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HEROES

Shares of Pete's Brewing Co. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: WIKD)") else Response.Write("(Nasdaq: WIKD)") end if %>, maker of Pete's Wicked brand craft beers, gained $5/8 to $4 1/2 despite reporting a Q4 loss of $0.13 per share, which was wider than the First Call estimate of a loss of $0.05 per share. The loss was primarily due to higher-than-expected costs, including non-cash write-offs of promotional and packaging materials related to its Jan. 20 decision to speed up an effort to reposition its beers to consumers. Total shipments in fiscal 1997 dropped 15% as the company reduced wholesaler inventories by 23,600 barrels to better align its inventory level with current overcrowded craft brew market trends. The inventory reduction was part of a strategy to improve margins, but the company said that any fruits from that effort will not be seen until the second half of fiscal 1998 at the earliest. Separately, the company said it has hired Morgan Stanley DWD to help it explore alternatives for building shareholder value.

Norwood, Massachusetts-based chipmaker Analog Devices <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: ADI)") else Response.Write("(NYSE: ADI)") end if %> moved up $3/4 to $32 3/8 after reporting fiscal Q1 earnings (excluding an $8 million charge) of $0.29 per share versus $0.23 per share a year ago, which was in-line with the First Call mean estimate. Analog chips accounted for 75% of Q1 revenues as sales of those products increased 30% from last year's levels. Revenues from general-purpose digital signal processors (DSP) climbed more than 50% year-over-year, but these products are facing fuller inventory channels for wireless products in Asia. The company said that it believes this quarter will be the low point for wireless communications customers. Both ABN AMRO and CS First Boston reiterated their "buy" ratings on the stock.

QUICK TAKES: Dell Computer <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: DELL)") else Response.Write("(Nasdaq: DELL)") end if %> gained $9 5/8 to $122 13/16 as the manufacturer and distributor of PCs reported Q4 revenue growth of 55% and EPS of $0.81, up 62% year-over-year... Several semiconductor stocks were up today on bullish PC growth expectations contained in Dell's Q4 report. Intel <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: INTC)") else Response.Write("(Nasdaq: INTC)") end if %> rose $3 11/16 to $90 9/16, Linear Technology Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: LLTC)") else Response.Write("(Nasdaq: LLTC)") end if %> jumped $3 3/8 to $73 7/16, and Texas Instruments <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: TXN)") else Response.Write("(NYSE: TXN)") end if %> advanced $2 1/2 to $59... Semiconductor equipment firm KLA-Tencor Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: KLAC)") else Response.Write("(Nasdaq: KLAC)") end if %> rose $1 1/2 to $44 on the Dell earnings and on news that it acquired a privately held German wafer shape measurement equipment firm... PC maker Hewlett-Packard <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: HWP)") else Response.Write("(NYSE: HWP)") end if %> tacked on another $1 13/16 to $64 5/16 after reporting Q4 EPS close to street estimates yesterday.

Audio equipment maker Andrea Electronics Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(AMEX: AND)") else Response.Write("(AMEX: AND)") end if %> soared $3 to $15 13/16 after the firm was named the exclusive provider of PC headsets for HyperGraphics Corp.'s Internet-based education courses... Online bookseller Amazon.com <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: AMZN)") else Response.Write("(Nasdaq: AMZN)") end if %> gained $1 7/8 to $62 3/4 after EVEREN Securities reiterated its "outperform" rating on the stock and set a 12-month price target of $69 per share... Computer and telecommunications systems provider Comverse Technology <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: CMVT)") else Response.Write("(Nasdaq: CMVT)") end if %> rose $2 9/16 to $45 5/16 after reporting Q4 EPS of $0.44, ahead of the First Call consensus estimate of $0.42... Year 2000 compliance services company Syntel Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: SYNT)") else Response.Write("(Nasdaq: SYNT)") end if %> increased $3 1/4 to $25 15/16 after reporting Q4 earnings of $0.15 per share, $0.06 better than the First Call mean estimate.

