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Markets & Stocks
Wednesday stocks watch
December 19, 2000: 5:51 p.m. ET

Foundry Networks warns, Jabil misses forecasts; i3 Mobile revises outlook
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NEW YORK (CNNfn) - After the closing bell Tuesday, electronics manufacturer Jabil Circuits missed earnings estimates, wireless data services firm i3 Mobile revised its outlook for the fourth quarter, and Foundry Networks warned on its fourth-quarter profit.

In addition, athletic shoe and apparel giant Nike Inc. reported that fiscal second-quarter profit rose 16 percent, in line with Wall Street forecasts, as revenue increased 7 percent.

Looking ahead to Wednesday, the Commerce Department is expected to report on the number of housing starts and building permits, a measure of the number of residential units on which construction is begun each month.

Given declining mortgage rates, the housing sector is the one area of the economy that has held up during the recent slowdown in the economy. However, in November the increase may have been tempered by the 2.4 percent decline in construction hours worked, and analysts at Bear Stearns look for an increase of only about 0.5 percent, to 1.56 million units.

Herman Miller

The office furniture maker said new orders and new products boosted earnings in the second quarter to $42.3 million, or 54 cents per share, from $33.0 million, or 41 cents a share, in the year-earlier period.

Zeeland, Mich.-based Herman Miller (MLHR: Research, Estimates) added that it expects third-quarter earnings in a range of 43-to-48 cents a share, in line with consensus estimates, and full-year earnings to be in a range between $2.00 and $2.05.

Wall Street analysts on average forecast the company to report 46 cents a share in the third quarter and $2.01 for the full year 2001.

Net sales for Herman Miller rose 27.7 percent in the second quarter to $592.5 million from $464.1 million a year ago.

Foundry Networks Inc.

The Internet networking equipment maker warned that it expects to report fourth-quarter earnings below analysts' expectations, citing a recent shift in spending on communications infrastructure.

San Jose, Calif.-based Foundry Networks (FDRY: Research, Estimates) reported that it expects to report fourth-quarter earnings of 11 cents-to-14 cents per diluted share, excluding non-cash charges, on net revenue of $100 million to $110 million.

Wall Street were expecting 24 cents per share, according First Call/Thomson Financial.

i3 Mobile

The wireless data services company said product delays and market conditions have led the company to revise its outlook for the fourth quarter.

"Acceptance by the market has lagged behind expectations," chief executive John Lack said in a statement.

Stamford, Conn.-based i3 Mobile (IIIM: Research, Estimates) said it now expects to post a net loss of between $9.0 million and $9.5 million, or a per share loss of 39 cents-to-42 cents, on revenue of $1.0 million in the fourth quarter.

Its loss on an EBITDA basis -- or earnings before interest, taxes, depreciation and amortization -- would be between $9.5 million and $10.0 million in the quarter.

In 2001, i3 said it expects to post a net loss of between $37 and $39 million, or between $1.62 and $1.71 per share, on revenue of about $6.0 million. The EBITDA loss is expected to be between $33 million and $35 million, it said.

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    Jabil Circuits

    The electronics contract manufacturer posted first-quarter earnings of 24 cents per diluted share -- below analysts' estimate of 26 cents per share due to shortage of key components.

    St. Petersburg. Fla.-based Jabil reported net income of $47.7 million, or 24 cents per share, for the latest quarter, compared with comparable earnings of $31.6 million, or 17 cents per share, for the year-earlier period, which excluded acquisition related charges.

    Jabil (JBL: Research, Estimates) also warned that inventory adjustments by its customers would cause an 11 percent sequential decline in operating income in the second-quarter. The company said it is targeting a 33-percent gain in operating income for the 2001 fiscal year.

    Tibco Software

    The provider of e-business infrastructure software product reported a 166 percent gain in fourth-quarter revenue and stronger-than-expected operating results on sales of its e-business software.

    Palo Alto, Calif.-based Tibco (TIBX: Research, Estimates), which is a major owner of global news and information service company Reuters Group (RTR.L: Research, Estimates), said net income excluding one-off charges for the latest quarter was $22 million or 10 cents per share, compared with net income of $1 million or nil cents per share in the year-earlier quarter.

    Analyst estimates had expected earnings of 8 cents per share, according to First Call/Thomson Financial.

    Tibco, which supplies software that allows companies complete real-time business transactions on the Internet, said revenues were $89 million, up from $33 million a year earlier and included a 214 percent gain in license revenue. Quarterly revenue included $68 million in software license revenues, up 214 percent from a year earlier.

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    - compiled by Staff Writer Joseph Lee

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    Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.