MASTERING
THE TRADE
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TECHNICAL ANALYSIS 

 SEC FILINGS

ADOBE SYSTEMS (ADBE, 39.01)- The graphics software maker beat estimates by five cents as its second quarter earnings rose 30.8% to 34 cents per share.  Revenues in the quarter increased 15% to $344.1 million.  The company warned that it sees third quarter revenues of $328 million, compared to analysts' estimates of $367 million.  The company attributed the projected revenue shortfall to continued weakness in the U.S. and Europe, and slowing conditions in Asia.  The shares are up 0.24 in pre-open trading on the news.

BUSH INDUSTRIES INC (BSH, 15.75)- The furniture maker warned that its second quarter results will fall short of expectations due to slowing economic conditions.  The company now sees revenues of $74-$76 million, and earnings of 10 cents per share.  Analysts were looking for revenues of $96 million and earnings of 20 cents.

FASTENAL CO (FAST, 62.23)- The seller of industrial and construction supplies warned that its second quarter earnings will fall short of expectations due to weakness in the "industrial economy".  The company now sees earnings of $0.49-$0.52 per share, compared to analysts' estimates of 55 cents.

FORWARD AIR (FWRD, 27.25)- The air freight company warned that it sees second quarter earnings of $0.21-$0.25 per share, compared to analysts' estimates of 32 cents.

JDS UNIPHASE CORP (JDSU, 13.81)- The fiberoptic equipment maker warned that its fourth quarter and first quarter results will fall short of expectations due to continued weakness in the telecom industry.  The company now sees fourth quarter revenues of $600 million and first quarter revenues of $450 million, compared to analysts' estimates of $690 million and $664 million, respectively.  The company sees a fourth quarter loss of ($0.06)-($0.08) per share, compared to analysts' estimates of a profit of five cents.  The shares are down 1.81 in pre-open trading on the news.

MCDONALDS CORP (MCD, 29.96)- The fast food restaurant operator warned that its second quarter earnings will fall short of expectations due to weakness in Europe.  The company now sees earnings of $0.34-$0.35 per share, compared to analysts' expectations of 38 cents.

AVAYA INC (AV, 15.00)- The maker of communications networking products warned that it sees its third quarter earnings declining 4%-6% due to continued economic weakness.  The company said it will cut 3,000 jobs, or 11% of its workforce, as part of a restructuring plan.  The shares fell 1.53 in after hours trading on the news.

BAUSCH & LOMB (BOL, 45.00)- The maker of vision care products warned that its second quarter earnings will fall "significantly" below analysts' estimates of 55 cents per share due to weakness in its contact lens business.  The company now sees second quarter revenues declining 8%-10% from last year's levels.

CASEYS GENERAL STORES (CASY, 11.20)- The retailer missed estimates by nine cents as its fourth quarter earnings fell to three cents per share from last year's 14 cents.  Revenues in the quarter rose 3.6% to $462.1 million.

CMGI INC (CMGI, 4.35)- The Internet incubator said its third third quarter loss widened to $963 million from last year's loss of $430 million.  Revenues in the quarter rose 29%, but fell 12% sequentially, to $301 million.  Separately, the company warned that it now sees fourth quarter revenues declining 3%-6% sequentially to $280-$290 million, compared to previous estimates of 3%-5% sequential revenue growth.  The shares fell 0.50 in after hours trading on the news.

KRAFT FOODS INC (KFT, 31.00)- The foodmaker priced 280 million shares at $31, raising $8.7 billion in the second largest IPO on record.

LOUDCLOUD (LDCL, 3.40)- The managed services provider missed estimates by four cents as it reported a first quarter loss of $1.25 per share.  Revenues in the quarter rose 31% sequentially to $11.66 million, slightly above analysts' estimates of $11 million.  The company warned that due to continued economic weakness, it sees second quarter revenues of $14 million and full year revenues of $53-$57 million, below analysts' estimates of $16 million and $75 million, respectively.  The shares fell 0.29 in after hours trading on the news.

WALLACE COMPUTER SERVICES (WCS, 16.63)- The provider of print management products and services  met expectations as its third quarter earnings rose 25.9% to 34 cents per share.  Revenues in the quarter increased 1.8% to $395.7 million.

ENGAGE INC (ENGA, 1.29)- The CMGI-controlled Internet advertising network beat estimates by three cents as its third quarter loss narrowed to 12 cents per share from the second quarter's 21 cents.  Revenues in the quarter tumbled to $25.4 million from last year's $58.7 million.  The company said it sees fourth quarter revenues of $20-$22 million.

ENNIS BUSINESS FORMS (EBF, 8.35)- The maker of business forms said its first quarter earnings fell 12.5% to 21 cents per share.  Revenues in the quarter increased 21.2% to $59.8 million.

FUELCELL ENERGY INC (FCEL, 80.58)- The maker of fuel cells announced a secondary offering of 3 million shares, representing a dilution of 19% to shareholders.

MERANT PLC (MRNT, 5.33)- The enterprise software maker beat estimates by seven cents as its fourth quarter earnings rose 44.4% to 26 cents per share.  Revenues in the quarter fell 9.1% to $84.5 million.  Separately, the company said it has agreed to sell its legacy development, transformation, and integration unit to an investment group for $62.5 million in cash.

NAVISITE INC (NAVI, 2.15)- The CMGI-controlled provider of managed application hosting services beat estimates by seven cents as its third quarter loss narrowed to 50 cents per share from the second quarter's 54 cents.  Revenues in the quarter jumped 84% to $26.2 million.  The company said it sees a fourth quarter loss of ($0.47)-($0.49) per share, above analysts' estimates of a loss of 50 cents.

ALLIANCE SEMICONDUCTOR (ALSC, 13.35)- The maker of memory chips warned that its first quarter revenues will fall short of expectations due to continued weak demand for DRAM and SDRAM chips.  The company now sees revenues tumbling 50%-55% sequentially to $14.9-$16.5 million, substantially below analysts' estimates of $24 million.

DUPONT PHOTOMASKS INC (DPMI, 52.00)- The maker of photomasks warned that its fourth quarter results will fall short of expectations due to continued weakness in the semiconductor industry.  The company now sees revenues falling 9%-16% sequentially to $91-$98 million.  The company expects to report earnings of breakeven-$0.19 per share, compared to analysts' estimates of 52 cents.  The company said it will take a restructuring charge of $26-$30 million, and plans to reduce its workforce by 6%, or 120 employees.

MAXWELL SHOE CO (MAXS, 16)- The maker of women's and children's footwear beat estimates by four cents as its second quarter earnings rose 29.7% to 35 cents per share.  Revenues in the quarter increased 12.7% to $48.7 million.  Gross margins rose to 28.8% from last year's 27.3%.  The company's backlog rose 22% to $82.6 million.

MODEM MEDIA INC (MMPT, 4.15)- The Internet consulting firm said it will take a $1 million second quarter restructuring charge.  The company said it has reduced its workforce by 10%, or 76 positions, and expects the move to result in $2.7 million in annual cost savings.

OAKWOOD HOMES CORP (OH, 2.16)- The maker of manufactured homes announced a one for five reverse stock split.