Cisco Systems (CSCO) 19.29 -1.17 (-5.7%)
Reports Q4 (Jul) earnings of $0.21 per share, ex items, $0.01 better than the Reuters Estimates consensus of $0.20; revenues rose 26.0% year/year to $5.93 bln vs the $5.89 bln consensus... Stock trading lower after hours, though, as market unsettled by several items: (a) dip in Q4 gross margins to 68.4% from 69.9% in prior year (b: increase in DSOs and inventories and (c) company's expectation that 1Q05 revenues will be flat to up 2.0%; translates to revenue of $6.045 bln on high end versus Reuters Estimates consensus of $6.058 bln... CSCO weakness is weighing a on a number of related stocks like JNPR, EXTR, FDRY, RBAK, BRCM and PMCS... separately, in their latest fiscal years, SLR, JBL, and CLS derived more than 10.0% of net sales from CSCO
National Semiconductor (NSM) 14.30 -1.40 (-8.9%)
Co lowered its revenue guidance for Q1 (Aug). NSM's new guidance is for revs to decline 4-5% from the $571.2 mln revs achieved in the recently completed Q4 (previously guided on 6/10, during its Q4 earnings conference call, for Q1 revs of flat to up 3% sequentially); Reuters consensus is $579.1 mln. Said NSM's distributors slowed their order patterns more than expected and adjusted inventory levels to reflect shortened lead times. In addition, growth rates for flat panel display products softened and demand from certain Chinese wireless handset manufacturers was weaker than expected.... news comes on the heels of both Merrill Lynch and Banc of America Securities trimming their earnings estimates for NSM in the past two days
Computer Sciences (CSC) 41.87 -2.33 (-5.3%)
Reports Q1 (Jun) earnings of $0.58 per share, $0.01 better than the Reuters Estimates consensus of $0.57; revenues rose 5.1% year/year to $3.74 bln vs the $3.76 bln consensus. Company reaffirms in-line guidance for Q2 (Sep)... still sees EPS of $0.63-0.68 vs. Reuters Estimates consensus of $0.66 on rev growth of approx 7-9%; sees Y05 EPS of $3.10-3.20 vs consensus $3.14, and revenues of approx $16.25 bln, vs consensus of $15.93 bln.... slight miss on top-line consensus for Q1 is triggering some after hours selling activity that is being exacerbated by the broader disappointment surrounding CSCO's report
Walt Disney (DIS) 22.40 -0.04 (-0.2%)
Reports Q3 (Jun) earnings of $0.31 per share, excluding restructuring and impairment charges totaling $56 mln or $0.02 in connection with the proposed sale of the Disney Stores in North America and closure of certain other stores, $0.04 better than the Reuters Estimates consensus of $0.27; revenues rose 17.2% year/year to $7.47 bln vs the $7.13 bln consensus.
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