) says recent drilling in Ceiba Field has extended the field size, and that the firm has encountered a new, deeper oil pool, which increases its estimated field reserves. Earlier, Merrill upgraded to near term buy from accumulate on price.
Lehman reiterated its buy rating and $18 target on Edison International (EIX
Banc of America upgraded WebMD (HLTH
) to buy from market perform and set a $10 price target.
Bank One (ONE
) agreed to acquire Wachovia Corp.'s (WB
) $8B portfolio of consumer credit card receivables. Bank One expects the deal to be immediately accretive.
First Union downgraded Manpower (MAN
) to buy from strong buy.
British Telecom (BTY
) and Vodafone Group (VOD
) are among U.K. phone stocks trading higher on reports they'll try to boost profit this year rather than grab more new customers.
General Electric (GE
) unit NBC will acquire the remaining stake of NBC Internet (NBCI
) not currently held by the company for $2.19 per share.
Wilson's Leather (WLSN
)agreed to acquire Bentley's Luggage Corp., a privately-held, specialty retailer of travel products, accessories. Terms not disclosed.
Salomon SB upgraded Darden Restaurants (DRI
) to buy from neutral.
Morgan Stanley upgraded Motorola (MOT
) to strong buy from outperform.
Foundry Network (FDRY
) sees lower than expected $78M-$81M revenue; but still expects to be cash flow positive for Q1 and will post a profit.
CS First Boston and Goldman downgraded Radioshack (RSH
). On Friday the company forecast $0.31-$0.33 Q1 EPS vs. a year ago's $0.34.
) sees a narrower than expected $0.22 Q1 loss (pro forma) on sales of over $695 million, 21% higher than the year-ago figure. S&P maintains hold. Salomon SB maintains outperform. Prudential reiterates sell.
Salomon SB cut estimates on Intel Corp. (INTC
) Lehman Brothers cut estimates on Intel, Texas Instruments (TXN
) and Cypress Semiconductor (CY
) sees $152M-$156M Q3 sales vs. $172.1M last year, and 19%-21% EBITDA margin. Salton noted a general slowdown in the retail sector and says it's in talks on a possible European acquisition.
CS First Boston cut estimates on Amkor Tech (AMKR
) and cut the $27 price target to $20.
Compuware Corp. (CPWR
) sees $505M-$515M Q4 revenues vs. consensus estimate of $548M, due to the foreign exchange impact and reorganization of its professional services business. The firm sees $0.15-$0.17 EPS. S&P maintains hold.
Cooper Tire (CTB
) sees $0.01-$0.05 Q1 EPS (actual) vs. previous estimate of $0.21, citing additional volume declines in auto tire operations, higher than expected provisions for accounting adjustments, litigation and product liability costs.
Ferro Corp. (FOE
) says Q1 EPS is likely to be around the low end of a consensus estimate of $0.37 on a 3% sales rise. Ferro cited a continued slowdown in U.S. markets and weakness in electronic materials markets.
Northwest Airlines (NWAC
) signed a tentative deal with Aircraft Mechanics Fraternal Association, a union that represents 9,795 mechanics, cleaners and custodians.
Progenics Pharmaceuticals (PGNX
) says its experimental drug, PRO 140, reduced viral burdens to undetectable levels in well-recognized animal model of HIV infection.