Car dealership consolidator UnitedAuto Group <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: UAG)") else Response.Write("(NYSE: UAG)") end if %> drove $1 1/2 higher to $14 5/16 despite reporting yesterday a Q4 loss of $1.41 per share, much worse than the First Call mean estimate of a $0.31 per share loss.. Life insurance holding company FBL Financial Group <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: FFG)") else Response.Write("(NYSE: FFG)") end if %> gained $3 1/16 to $46 5/16 after reporting Q4 EPS of $0.89, beating the street estimate of $0.66. Minus realized investment gains, though, EPS came in around $0.62... BTG Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: BTGI)") else Response.Write("(Nasdaq: BTGI)") end if %> gained $1 3/16 to $9 5/16 after the Virginia-based computer services company announced that it will receive $21.4 million in Cisco Systems <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: CSCO)") else Response.Write("(Nasdaq: CSCO)") end if %> stock in exchange for BTG's stake in network security company WheelGroup Inc., which Cisco is acquiring.

Communications hardware and software developer ADC Telecommunications <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ADCT)") else Response.Write("(Nasdaq: ADCT)") end if %> rose $2 7/16 to $25 on the heels of the company's Q1 EPS report of $0.19, which was in-line with estimates. The firm was upgraded to "buy" at both John G. Kinnard and SoundView and was reiterated "strong buy" at CIBC Oppenheimer... Computer and video game maker Electronic Arts <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ERTS)") else Response.Write("(Nasdaq: ERTS)") end if %> gained $4 3/8 to $44 3/16 after golf-meister Tiger Woods signed a licensing agreement to develop an interactive series of golf games... Digital prepress services provider Schawk Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: SGK)") else Response.Write("(NYSE: SGK)") end if %> picked up $1 3/8 to $11 1/4 after reporting Q4 EPS of $0.18, thrashing the First Call consensus estimate of $0.15... West Covina, California-based California State Bank (Nasdaq: CSTB) gained $3 3/4 to $47 1/2 after the retail bank agreed to be acquired by Salt Lake City-based First Security Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: FSCO)") else Response.Write("(Nasdaq: FSCO)") end if %>. Under the deal, each California State Bank share will be exchanged for 1.42 shares of First Security stock.

Laser beam measurement and inspection products manufacturer CyberOptics Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: CYBE)") else Response.Write("(Nasdaq: CYBE)") end if %> shot up $2 to $24 after saying that it would repurchase up to 500,000 shares of the approximately 5.4 million shares of its stock outstanding... SRS Labs <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: SRSL)") else Response.Write("(Nasdaq: SRSL)") end if %> tacked on $1 1/16 to $8 7/8 after the provider of audio enhancement technology was upgraded by Salomon Smith Barney to "buy" from "outperform"... American Management Systems <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: AMSY)") else Response.Write("(Nasdaq: AMSY)") end if %> climbed $2 1/8 to $25 3/4 after the information technology consultant reported Q4 EPS of $0.31, which was ahead of the First Call mean estimate of $0.29... Liquid and gas separation and purification products maker Calgon Carbon Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: CCC)") else Response.Write("(NYSE: CCC)") end if %> rose $2 9/16 to $13 9/16 after saying that it has retained Morgan Stanley DWD to help in the possible sale of the company. The firm's president and CEO also turned in his resignation because of differences with Calgon's board.

SunGard Data Systems <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: SDS)") else Response.Write("(NYSE: SDS)") end if %> gained $1 5/8 to $33 1/2 after its computer data disaster recovery unit signed a strategic alliance with ONTRACK Data International <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ONDI)") else Response.Write("(Nasdaq: ONDI)") end if %> to provide SunGard clients with access to ONTRACK's data recovery services... Ingram Micro <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: IM)") else Response.Write("(NYSE: IM)") end if %> rose $2 13/16 to $35 11/16 after the computer products distributor reported after the bell yesterday Q4 EPS of $0.47, topping the First Call mean estimate of $0.43... Digital Microwave <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: DMIC)") else Response.Write("(Nasdaq: DMIC)") end if %> rose $1 3/8 to $19 as PaineWebber started coverage of the wireless systems company with a "buy" rating... Clothing maker Warnaco Group <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: WAC)") else Response.Write("(NYSE: WAC)") end if %> rose $1 9/16 to $37 1/16 after the company said it would buy back an additional 10 million shares under its current share repurchase program.

