Alcoa (AA) 31.41 -1.88 (-5.7%)
Dow component warns for Q3 (Sept) profits - its first quarterly warning since December 2001; Management said a number of outlying events (a fire, a strike, a restructuring effort), along with softness in the automotive, packaging, and European end markets, would negatively impact earnings; Despite the fact that conditions have arguably never been better for the aluminum producers, Alcoa continues to misfire, having missed in the past 3 earnings reports
PeopleSoft (PSFT) 20.45 +2.50 (+13.9%)
A federal judge in San Francisco rejects a request by the US Justice Department to block Oracle's (ORCL +2.5%) hostile bid for PeopleSoft; Judge Vaughn Walker said the government failed to prove its case; As it stands now, Oracle can pursue its proposed $7.7 bln takeover of the company, although antitrust regulators can still pursue an appeal; Unlike most acquisitions, ORCL has found a bid tonight as the odds of its success were deemed very low
Atmel (ATML) 3.58 -0.17 (-4.5%)
Developer of advanced semiconductors issues worse than expected Q3 (Sept) sales guidance; Calls for a sequential decline of 2-6%, which equates to ~$396-412 mln versus the consensus of $435 mln; Company blamed softer than anticipated summer sales, which led to lower than expected market prices for some of its products; The weakness, unfortunately, comes after Atmel fell short of the Street's Q2 (June) EPS forecast by a penny on July 21; Tonight's pullback is probably a function of this, as well as the stock's 11% pop today
Quiksilver (ZQK) 23.65 +1.02 (+4.5%)
Apparel company with a surf and skater theme posts a 43% jump in Q3 (July) EPS, to $0.31 (consensus of $0.28), and a 34% rise in revenues, to $337.9 mln; Company said its business trends were solid, and feedback from its Spring collection was very positive; Management went on to give in line guidance for Q4 (Oct) and upside guidance for FY04; Briefing.com recommended ZQK in a Story Stock dated Sept 26, 2003, noting the stock's recent underperformance and the company's strong brand; ZQK is up 43% since
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