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INNOVATION
& DESIGN Home Page Architecture Brand Equity Auto Design Game Room SMALLBIZ Smart Answers Success Stories Today's Tip INVESTING Investing: Europe Annual Reports BW 50 S&P Picks & Pans Stock Screeners Free S&P Stock Report SCOREBOARDS Hot Growth 100 Mutual Funds Info Tech 100 S&P 500 B-SCHOOLS Undergrad Programs MBA Blogs MBA Profiles MBA Rankings Who's Hiring Grads | | NOVEMBER 29, 2001 MARKET MOVERS Barnes & Noble Beats Loss Estimates Extreme Networks to sell $175M convertible debt; JP Morgan upgrades Embarcadero to long-term buy; plus more of today's stocks on the move
Extreme Networks (EXTR ) plans to sell up to $175M of convertible subordinated debt in a private placement. JP Morgan upgrades Embarcadero (EMBT ) to long-term buy from market perform. Decode Genetics (DCGN ) and Roche announce that Decode scientists have mapped the first gene with genome-wide significant linkage to rheumatoid arthritis outside the MHC region. Denbury Resources (DNR ) says it is unable to predict amounts, if any, it will ultimately receive under Enron hedge contracts. RBC Dain Rauscher downgrades the stock to neutral from buy. Calpine Corp. (CPN ) says it currently has no net exposure with Enron or its subsidiaries. It says it has restricted trading activities with Enron due to downgrading of its credit rating. Northern Border says it too early to determine extent to which it will be impacted by events involving Enron. Northern Border has a number of relationships with Enron. Its general partners are Williams Companies (WMB ) and Enron. CS First Boston raises estimates for Vitesse Semiconductor (VTSS ), citing new company guidance. JP Morgan says it is cautious on Advanced Micro Devices (AMD) due to information that the that company's process technology transition is experiencing difficulties . Microsemi Corp (MSCC ) posts $0.17 Q4 EPS vs. $0.16 despite a 9% sales decline from continuing businesses. It expects Q1 sales to be up as much as 2% sequentially. Needham cuts estimates. Invision (INVN ) gets a contract valued at up to $27M from Aeroports de Paris for its explosives detection systems. FDA notifies Thoratec Corp. (THOR ) that it will provide expedited review of its application seeking approval to expand intended use of its HeartMate VE LVAS based on results of REMATCH trial. Prudential downgrades Echelon (ELON ) downgrades to sell from hold. Bioreliance Corp. (BREL ) says it is now involved directly in three separate, significant arrangements supporting testing, development and manufacture of smallpox vaccines for clients rapidly developing vaccine-based products. DB Alex Brown upgrades Alaska Air (ALK ) and a number of other airlines to strong buy. Others on the bank's list include: AMR Corp (AMR ), Continental Airlines (CAL ), Delta (DAL ), Northwest (NWAC ) and SkyWest (SKYW ). JP Morgan Chase (JPM ) says it has about $500 million in unsecured exposure to Enron (ENE ). The bank confirms additional exposures that are secured, including $400 million in loans secured by Transwestern, No. Natural pipelines. S&P keeps buy rating. Baxter International Corp. (BAX ) will work with Acambis (ACAM ) on production of about 155 million doses of smallpox vaccine. DB Alex Brown upgrades Baxter to strong buy. Nvidia (NVDA ) will be added to the S&P 500 Index after the close of trading on Nov. 29, replacing Enron. Palm Inc. (PALM ) says second quarter revenue should be up some 20% sequentially. It expects to meet analysts' estimate of a $0.07 loss per share. S&P maintains hold rating. H&R Block Inc. (HRB ) posts a $0.15 second quarter loss per share, vs. $0.27 loss a year ago, on 12% revenue rise. It sees $2.15 to $2.25 EPS for fiscal 2002 on 10% to 15% revenue growth. S&P maintains buy. Brocade Communications (BRCD ) posts pro forma fourth quarter EPS of $0.05, compared with $0.11, on a 12% sales decline. Goldman Sachs adds the stock to its recommended list. It was rated at market outperform. S&P downgrades to avoid. ADC Telecommunications (ADCT ) posts pro forma fourth quarter loss per share of $0.07, vs. $0.18 EPS, on 62% revenue decline. ADC expects "only modest" sequential quarterly growth in fiscal 2002. S&P maintains its avoid rating. CS First Boston cuts estimates. Freemarkets Inc (FMKT ) expects fourth quarter revenues and fees to grow 10% and 15% sequentially. It raises fourth quarter EPS estimate to a range of $0.05 to $0.09. CS First Boston reiterates buy, raises price target. WR Hambrecht reiterates strong buy. Alloy (ALOY ) posts $0.08 third quarter pro forma EPS, vs. $0.31 loss, on 58% revenues rise. Alloy sees $6.4-$6.6 million fourth quarter pro forma net income on $60-$62 million revenues. CIBC World raises estimates. Cummins (CUM ) sees $0.20 first quarter loss per share on flat revenue, and $1.00 2002 EPS, with little to no improvement in revenue, based on recently completed plans. The company expects to be modestly profitable in the fourth quarter. Get BusinessWeek directly on your desktop with our RSS feeds.  Add BusinessWeek news to your Web site with our headline feed. Click to buy an e-print or reprint of a BusinessWeek or BusinessWeek Online story or video. To subscribe online to BusinessWeek magazine, please click here. Learn more, go to the BusinessWeekOnline home page  | | |
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