Sun Microsystems <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: SUNW)") else Response.Write("(Nasdaq: SUNW)") end if %> tacked on $1 9/16 to $46 15/16 after Salomon Smith Barney reiterated its "outperform" rating... Intermedia Communications <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ICIX)") else Response.Write("(Nasdaq: ICIX)") end if %> gained $4 to $69 as J.P. Morgan upgraded the telecommunications services provider's stock to "buy" from "long-term buy"... Powertel Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: PTEL)") else Response.Write("(Nasdaq: PTEL)") end if %> powered up $2 1/16 to $21 after UBS Securities started coverage of the cellular telephone system operator with a "hold" rating.

GOATS

Medtronic Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: MDT)") else Response.Write("(NYSE: MDT)") end if %> plunged $3 3/4 to $52 1/4 after the medical technology firm announced plans to close several manufacturing plants and eliminate about 1,000 positions (with a net reduction of 600 employees worldwide) because of "disappointing results" from its vascular business. "We are closing or substantially reducing manufacturing facilities and adjusting the workforce to reduce our cost structure as we increase resources allocated for research and development to improve competitiveness," the company said, adding that the downsizing will eventually result in annualized pre-tax cost savings of more than $50 million, or about $0.07 per share after tax. Medtronic, which specializes in implantable and interventional therapies, also reported third quarter earnings of $0.30 per share (before charges), falling short of the First Call estimate of $0.32. On the news, Merrill Lynch cut its near-term rating of the company to "neutral" from "accumulate" while maintaining its "long-term buy" rating. Jefferies downgraded its rating on the stock to "hold" from "accumulate."

Computer Sciences Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: CSC)") else Response.Write("(NYSE: CSC)") end if %> lost $5 3/4 to $103 1/2 after rejecting an unsolicited acquisition offer from Computer Associates International <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: CA)") else Response.Write("(NYSE: CA)") end if %> and saying that it will not enter into negotiations with the software giant. Prior to CA's recent announcement that it was offering $108 per share in cash for CSC, the two companies had been talking, but the message that came through in the talks was one that was reiterated today: "We believe that CSC has far greater near- and long-term prospects than are reflected in your bid," CSC Chairman and CEO Van Honeycutt wrote in a letter to CA Chairman and CEO Charles Wang. CSC said that a combination with Computer Associates does not make business sense because it would result in a lower credit rating for the combined company, compromise CSC's "platform neutrality" in enterprise software systems, and trigger the departure of key CSC employees. CSC also warned that it will utilize every legal means necessary to quash the hostile takeover attempt, but it may want to send a little "thank you" note to Chairman Wang since CSC stock is trading $11 above where it had been trading before all the fun began.

QUICK CUTS: Manufactured homes maker Cavalier Homes <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: CAV)") else Response.Write("(NYSE: CAV)") end if %> plummeted $1 3/8 to $10 7/16 after reporting fourth quarter EPS of $0.12 before charges related to its merger with Belmont Homes. That compares with last year's pro-forma EPS of $0.40 and the First Call mean estimate of $0.23... Roper Industries <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: ROP)") else Response.Write("(NYSE: ROP)") end if %>, which makes fluid handling, industrial control, and analytical instrumentation products, dipped $3 7/8 to $27 3/8 after announcing first quarter earnings of $0.34 per share, ahead of First Call estimate of $0.31. Excluding sales to shaky Russian customer RAO Gazprom, revenues for the quarter grew 42% and earnings before interest and taxes (EBIT) rose 16% over last year's first quarter.

Lydall Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: LDL)") else Response.Write("(NYSE: LDL)") end if %> was clipped $1 7/8 to $18 1/4 after the automotive materials manufacturer reported fourth quarter earnings of $0.31 per share versus $0.36 in Q4 1996. Q4 EPS did beat the First Call mean estimate of $0.30... Casino owner and operator Boyd Gaming Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: BYD)") else Response.Write("(NYSE: BYD)") end if %> lost $3/8 to $7 1/2 after reporting earnings of $0.10 per share before charges for the quarter ending December 31. That fell shy of the First Call estimate of $0.11... MDSI Mobile Data Solutions <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: MDSIF)") else Response.Write("(Nasdaq: MDSIF)") end if %> tumbled $3 7/16 to $11 1/8 after the mobile communications company said it expects first quarter earnings to be below analysts' expectations due to delays in the signing of certain contracts. MDSI now anticipates Q1 EPS to be between nil and $0.10. The First Call consensus estimate is $0.16.

