Markets & Finance

Lucent Sees Higher Revenues


Merrill says RF Micro Devices' (RFMD) 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.

FleetBoston (FBF) 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.

Xilinx (XLNX) 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.

Boeing (BA) says it was awarded a contract to modernize the U.S. Air Force's C-130 Fleet.


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