Markets & Finance

Plane Crash Hurts Travel Stocks

Royal Caribbean (RCL) is among several leisure, hotel and restaurant stocks trading lower on renewed fears of slowing travel activity following today's plane crash.

Four Seasons (FS) stock is downgraded by Morgan Stanley, Robertson Stephens and ABN Amro after the company posted third-quarter EPS of $0.51 on Friday.

Among airline stocks, AMR Corp. (AMR) is seen lower following the crash of American Airlines jetliner Monday morning in New York City.

Arnold & Bleichroeder downgrades Home Depot (HD) to reduce from neutral.

RF Micro Devices (RFMD) Merrill says the company is exhibiting market share gains. Merrill reiterates ratings of near term accumulate, long term buy.

Enron Corp. (ENE) inks a definitive pact to be acquired by Dynegy (DYN). Enron shareholders will receive 0.2685 Dynegy shares per Enron share. Separately, press reports say that J.P. Morgan (JPM) and Citibank (C) are mulling a $500 million investment in Enron.

Ciena Corp. (CIEN) sees fourth-quarter EPS of $0.04-$0.06 excluding items, versus $0.04

consensus, on 27% higher revenues. The company plans to cut its workforce by 380 employees, about 10%.

Needham downgrades Applied Materials (AMAT) and Novellus (NVLS) to buy from strong buy.

McKesson (MCK) extends its current supply agreement with Wal-Mart (WMT). McKesson will be awarded the pharmaceutical repackaging business previously managed by Wal-Mart.

Intermune (ITMN) says it saw positive interim results from a post-marketing clinical trial comparing use of Infergen plus ribavirin to use of interferon alfa-2b plus ribavirin for treatment of chronic hepatitis C infections.

Loews Corp. (LTR) files with the SEC to offer shares of Carolina Group stock, a new class of its common stock.

The Aging of Abercrombie & Fitch
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