Markets & Finance

Pro Detailing Shares Hit by Court Decision


Merrill downgraded Professional Detailing (PDII). On Monday, a court vacated a preliminary injunction against Ranbaxy Pharmaceutical; Ranbaxy could market a generic version of Ceftin, an antibiotic Pro Detailing markets for GlaxoSmithKline. That company's action against Ranbaxy remains pending.

Semtech Corp. (SMTC) posted better than expected $0.08 Q2 EPS (pro forma) and sees 3%-5% sequential growth for Q3 net sales. Banc of America and CIBC World reiterate buy and raise estimates.

S&P maintains hold.

Polymedica (PLMD) reported agents from the FBI executed search warrants Tuesday at two Florida facilities, and served a grand jury subpoena on the company.

Capstone Turbine (CPST) sees substantially lower than expected Q3 sales, citings a sluggish order flow. S&P downgraded to hold. Robert Baird downgraded.

Celgene Corp. (CELG) and Novartis received FDA approval for dexmethylphenidate HCl(1); a refined formulation of Ritalin (R) (dl-methylphenidate), and half the dose of Ritalin. S&P upgraded.

Triquint Semiconductor (TQNT) reiterates second-half 2001 sales and profit guidance. CIBC World reiterates strong buy. Wells Fargo and Banc of America reiterate buy.

Eli Lilly committed more than $200M in funding to Isis Pharmaceuticals (ISIP) over a four-year period. Lilly will make a $75M equity investment in Isis through the purchase of stock at $18 per share, about 9% ownership.

ABN Amro upgraded Guidant (GDT) to add from hold.

Electro Scientific (ESIO) now expects Q1 net sales to be 40%-50% below Q4; as a result, the company expects to report an operating loss for Q1.

Open-Joint/Vimpel Communication (VIP) posted $0.22 Q2 earnings per ADS vs.

an $0.18 loss on 44% higher revenue.

Merrill upgraded Interwoven (IWOV) to near-term accumulate from neutral, and maintains long term buy.

RW Baird upgraded Lightbridge (LTBG) to market outperform from market perform.

Merck KGaA will sell its 43% ownership in Pharmaceutical Resources (PRX). This allows Merck KGaA to raise the money necessary to meet stated its objective of expanding oncology portfolio, and the two companies will maintain a relationship.

Lehman downgraded VF Corp. (VFC) to buy from strong buy.

SG Cowen reportedly upgraded Waters Corp. (WAT

to strong buy.

CS First Boston expects Ulticom Inc. (ULCM) to exceed Q2 estimates, and maintains buy.

Morgan Stanley downgraded Heidrick & Struggles (HSII) to outperform from strong buy, and believes business conditions have worsened.

Dain Rauscher upgraded Polycom (PLCM) to buy from neutral.

AOL Time Warner (AOL) set a reorganization and will cut 1,200 positions and take a $100M-$125M Q3 charge.

General Motors (GM) affirmed the $0.83 Q3 EPS outlook, slightly above current estimates. Says Q4 production will be down slightly. Production is currently estimated at about 1%-3% lower than a year ago, consistent with expectations.

Intuit (INTU) posted a $0.08 Q4 loss vs. a $0.04 loss (pro forma) on a 18% revenue rise. Results were $0.02 better than consensus estimates. Intuit reiterates fiscal 2002 guidance. S&P upgraded. Prudential also upgraded.

Big Lots (BLI) posted a $0.09 Q2 loss vs. $0.08 EPS from operations as higher costs offset a 5.6% sales rise. Big Lots sees a $0.06-$0.10 Q3 loss on a flat-to-2% same-store sales rise, and sees $0.40-$0.50 2001 EPS on a slight-3% same-store sales rise.

DB Alex Brown upgraded Gillette (G) to buy from market perform.


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