Markets & Finance

Nortel Gets Wired with China Telecoms


Nortel Networks (NT) was awarded contracts from three Chinese telecom firms (China Telecom, China Mobile and China Unicom) with an estimated total value of $263 million.

PurchasePro.com (PPRO) posted $0.11 Q4 EPS vs. a $0.11 loss from operations on a sharp revenue rise. Robertson Stephens raised its estimates and rates the shares a buy.

CS First Boston downgraded Intel Corp. (INTC) to hold from buy.

CS First Boston downgraded Texas Instrument (TXN) to hold from buy.

According to The Wall Street Journal, DaimlerChrysler (DCX) plans to announce later this month its unprofitable Chrysler unit is expected to begin breaking even in 1H 2002.

Polaroid (PRD) suspended its $0.15 quarterly dividend. S&P maintained its hold rating on the shares.

Citigroup's (C) Citibank N.A. unit will acquire European American Bank, Long Island, N.Y., from ABN AMRO Bank for $1.6 billion plus the assumption of $350 million in preferred stock. S&P maintained its buy recommendation.

Plantronics (PLT) sees about $0.34 4Q EPS on revenue of $105M. Says bookings, revenues to date for Q4 are below expectations. Merrill Lynch downgraded its rating on the shares to near term neutral. S&P maintained its hold recommendation.

CS First Boston downgraded Broadcom (BRCM) to hold from buy.

Williams Sonoma (WSM) appointed Dale W. Hilpert as CEO. Banc of America upgraded its rating to strong buy from market perform. Josephthal believes the CEO appointment to be well received.

Merrill Lynch downgraded Analog Devices (ADI) to near term neutral from accumulate.

NU Skin Enterprises (NUS) posted $0.19 vs. $0.15 Q4 EPS as lower operating costs offset a 2% revenue decline. The company $0.14-$0.16 Q1 EPS and $0.78-$0.82 2001 EPS.

Toro Co. (TTC) sees better-than-expected $0.07 Q1 EPS from operations vs. its previous $0.10-$0.20 loss estimate.

School Specialty (SCHS) posted $0.27 Q3 loss vs. $0.17 loss as higher selling, general and administrative costs offset a 7.6% revenue rise. The company will take a one-time restructuring charge, and expects the sale of SmartStuf to be accretive in fiscal 2002; and now sees $1.43-$1.51 EPS.

Finisar (FNSR) agreed to sell technology and other assets associated with it's Opticity product line to ONI Systems for consideration totaling about $50 million.

Vector Group's (VGR) Vector Tobacco unit has developed technology that reduces the cancer causing agent in cigarettes to below the level that initiates carcinomas.

Genentech (DNA) says tezosentan, an intravenous dual endothelin receptor antagonist, demonstrated positive results in Phase III clinical trials.

Banc of America upgraded Matrix Pharmaceuticals (MATX) to strong buy from buy.

Merrill Lynch upgraded Fox Entertainment (FOX) to near term accumulate from neutral and maintained its long-term buy.

Merrill initiated coverage on Juniper Networks (JNPR) and Extreme Networks (EXTR) with near term accumulate and long term buy.

Canadian Pacific (CP) plans to divide the company into five publicly traded companies.

Entrust Technology (ENTU) announced the resignation of John Ryan as president and CEO. Pacific Crest reportedly downgraded its rating on the shares to buy from strong buy.

Deere & Co. (DE) posted $0.24 vs. $0.16 Q1 EPS on a 15% revenue rise.

TTI Telecom (TTIL) posted $0.27 vs. $0.17 Q4 EPS on a 29% revenue rise.

SMTC Corp. (SMTX) posted $0.20 vs. $0.16 4Q EPS (adjusted) on an 85% revenue rise.

Commercial Bank New York (CBNY) agreed to be acquired by North Fold Bancorp for $32 per share cash.

An Argentinian company selected Scientific Atlantic (SFA) to create broadband transmission system in Argentina.

Prudential downgraded Smithfield Foods (SFD) to hold from accumulate.

Salomon Smith Barney downgraded Grant Prideco (GRP) to outperform from buy. Banc of America cut its target on the shares. On Tuesday the company posted $0.06 Q4 EPS (pro forma).

Univision Communication (UVN) posted $0.15 vs. $0.13 Q4 EPS on a 16% revenue rise. Goldman Sachs raised its estimates on the shares. S&P maintained its hold recommendation.

UnumProvident (UNM) posted $0.61 vs. $0.57 Q4 EPS from operations. S&P maintained its hold ranking on the shares. DB Alex Brown downgraded the shares to market perform from buy.

Western Wireless (WWCA) posted 32% higher Q4 EBITDA on a 26% revenue rise. Wit Soundview reiterated its buy rating on the shares, while Tucker Anthony maintained its strong buy. Banc of America raised its target stock price.


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