Markets & Finance

Mylan Labs Loses Appeal in Patent Case


Robertson Stephens upgraded Visible Gene (VGIN) to strong buy from buy.

Immucor (BLUD) posted $0.17 Q1 EPS vs. a $0.03 loss on a 9% revenue

rise.

Concord Communications (CCRD) posted a $0.09 Q3 loss vs. $0.05 EPS on flat revenue. The loss is narrower than some estimates. Concord reaffirmed it will deliver between breakeven to slightly profitable levels in Q4.

Versar (VSR) shares are higher after the company announced it has responded to a confidential "Fortune 500" firm's concern about the risk of bioterrorism associated with mailroom operations.

Mylan Labs (MYL) shares are lower on news that late Friday, a U.S. appeals court sided with Bristol Myers (BMY) in its appeal against Mylan in a case regarding the listing of Bristol Myers' patent on BuSpar in the FDA's "Orange Book."

J.P. Morgan downgraded Altera (ALTR) Applied Micro Circuits (AMCC), PMC Sierra (PMCS), Vitesse Semiconductor (VTSS), Xilinx (XLNX) to market perform from long-term buy.

Dain Rauscher upgraded Amazon.com (AMZN) to buy from neutral.

Visionics Corp. (VSNX) received new live scan orders from the U.S. INS office for its TENPRINTERS and FingerPrinter CMS systems; the value of the two orders combined exceeds $1M.

Needham downgraded Cisco Systems (CSCO) to buy from strong buy.

Robertson Stephens trimmed Intel (INTC) estimates, and maintains market perform.

Vulcan Materials (VMC) sees $0.90 Q3 EPS, at the lower end of the range communicated on July 25.

IMC Global (IGL) will sell its salt and Ogden businesses to a entity formed by affiliates of Apollo Management L.P. of New York in a merger deal valued at about $640M.

UBS Warburg and Goldman cut estimates on Xerox (XRX) on Friday. The company forecast a wider than expected $0.22-$0.25 Q3 loss from operations, citing the foreign exchange impact, a tax rate change and the September 11 tragedy.

Dynegy (DYN) posted $0.85 vs. $0.55 on a slight revenue rise and sees $2.09-$2.10 2001 EPS.

American International's (AIG) board revoked previously existing authorizations to buy back over 10M shares. The board had approved a purchase of up to 10M shares on September 5, and authorized a buyback of an additional 40M shares on September 14, for a total of 50M.

Lehman reportedly downgraded Applied Material (AMAT) and Asyst Technologies (ASYT) to market perform from buy.

Fannie Mae (FNM) posted $1.33 vs. $1.09 Q3 EPS from operations on a 31% revenue

growth, and expects 2002 EPS from operations growth to meet or

exceed mid-teens rates.

IPC Holdings (IPCR) increased estimated losses from the September 11 terrorist attacks for Q3 from $75M to $95M.

Adtran (ADTN) posted $0.13 vs. $0.54 Q3 EPS on a 33% revenue

drop.

Global Marine (GLM) posted $0.34 vs. $0.18 Q3 EPS on a 15% revenue rise.

Drexler Tech (DRXR) posted $0.12 vs. $0.16 Q2 EPS on a 6.7% revenue drop.

Mettler Toledo (MTD) agreed to acquire Rainin Instrument, a leading manufacturer of

pipetting solutions used in pharmaceutical, biotech and medical research applications, for $292.2M in cash and stock.


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