Markets & Finance

Street Woofs at Tweeter Deal


Sound Advice (SUND

agreed to be acquired by Tweeter Home Entertainment (TWTR

. Terms: One share of Tweeter for each Sound Advice share, subject to collar. Tweeter shares finished lower.

Salomon upgraded Ticketmaster ( TMCS ) to buy from outperform.

The U.S. Navy awarded a contract for Master Planning and Engineering Services to a Michael Baker (BKR) unit. This allows the company to furnish up to $25M worth of professional planning and services.

ABN Amro reiterates buy on Juniper Networks (JNPR ), and keeps a $70 target.

Triton Oil (OIL) announced a significant oil discovery on Block G offshore Equatorial Guinea.

Valero Energy Corp. (VLO) sees Q2 EPS in excess of $4.00, citing very strong refined product margins in May and June forward curve

prices.

Prudential downgraded LaSalle Hotel (LHO ) , Felcor Lodging (FCH) and

Host Marriott (HMT ) to hold from buy.

USG Corp. (USG) is evaluating alternatives to address its mounting litigation costs while continuing to pursue asbestos legislation, including new secured bank financing and possible voluntary restructuring under Chapter 11.

Merrill downgraded Capstone Turbine (CPST) to near term accumulate from buy, but keeps long-term buy.

Robertson Stephens says although Amazon.com (AMZN) shares could rally

following the June 5 Analyst Day, cautious remains -- given

ongoing concerns regarding the company's ambitious Q4 targets, unproven diversification strategy and rich valuation.

A UAL Corp. unit will begin a cash tender offer for all shares of Mypoints.com(MYPT) for $2.60 share.

Robertson Stephens reiterates its buy rating on WalMart (WMT ) following a positive analyst meeting on Friday.

The Denver Post reported that Level 3 Communications (LVLT) plans to spend $3.3B-$3.4B this year -- a lot for a company with a $7.9B debt load to service and a revenue forecast that could be sapped further by economy's woes.

Six Flags (PKS ) is seen lower on the news that a woman

died this weekend after a roller coaster ride at Six

Flags in California.

Barron's reported that Archie MacAllaster likes Frontier Oil (FTO ) for its EPS growth and fat margins, and estimates the company will make over $4/share in 2001, and that the stock could easily trade in the upper teens.

JP Morgan upgraded Profit Recovery (PRGX ) to long-term buy

from market perform.

Goldman initiated coverage on Earthlink (ELNK ) with trading buy.

Barron's says Krispy Kreme (KKD ) stock's recent surge may have to do with short-covering. The stock price is perhaps high enough to tempt insiders to part with more stock. On Friday, S&P initiated coverage with sell.

Cypress Semiconductor (CY) sees lower than expected breakeven-$0.02 Q2 EPS before goodwill, on $175M-$185M revenues. Cypress cited a lack of improvement in the market segments the company serves.

Bob Evans (BOBE ) posted $0.34 vs. $0.31 Q4 EPS on a 5% sales rise. The company sees fiscal 02 (April) EPS in lower than expected $1.55 range due to hog cost milieu and pressures on operating margins.

Merrill downgraded Capstone Turbine (CPST) to near term accumulate from buy, but kept its long term buy rating on the shares.

Teva Pharmaceutical ( TEVA ) says FDA awarded it tentative approval for

Fluoxetine 10 mg. tablets.

AXT Inc. (AXTI ) sees $0.07-$0.10 Q3 EPS on $27M-$31M revenue. The company says it has received significant product cancellations from several large gallium arsenide customers. It notes Q2 guidance is unchanged from the previous announcement. Pacific Growth cuts estimates.

Bank Plus ( BPLS) agreed to be acquired by FBOP Corp. Terms: $7.25 cash for each Bank Plus share.

PW Eagle Inc. (PWEI ) cut its Q2 net sales guidance from $82M-$90M to $76M-$80M, and cut the EPS from $0.30-$0.50 to a $0.14 loss to $0.10 EPS. The company cited an unanticipated net decrease in the weighted ASP of its products in May.

Nanophase Technology (NANX ) will not proceed with a proposed relationship with a European company for development, manufacture and joint

marketing of anenvironmental catalytic fuel additive;

this will impact 2001 revenues by $2M-$2.5M.

Exponent Inc. ( EXPO ) sees $0.10-$0.16 Q2 EPS on revenue of $24.5M-$25.5M. Exponet cited a step-down in revenues coming from the company's Land Warrior project with the U.S. Army, and the soft real estate market in Silicon Valley.

FDA granted ArthroCare (ARTC ) clearance to market its Perc-D family of disposable surgical devices for disc decompression to

treat symptomatic patients with contained herniated

discs. Robertson Stephens reiterates buy. S&P maintains accumulate.

Yahoo! (YHOO ) and the Consumers Union, the publisher of Consumer Reports

magazine, ConsumerReports.org, announced a premium

content distribution agreement to distribute Consumer

Reports on the Yahoo network.

Cobalt Group (CBLT ) agreed to be acquired by Warburg Pincus for about $3.50 per share.


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