Hewlett-Packard Co. (HPQ: chart), a computer company based in Palo Alto, California, missed analyst expectations in the third quarter, citing seasonal slowness and its own personal computer prices. Earnings were 23 cents a share, up from 14 cents in the same period last year. Analysts at First Call had expected profits of 26 cents a share. Revenue climbed five percent to $17.35 billion.

Excluding items, the company earned 23 cents a share, up from 14 cents a year earlier.

Department store operator Saks Inc. (SKS: chart) based in Birmingham, Alabama, posted a wider quarterly loss, hurt by weak demand that prompted it to cut prices and a smaller contribution from its recently sold credit card business. The company lost 18 cents a share in the second quarter ended Aug. 2, compared with 14 cents in the year-ago quarter. Revenue was little changed at $1.24 billion while same-store sales dropped 0.6 percent.

Department stores in general have suffered in the past two years as consumers have sought out alternatives, such as discounters, in the weak economy.

Petco Animal Supplies Inc. (PETC: chart), a specialty retailer based in San Diego, California, posted better-than-expected earnings of 25 cents a share in the second quarter ended Aug. 2, up from 17 cents in the same period last year. In July, the company had forecast second-quarter earnings of 18 to 19 cents a share. Revenue rose 12.4 percent to $398.4 million and same-store sales were up six percent.

Petco raised its full-year forecast to a range of $1.11 to $1.13 a share, excluding items, from a previous range of $1.02 to $1.04 a share.

Power Companies

FirstEnergy Corp. (FE: chart), the U.S. fourth-largest investor-owned utility based in Akron, Ohio, lowered its earnings by a total of $99 million for 2002 and the first quarter of 2003 because of an accounting adjustment. The first quarter 2003 earnings were lowered by eight cents a share to 74 cents a share. Earnings for 2002 were reduced by 26 cents a share to $1.89 a share.
The restatement came after transition costs related to the acquisition of GPU Inc. and it will increase net income with $381 million from 2002 to 2017.

PG&E Corp. (PCG: chart), an electric utilities company based in San Francisco, reported second-quarter net income of $227 million, up from $218 million a year earlier. Earnings per share fell to 56 cents from 59 cents a year earlier because of an increase in shares outstanding. Results reflect narrower losses at the company’s bankrupt merchant energy business and lower interest and legal costs. Excluding items, PG&E earned 31 cents a share, down from 56 cents a year ago.

For the full year, the company forecast earnings of operations at $2 to $2.10 a share, while net earnings at $1.78 to $1.93.

Technology

Financial software maker Intuit Inc. (INTU: chart) based in Mountain View, California, narrowed its loss in the fourth quarter ended July 31 to 12 cents a share from 15 cents in the same period last year. Excluding items, the company lost five cents a share, below First Call analyst expectations of seven cents a share. Revenue climbed 31 percent to $245.1 million. For the coming fiscal year, Intuit expects earnings from ongoing operations of $1.57 to $1.67 a share. The analyst estimate is $1.62.

Network Appliance Inc. (NTAP: chart), a storage technology company based in Sunnyvale, California, reported first-quarter net profit of $27.1 million, up 67 percent from the $16.2 million in the year-ago quarter. Revenue jumped 26 percent to $260.5 million, topping First Call analyst estimates of $250.5 million. On a pro forma basis, the company earned eight cents a share, surpassing estimates of seven cents a share.

Sycamore Networks Inc. (SCMR: chart), an optical networking company based in Chelmsford, Massachusetts, narrowed its fourth-quarter loss to four cents a share from 28 cents in the year-ago period. Excluding items, the company lost four cents a share, down from eight cents a year ago. Analysts at First Call had expected a loss of five cents. Revenue climbed 28 percent to $10.9 million.

Broadcom Corp. (BRCM: chart), a communications chipmaker based in Irvine, California, reiterated its fiscal 2004 forecast and said that it expects current quarter sales to rise 10 percent sequentially. Following the announcement, CIBC World Markets upgraded Broadcom’s stock to “sector outperform” from “sector perform.” Shares surged 9.4 percent to $24.99 late Monday.

Swiss Air

Swiss International Air Lines, which is undertaking a major overhaul that includes 3,000 job cuts and the grounding of 30 airplanes, narrowed its loss in the first half of 2003 due to significant cost cuts. First-half net loss was 333 million Swiss francs ($239.7 million), down from 447 million francs a year earlier. Analysts had expected the loss to widen to 550 million francs. Revenue rose 17 percent to 2.05 billion francs.

In the second quarter, the company posted a loss of 133 million francs, an improvement over the loss of 200 million francs in the previous quarter.

Nestle

Nestle SA (NSRGF.PK), the world's largest food maker based in Vevey, Switzerland, said first-half profit fell 51 percent to 2.78 billion francs ($2 billion), or 7.19 francs a share, compared with 5.66 billion francs, or 14.57 francs a share, in the year-earlier period. Earnings a year earlier were boosted by one-time gains. The company, which makes PowerBars and Haagen-Dazs ice cream, sees a “more favorable trading environment in the second half,” executives said.