) recent stock pullback is a buying opportunity, and reiterates its near-term accumulate rating and long-term buy.
Lucent Technologies (LU
) reaffirmed guidance and believes it will show modest Q3 sequential revenue growth over Q2's $5.915B, and greater sequential improvement over the $0.37 loss in Q2. S&P maintains hold.
JP Morgan upgraded Celgene Corp. (CELG
) to buy from long-term buy.
Dain Rauscher initiated coverage of Mercury Interactive (MERQ
) with buy and a $80 target.
Banc of America raised IDEC Pharmaceuticals' (IDPH
) estimates and reiterates strong buy based on a greater-than-expected demand for Rituxan.
JP Morgan upgraded Proxim Inc. (PROX
) to buy on valuation.
ABN Amro upgraded BEI Technologies ( BEIQ
) to add from hold. On Monday BEI said it recently signed a follow-on contract with a major automotive supplier for quartz GyroChip sensors.
United National Foods (UNFI
) posted $0.22 vs. $0.11 Q3 EPS from operations on a 13% sales rise. United National is on track to meet its previously stated $0.22-$0.25 Q4 EPS guidance and sees $1.02-$1.06 fiscal 2002 (July) EPS.
Columbia Financial of Kentucky (CFKY
) agreed to be acquired by Camco Financial Corp. (CAFI
) for 0.3681 Camco share plus $6.90 cash.
Dain Rauscher initiated coverage of Christopher & Banks (CHBS
) with buy.
Lehman upgraded JC Penney (JCP
) to strong buy from buy.
) agreed to acquire Liberty Financial's (L
) asset management units for
over $1B, including debt assumption. Liberty also agreed to
a going private deal with its controlling holder, Liberty
Mutual Insurance Co. Liberty holders will get $33.44 per share. S&P maintains buy on FleetBoston.
Comverse Technology (CMVT
) posted $0.43 vs. $0.32 Q1 EPS on 36% sales rise. Salomon upgraded to buy. Lehman raised estimates. S&P maintains accumulate.
Due to settled patent infringement litigation with Pitney Bowes, Hewlett-Packard (HWP
) restated Q2 EPS (GAAP) to $0.03 (before an extraordinary gain) vs. previously reported $0.15.
Elantec Semiconductor (ELNT
)sees $0.06-$0.08 Q3 EPS and a 30%-35% Q3 revenue decline, citing continued softness in its communications business.
Myriad Genetics (MYGN
) discovered the human gene responsible for high total cholesterol and low HDL in individuals with early age
myocardial infarction. Ladenburg reiterates strong buy.
Human Genome (HGSI
) says its investigational new drug application for Albutropin, a long-acting recombinant growth hormone, has been cleared by FDA. JP Morgan upgraded to buy from long term buy. Needham reiterates buy.
Lear Corp. ( LEA
) says the 60,000-unit Explorer, Ranger production cuts announced by Ford are expected to reduce Lear's 2001 EPS by about $0.13. CS First Boston keeps strong buy; S&P keeps hold. Goldman cut estimates.
) maintains its Q1 revenue guidance of a 15%-25% sequential decline, saying the turns business improved in May, and that cancellations and pushouts have slowed "considerably". S&P maintains buy. Robertson Stephens reiterates buy.
Millennium Chemical (MCH
) expects Q2 results to be in line with Q1's $0.11 operating loss. Millenium cited weaker than expected demand and pricing for titanium dioxide, ethylene and polyethylene. S&P and Merrill cut 2001 estimates.
Furniture Brands (FBN
)sees $0.25-$0.30 Q2 EPS, excluding reorganization and other charges, on a 12%-15% revenue decline. The company says it will have permanently reduced its workforce by 12% and reduced its manufacturing capacity by 15% by year-end.
At Home Corp. (ATHM
) says it is in talks with Comcast and Cox Communications to explore the restructuring of its commercial relationships with these companies.
Dycom Industries (DY
) posted a better-than-expected $0.31 vs. $0.40 Q3 EPS from operations on a 5% contract revenue decline. Dycom set a $25M stock buyback.
) says it was awarded a contract to modernize the U.S. Air Force's C-130 Fleet.