) agreed to be acquired by Cendant Corp. (CD
) in a deal valued at about $2.9 billion, or $33 per share.
Purina Mills (PMIL
) agreed to be acquired by Land O' Lakes for $23 cash per share.
Barron's says although Capstone Turbine's (CPST
) sales have risen, some hoped for more and predict competition in the alternative energy sector will heat up. S&P maintains buy.
West Marine (WMAR
) sees better than expected $0.71-$0.73 Q2 EPS, citing improved gross margins, tight expense controls and a conservative sales plan.
A Delaware judge ruled that Tyson Foods (TSN
) improperly broke off its $3.2B pact to acquire IBP Inc. (IBP
), and recommended the acquisition be completed. S&P maintains hold. USB Piper downgraded to neutral from buy.
CS First Boston cut estimates and the price target on New Focus Inc. (NUFO
CS First Boston downgraded Lucent Technologies (LU
) to hold from buy. SG Cowen downgraded to neutral from buy.
Goldman cut estimates Metromedia (MFNX
) on the belief that the company was exposed to macro weakness in the Internet Infrastructure services sector.
Ledger Capital (LEDG
) agreed to be acquired by Anchor Bancorp Wisconsin Inc. (ABCW
) in a deal valued at
$42.5M, which represents $16.26 per Ledger share.
SFBC International (SFC
) announced it's stock will begin
trading on NASDAQ on June 19 under the "SFCC" symbol.
Dole Food Co. (DOL
) sees $0.88-$0.93 Q2 EPS from operations. He notes continued growth in the packaged salad business, and improved
earnings in its banana and fresh pineapple operations.
Robinson Humphrey downgraded Tellabs Inc. (TLAB
) to outperform from buy.
Kaufman Bros. downgraded Antec Corp. (ANTC
) to hold from accumulate.
Robertson Stephens cut estimates on Nortel Networks (NT
) after the company on Friday forecast a $0.48 Q2 loss per share from operations,
and a net loss including charges of $19.2B. Goldman also cut estimates.
Applied Innovation (AINN
) sees $14M-$16M Q2 revenues compared to
$18.3M revenues for the same period in 2000, citing slower sales
due to a continued slowdown in capital spending throughout
the telecom industry. The company will cut its workforce by about 15%.
Charlotte Russe (CHIC
) expects Q3 comps in the negative mid-single digit area and sees Q3 EPS at least equal to year ago, but less than expected. Robertson Stephens and CIBC World cut estimates.
Standard Microsystems (SMSC
) posted a $0.10 Q1 loss from continuing operations vs. $0.14 EPS on 19% lower revenues.
Avert Inc. (AVRT
) agreed to be acquired by Automatic
Data Processing (ADP
) for $22 per share cash.
Wit SoundView downgraded Openwave System (OPWV
) to hold from strong buy.
Lehman and Goldman cut estimates on Exodus Communications (EXDS
Level 3 Communications (LVLT
) says communications cash revenue
is expected to be $2.1B in 2001, $2.5B-$2.6B in 2002,
and $3.5B-$3.6B in 2003. The company cited an economic slowdown, and still sees Q2 results in line with projections. Merrill downgraded to near-term neutral. Salomon SB downgraded to neutral.
J.P. Morgan downgraded Dendrite (DRTE
) to market underperform from market perform. Goldman cut estimates.
Lehman initiated coverage of Neurocrine Bioscience (NBIX
) with strong buy and a $60 target.
Gene Therapeutic (GENE
) recieved milestone payments from
Wyeth-Ayerst, a unit of American Home Products, for the completion of a major advancement in a genomics-based alliance to develop novel therapeutics for osteoporosis. Friedman Billings upgraded to accumulate from market perform.
CIBC World reiterates buy and raised the estimates and target on Ameristar Casino (ASCA
) sees $0.40 Q2 EPS from operations and about a 4% sales decline, citing margin compression, expenses, and foreign exchange.
AOL Time Warner (AOL
) and Microsoft (MSFT
) said talks related to Windows XP broke down. The collapse means AOL software won't be included directly in Microsoft's XP operating system: The Wall Street Journal.
Salomon SB upgraded Lam Research (LRCX
) to buy from outperform.
CS First Boston reiterates buy on THQ Inc. (THQI
) and raised the $50 target to $70.
Teva Pharmaceutical (TEVA
) says the FDA awarded final approval for Lovastatin Tablets in 10, 20 and 40 milligrams. Lovastatin Tablets are the generic version of Merck's (MRK
) anti-hyperchlesterolemic drug, Mevacor.
Alliant Techsystems (ATK
) says it is considering filing with the SEC to offer up to 10% of its shares outstanding during Q2.
Lifepoint Hospital (LPNT
) will be added to the S&P MidCap 400 after the close of trading Monday, replacing Westpoint Stevens.