Marketing services provider The M/A/R/C Group <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: MARC)") else Response.Write("(Nasdaq: MARC)") end if %> fell $3 to $14 1/4 after announcing fourth quarter earnings of $0.24 per share, just ahead of the First Call estimate of $0.23. Prudential cut its rating on the company's stock to "hold" from "buy"... EduSoft Ltd. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: EDUSF)") else Response.Write("(Nasdaq: EDUSF)") end if %>, which develops and publishes multimedia educational titles, slipped $1 1/8 to $6 7/8 after reporting that fourth quarter earnings increased 11% to $0.10 a share. Operating income grew 23% over last year's fourth quarter... Systems management software firm New Dimension Software <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: DDDDF)") else Response.Write("(Nasdaq: DDDDF)") end if %> dropped $5 5/8 to $20 1/4 after reporting fourth quarter earnings of $0.27, which were in-line with the First Call estimate.

Consumer Portfolio Services <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: CPSS)") else Response.Write("(Nasdaq: CPSS)") end if %>, which services retail installment sales contracts it buys from car dealers, slipped $1 1/4 to $10 5/8 after reporting fourth quarter earnings of $0.32 per share compared with $0.26 in the prior-year period and the First Call estimate of $0.31... Computer catalog retailer Micro Warehouse <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: MWHS)") else Response.Write("(Nasdaq: MWHS)") end if %> sank $1 1/2 to $14 1/4 after reporting a loss of $1.30 per share (including charges)... Chemicals manufacturer Pioneer Companies <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: PIONA)") else Response.Write("(Nasdaq: PIONA)") end if %> was burned for $7/8 to $12 7/8 after reporting a fourth quarter loss of $0.19 per share (before extraordinary item), compared with earnings of $0.14 last year. EPS from continuing operations, before charges for the closure of plants and inventory write-downs, came in at approximately $0.12 per diluted share.

Information management services provider May & Speh <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: SPEH)") else Response.Write("(Nasdaq: SPEH)") end if %> lost $1/2 to $12 1/2 after announcing that it plans to make public offerings of 4 million shares of common stock and $100 million of Convertible Subordinated Notes due 2003... Food conglomerate ConAgra Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: CAG)") else Response.Write("(NYSE: CAG)") end if %> shed $7/8 to $28 5/16 after announcing that it has acquired privately owned Gilardi Foods in a stock transaction. Gilardi makes refrigerated and frozen pizzas and other dough-based products primarily under the Mama Rosa and Gilardi brand names... Remote access provider Shiva Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: SHVA)") else Response.Write("(Nasdaq: SHVA)") end if %> sank $1 to $12 1/4 after announcing it has agreed to acquire the majority of the assets of privately held Isolation Systems Ltd., a Toronto-based developer of virtual private network and software solutions, for approximately $37 million in cash... Medaphis Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: MEDA)") else Response.Write("(Nasdaq: MEDA)") end if %> fell $7/16 to $10 3/8 after announcing that an ongoing investigation by federal and state authorities of the healthcare services company involves a $20.5 million whistle-blower complaint.

FOOL ON THE HILL
An Investment Opinion
by Alex Schay

Ziff-Davis Flying Solo

Softbank Corp., a Japanese multimedia conglomerate, rose roughly 3% today from 4,500 yen to 4,640 yen (yesterday if you are reading this in Japan) on news that it will spin-off its wholly owned subsidiary Ziff-Davis Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: ZD)") else Response.Write("(NYSE: ZD)") end if %> in April. The company will be listed on the New York Stock Exchange. For those of you concerned that you may have inadvertently stumbled upon a new Fool feature, the "Japanese Stock Recap," fear not. The "big Z," as one anonymous executive referred to it today, is well known in the U.S. In 1997 Ziff-Davis was the largest "technology publisher" in the country in terms of revenue, and its stable of magazines, which include the top three selling computer titles (PC Magazine, PC Week, and Computer Shopper) raked in 36.8% of all the advertising dollars spent in computer periodicals.

