Updates, advisories and surprises - UPDATE 1 07.07.2003 14:31 Headlines
WatchGuard drops after warning of Q2 shortfall (8:30 AM ET) NEW YORK (AFX)
-- Shares of WatchGuard Technologiesare dropping 53 cents, or 11 percent, to
$4.25 in Instinet pre-open trading after the company warned that second-quarter
results would not meet prior forecasts, due the continued realignment of its
Asia-Pacific marketing channels, lower sales in Europe and continued competitive
pricing. The provider of Internet security services now expects pro forma
losses, which excludes non-recurring items, of 7 to 10 cents a share and revenue
of $19.8 million to $20.2 million. Analyst surveyed by Thomson First Call are
expecting the company to breakeven on revenue of $22.1 million, on average.
Scotts sees FY03 sales growth in mid-single digits (8:21 AM ET) NEW YORK
(AFX) -- The Scotts Co.is saying it expects mid-single digits percentage growth
in sales in fiscal 2003 from its year-ago total of $1.76 billion. The
Marysville, Ohio, provider of garden and lawn care products remains confident it
will report double-digit adjusted net income growth for the year, and it
continues to target its original goal of 15 percent net income growth. For the
third quarter, Scotts expects adjusted earnings of between $89 million and $93
million. The company said improved year-over-year sales in May and June weren't
able to offset the adverse impact of cold and wet weather in April. The stock
closed Thursday at $50.50, up 1.2 percent.
Schering-Plough slides after warning of Q2 earns miss (7:52 AM ET) NEW
YORK (AFX) -- Shares of Schering-Ploughare down 56 cents, or 2.9 percent, to
$18.50 in pre-open trading after the drugmaker warned that second-quarter
results would be 12 cents a share, below the average analyst forecast compiled
by Thomson First Call of 18 cents a share, due to continued competitive
pressures on its major products, such as allergy treatments Clarinex and Nasonex
and its hepatitis C treatment PEG-Intron/Rebetol. The company added that
earnings for the second half of the year may not reach levels seen in the first
half.
SeeBeyond's Q2 results to fall short of expectations (7:13 AM ET) NEW
YORK (AFX) -- SeeBeyondwarned that second-quarter results would fall short of
expectations due to the lack of an improvement in integration technology
spending levels. The company now expects to report pro forma losses, which
exclude non-recurring items, of 15 to 16 cents a share and revenue of $28
million to $29 million, versus the average analyst forecasts compiled by Thomson
First Call of a loss of 7 cents a share and revenue of $36.6 million.
Separately, the software company said Paul Hoffman, president of the Americas,
would leave the company effective immediately to pursue other interests. The
stock closed Thursday down 11 cents at $2.25.
Stora Enso's Q2 profits to be half of Q1 levels (7:05 AM ET) NEW YORK
(AFX) -- Finnish paper company Stora Ensosaid second quarter operating profits
are expected to be half the level reported in the first quarter due to weak
economic conditions in Europe, higher energy costs and lower production volumes
in North America and annual mid-summer holiday shutdowns in Finland. The company
said, however, that earnings per share would only be about one-third lower given
decreased financial costs. The U.S.-listed shares closed Thursday up 8 cents at
$11.25.
This story was supplied by CBSMarketWatch. For further information see
www.cbsmarketwatch.com.
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