17AM |
MRCY lowers guidance (MRCY) by Michael Baron |
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Mercury Computer Systems (MRCY) is diving 5 15/16, or 23.5 percent, to 19 5/16. After Wednesday's closing bell, the Chelmsford, Mass., provider of real-time digital signal and image processing computer systems reported fourth-quarter earnings of $4.7 million, or 20 cents a share, up from last year's profit of $4.5 million, or 21 cents a share, but a penny below the average estimate of analysts polled by First Call. In addition, Mercury warned that its investments in wireless communications products will reduce net income by 20 cents a share in fiscal 2001, resulting in significantly lower year-to-year growth rate in reported EPS for fiscal 2001.
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|  | Sample#2 MSFT | |
|  | Sample#3 IBM | |
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