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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