Softbank purchased Ziff-Davis from buyout firm Forstmann Little & Co. for $2.1 billion in 1996. Since Forstmann had actually purchased the publisher from the founding family for $1.4 billion back in 1994, many eyebrows were raised at the time over the 50% premium. Hence, many Softbank observers are now shouting "Show me the yen," and are expecting to see a minimum market capitalization of $3 billion for the offering. In part, this stems from the fact the one of the reasons for the divestiture is Softbank's disenchantment with its valuation in Japan. By establishing a valuation beachhead in New York, where "technology" companies are more generously priced than in Tokyo, Softbank hopes to illustrate to all those conservative suits in Japan just how undervalued Softbank really is.

Softbank has spent over $4.5 billion over the past two years investing in more than 30 companies, most of which are in the U.S., and it is estimated that Softbank's overseas operations account for about 75% of the company's operating profits. The company hopes to net $377.5 million in proceeds from the as-yet-undisclosed portion of the company that it intends to offer to investors. Contentious debates concerning valuation become even more heated when considering the disparities among the various international accounting standards and the treatment of consolidated earnings. In a study conducted by Kenneth French and Jim Poterba in October 1991, the two asked the question, "Were Japanese Stock Prices Too High?" The thesis of the work alludes to the fact that by the end of the decade (1989) the PE of the Nikkei stood at 70.9 times while the S&P 500 was a scant 14.8.

The study hoped to answer questions surrounding why the valuation discrepancy existed, why it had widened during the course of the decade, and whether or not market fundamentals could explain the valuation difference. The reasoning went something like this: If two companies are identical except for their location, they should have similar price-to-earnings multiples. However, if one company reports net income per share that is half that of its counterpart due to more conservative accounting, then investors would be wise to look at the company in terms of its true earnings power and grant it a PE that is double its free-wheeling twin. In the findings of the study, which ended up only explaining about half of the disparity between the PE ratios, French and Poterba noted that Japanese companies do not keep separate accounts for taxes and reporting purposes, meaning that any strategies employed to reduce taxes also reduced reported earnings (including the use of accelerated depreciation).

The other major finding was that many Japanese companies and analysts (although required by 1977) used unconsolidated numbers for PE calculations, not taking into account the earnings of subsidiaries, and thus contributing to drops in calculated earnings. Today, times have changed, and Softbank's beef is that its consolidated results (which include Ziff) are not being properly valued by Japanese investors. Through the upcoming IPO, Softbank hopes to raise funds in order to shore up its business in the face of weakening computer sales -- the company is the number one seller of software in Japan and handles almost half of the software sold. In addition, as of October of last year, the company needed to come up with 93.3 billion yen (over a three-year period) to redeem maturing debt, which puts an imperative on action that will effect some real change.

In addition to its publishing business (which through advertising derived 51.9% of its $1.154 billion in revenues for 1997), in its public incarnation Ziff-Davis will get revenue from trade shows and conferences. This is thanks to Softbank's acquisition of SB Comdex in April 1995 for $803 million. The COMDEX fall event is the number one ranked trade show for all industries, and legions make the trek to the show on an annual basis. In 1997 the company's 50 trade shows and conferences worldwide accounted for 23.5% of Ziff's total consolidated revenue. Circulation, newstand sales, market research, and licensing revenues account for the balance. Finally, the company has one of the most heavily trafficked and expansive group of sites on the Internet, headlined by ZDNet.com.

Assuming that Ziff-Davis is granted an initial multiple to trailing sales that is similar to that afforded competitor CMP Media <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: CMPX)") else Response.Write("(Nasdaq: CMPX)") end if %> when it recently went public, the offering could top $4 billion. However, like CMP, Ziff-Davis operates in a space where advertising dollars are a significant part of the business. Slow growth in this area has hindered CMP shares, which are only slightly above their July 1997 IPO price.

CONFERENCE CALLS

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Dale Wettlaufer (TMF Ralegh), Fool
Alex Schay (TMF Nexus6), Fool
Yi-Hsin Chang (TMF Puck), Fool
Brian Graney (TMF Panic), Fool
Contributing Writers

Brian Bauer (TMF Hoops), Fool
Editor