Markets & Finance

Morgan Stanley Trims Micron


Morgan Stanley DW downgraded Micron Technology (MU) to neutral from outperform.

VICORP Restaurants (VRES) agreed to be acquired by the newly formed affiliate of BancBoston Capital, Goldner Hawn Johnson & Morrison for $25.26 per share in cash.

Goldman Sachs cut Sun Microsystem (SUNW) estimates and reiterated its recommended listing of the shares.

Four Seasons (FS) posted C$1.11 vs. C$0.98 Q4 EPS (basic) on 21% higher revenues. Bear Stearns says Q4 results were weaker than expected after several solid quarters, and cited the hotelier's revenue per-average-room shortfall.

Analog Devices (ADI) posted $0.50 vs. $0.25 Q1 EPS on a 58% revenue rise. The company sees $0.43-$0.44 Q2 EPS on 6%-8% sequential revenue decline. S&P cut its estimates.

Nortel Networks (NT) sees $6.3B Q1 sales and sees a $0.04 loss from operations. Nortel cited the U.S. economic slowdown. S&P downgraded its ranking on the shares to hold. S&P, CS First Boston, Merrill Lynch and National Bank downgraded their recommended listings. ING Barings and BMO Nesbitt cut their estimates and price targets.

Washington Analysis says delays in the approval of Schering-Plough's Calinex drug is a setback for Sepracor (SEPR), which licensed desloratadine to Schering-Plough. MorganStanley DW cut Sepracor's estimates.

Covad Communications (COVD) postponed its release of 2001 operating results, scheduled for Feb. 27, to give it more time to review complex accounting issues.

Pfizer (PFE) says the FDA advisory committee recommended approval of the drug maker's injectable form of ziprasidone for control of agitated behavior in patients with schizophrenia and schizoaffective disorder.

Kopin Corp. (KOPN) posted $0.05 vs. $0.02 Q4 EPS on an 81% revenue rise and sees $0.09-$0.12 Q1 loss on revenue of $12 million-$14 million. CIBC World downgraded its rating to hold from buy.

Lehman Brothers initiated coverage of Scios (SCIO) with a strong buy.

Technitrology (TNL) sees lower than expected $0.75-$0.78 Q1 EPS, citing a slowdown in its electronic components markets.

Lehman Brother downgraded Ericsson (ERICY) to hold from buy.

Ditech Communications (DITC) posted $0.02 Q3 loss vs. $0.41 EPS (pro forma) on a 60% revenue decline. The company sees fiscal 2001 revenue of $120 million-$122 million, $0.88-$0.92 EPS.

Aurora Bioscience (ABSC) posted better than expected $0.10 vs. $0.34 Q4 EPS from operations on an 18% revenue decline. The company expects Q1 revenues of $17 million and 2001 revenues of $90 million.

Datum (DATM) posted $0.30 Q4 EPS vs. a $0.10 loss on a 30% revenue rise. The company plans an R&D spending increase through the first two quarters of 2001.

Professional Detail (PDII) posted $0.77 vs. $0.24 Q4 EPS on a sharp revenue rise.

Smartdisk (SMDK) sees a $0.25-$0.30 Q1 loss from operations. The company expects 2001 revenues of approximately $100 million.

Frontier Airline (FRNT) will be added to the S&P SmallCap 600 after the close of trading on Feb. 21, replacing Rollins Truck, which is being acquired.

Business Week reported that there have been rumors in Germany of IBM and Deutsche Telekom eyeing Unisys Corp. (UIS) as a possible target. One banker says Unisys would be worth $30 in a buyout.

Robertson Stephens' Janet Kloppenburg says investors have fresh eyes for lower-valued consumer cyclical stocks, like Nautica Enterprises (NAUT), which respond well to Fed rate cuts.

Hewlett-Packard (HWP) posted $0.37 vs. $0.40 Q1 EPS (pro forma) on a slight revenue rise. H-P says visibility is still limited, and they do not see a return to double-digit revenue growth this year. Josephthal downgraded, while S&P cut H-P's estimates.

Dell Computer (DELL) posted $0.18 vs. $0.16 Q4 EPS on a 28% revenue rise.

Schering Plough (SGP) says Q1 EPS will be lower by as much as 15% from a year ago's $0.42. The drug maker says the manufacturing process and control issues have led to reduced sales of certain products in the U.S.

Rock of Ages (ROAC) posted $0.08 vs. $0.17 Q4 EPS from operations on a 6% revenue decline. The company sees $0.60-$0.65 2001 EPS and sees revenues in excess of $100 million.

Adept Technology (ADTK) set a two-million-share offering.

Corning (GLW) says it is confident that Q1 EPS will be within the previously announced range of $0.28-$0.31. Corning lowered its 2001 revenue growth estimate for photonic technologies business from 75%-90% to 50%; the company says it is still confident about $1.40-$1.43 2001 EPS.


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