Markets & Finance

Pfizer Drops Immune Response's HIV Drug


Immune Response (IMNR) says Pfizer's Agouron Pharma unit has terminated further development of Remune, the company's investigational HIV drug. Immune Response shares were trading sharply lower.

PG&E will assume Calpine's (CPN) Qualifying Facility contracts; Calpine will continue to receive its contractual capacity payments, five-year fixed energy price, and all past due receiveables. Earlier, Banc of America reiterated its buy rating and Lehman reiterated its strong buy, citing Calpine's July 5 pact to buy a British power plant.

Take-Two Interactive (TTWO) affirmed previously issued guidance for Q3 and Q4. The company cited continued strong performance of its publishing business and distribution operations.

Goldman cut its estimates for IBM Corp. (IBM). The company was unavailable for comment. Shares of Big Blue were trading lower.

CIBC World views weakness in Manhattan Associates (MANH) as a buying opportunity, and reiterated its strong buy rating. The company was unavailable for comment.

Lehman cut its estimates and price target on Manhattan Associates (MANH).

CS First Boston downgraded McData Corp. (MCDT), Emulex (EMLX), and Brocade (BRCD) to hold from buy. Merrill downgraded McData to near term accumulate from buy.

Vishay Intertechnology (VSH) said its offer to exchange Vishay shares for all Siliconix (SILI) shares it does not already own expired at 5:00 p.m. EDT on July 5 without acceptance of tendered shares.

EMC Corp. (EMC) cut its Q2 guidance to $0.04-$0.06 EPS on revenue of about $2B. Merrill Lynch downgraded the shares. Goldman cut estimates. S&P maintains its accumulate opinion.

Advanced Micro Devices (AMD) sees $0.03-$0.05 Q2 EPS on sales of $985M, about 17% below Q1's $1.189B. The company cited weaker than expected demand for flash memory devices and competitive pressures in the PC processor market that depressed its average selling prices.

BMC Software (BMC) cut its Q2 guidance to $0.06-$0.08 EPS on revenue of $338M-$345M.

Tekelec (TKLC) cut its Q2 guidance to $0.02-$0.03 EPS (pro forma) on revenue of $70M-$71M. The company cited several unanticipated order delays and project postponements that occurred very late in Q2.

BSQUARE Corp. (BSQR) sees $18.1M-$18.4M Q2 revenue and $0.05-$0.06 cash EPS. The company noted that two significant contracts were cancelled. The company sees a material reduction in revenue as a result of talks on Master Agreement with Microsoft.

Harrah's Entertainment (HET) sees $0.46-$0.50 Q2 EPS (adjusted) vs. consensus estimates of $0.55. The company cited lower than expected table-games hold percentage at Rio in Las Vegas and accelerating weakness in its retail business.

America West (AWA) expects a Q2 net loss of $20M-$30M, excluding special charges previously announced. The company says revenue per available seat mile is seen 6%-8% lower than one year ago. America West cited continued weakness in the U.S. economy and high fuel prices.

WebMethods (WEBM) sees a wider than expected $0.09-$0.10 Q1 loss per share from operations on $55M in revenue. The company will take a restructuring charge in Q2.

724 Solutions (SVNX) sees a $0.27-$0.29 Q2 loss per share (pro forma) on revenue of $14.1M.

Argonaut Technologies (AGNT) expects a Q2 net loss of $4.1M-$4.4M on sales of $3M-$3.2M.

Optibase Ltd. (OBAS) expects a $0.20-$0.25 Q2 loss per share from operations on lower than expected revenue of about $7.1M. The company does not expect to see growth in revenues this year vs. 2000.

Based on a slowdown in the premium wine market, Robert Mondavi (MOND) cut its adjusted fiscal 2002 (June) EPS growth guidance from 16%-18% to 13%-15%. The company says Q1 EPS will be equal to last year's Q1 adjusted EPS. WR Hambrecht maintains its neutral rating.

EXE Technologies (EXEE) expects a $0.08-$0.11 Q2 loss per share (adjusted) on revenue of $25M-$26M. The company set cost cutting programs, including job cuts.

Sauer-Danfoss (SHS) sees $0.02-$0.07 Q2 EPS, significantly lower than consensus estimates of $0.25.

Interactive Intelligence (ININ) sees a $0.16-$0.18 Q2 loss per share on revenue of about $12.5M- $13M, vs. a $0.12 loss one year ago on $8.6M revenue.

Stein Mart (SMRT) sees Q2 EPS 15%-20% below Q2 2000's $0.32 on lower than expected $321M in sales. The company has a current plan of low single-digit second half same store sales rise, flat year-to-year EPS.

Management Network Group (TMNG) cut its Q2 guidance to $0.07-$0.08 EPS (pro forma) on revenue of $13.5M-$14M.

United Rentals (URI) filed to offer 9 million shares held by Colburn Music Fund.

Trendwest Resorts (TWRI) filed to offer $75M of stock held by the company and certain shareholders.

Starbucks Corp. (SBUX) posted 3% higher June same-store sales and 19% higher total sales.

IGEN International (IGEN) says the U.S. Dept. of Agriculture developed a new test based on the company's proprietary Origen technology to detect potentially pathogenic E. coli O157 bacteria in creek water.


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