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Wednesday stocks watch
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June 20, 2000: 7:59 p.m. ET
Both Tyson Foods and Leggett see shortfall in quarterly results
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NEW YORK (CNNfn) - After the bell Tuesday, Leggett & Platt and Tyson Foods warned their quarterly financial results would fall short of Wall Street expectations.
In addition, Oracle Corp. reported a fiscal fourth-quarter operating profit that exceeded Wall Street's predictions, and Intel Corp. said it would take a charge of about $200 million in the second quarter to cover the costs of replacing defective computer hardware.
Leggett & Platt
Commercial furnishings maker Leggett & Platt on Tuesday said its second-quarter earnings would be about 10 percent below analysts' estimates due to a pressure on margins in some of its businesses.
Analysts surveyed by First Call saw the company's second-quarter profit at 42 cents a share.
The company also said it now expects earnings for the full year 2000 to be $1.51-$1.60 a share, compared to analysts' consensus of $1.66 a share.
The shortfall was due to pressure on margins in the company's commercial fixtures and displays business and in its aluminum products business.
Shares of Leggett & Platt (LEG: Research, Estimates) closed down 1/16 to 19.
Tyson Foods Inc.
Poultry producer Tyson Foods Inc. on Tuesday warned its third-quarter earnings would fall short of Wall Street estimates because of weak chicken prices.
The company, which warned in May it may have trouble meeting Wall Street fiscal year forecasts because of heavy poultry production and low prices, said third-quarter earnings should range between 18 cents and 20 cents a share.
Analysts polled by First Call expect the company to post 26 cents a share in the period ending July 1, 2000, compared with 34 in the third quarter of last year.
The company said chicken prices have not experienced the normal seasonal increase due to oversupply. The company said that while it expects conditions to improve, it does not expect an immediate change in market conditions.
Shares of Tyson (TSN: Research, Estimates) fell 1/16 to 9-9/16 on Tuesday.
Daisytek International
United Stationers Inc., North America's largest distributor of business products to resellers, on Tuesday said Tuesday it does not intend to pursue an acquisition of Daisytek International Corp., a wholesale distributor of computer and office supplies.
United Stationers (USTR: Research, Estimates) said that the time constraints resulting from the July 6, 2000 spin-off date for PFSweb, would interfere with the diligence necessary for it to propose a price that is likely to be attractive to them.
Daisytek (DZTK: Research, Estimates) has announced plans to spin off its PFSweb unit, which provides transaction management services, on July 6.
Shares of Daisytek, fell 1/2 to 11-7/8, while United Stationers shares fell 2-5/8 to 28-7/8.
After-hours quotes on CNNfn
Check S&P futures trading on Globex
No federal data is due on Wednesday, but at 8:30 a.m. ET Thursday, the Labor Department is scheduled to release a report on the number of initial claims for unemployment insurance for the week ended June 17.
 
-- from staff and wire reports
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