Markets & Finance

Intel Gains on New Products


Intel Corp. (INTC) shares were higher after the company announced its first Intel Xeon processor for servers featuring Hyper-Threading technology and its Intel Netburst microarchitecture. Also, Intel introduced its E7500 chipset.

Angiotech (ANPI) shares were sharply lower after the company announced that a study of its Paxceed treatment for multiple sclerosis failed to meet statistical significance. The company is halting further development of Paxceed.

Calpine Corp. (CPN) and Dynegy (DYN) are both lower following reports California officials will ask federal regulators to void or alter nearly all remaining long term electric contracts signed by the state during its 2001 energy crisis.

Thomas Weisel reportedly downgraded Human Genome (HGSI) to market perform from buy.

A press report says patients who suffered side effects after taking Elan Corp.'s (HGSI) experimental Alzheimer's vaccine has risen to about 12 from the previously reported five cases, according to a person familiar with the company.

Williams Cos. Inc.'s (WMB) Williams Communications unit continues talks to restrucutre its balance sheet. Among its options: a Chapter 11 bankruptcy filing.

RW Baird upgraded CDW Computer (CDWC) to strong buy from market outperform.

Banc of America Securities thinks allegations in this Sunday's New York Times of aggressive inventory accounting at Gap Stores (GPS) are mistaken. The firm maintains its market perform rating on Gap.

Qualcomm Inc. (QCOM) reaffirmed second quarter EPS (pro forma) guidance of $0.20. The company says second quarter targets for MSM phone chip shipments are at the upper end of its original estimate of 13-14 million units, and that it sees CDMA2000 1X chip shipments coming in better than expected. S&P, CS First Boston maintain their buy ratings.

First Albany upgraded Emulex (EMLX) to strong buy from buy.

Banc of America upgraded Sun Microsystems (SUNW) to buy from market perform.

Wachovia downgraded JP Morgan Chase (JPM) to underperform from market perform.

Roxio (ROXI) raised fourth quarter net revenue guidance to $38 million from $33 million, and pro forma EPS to $0.17 from $0.15. Roxio cites the anticipated contribution from its MGI Software acquisition. S&P upgraded the shares to accumulate.

General Motors (GM) raised EPS guidance for the first quarter to $1.20 and for all of 2002 to $3.50, excluding Hughes and any European restructuring charge. The company cites expected increases in production volume to meet better than expected retail vehicle demand in the U.S.

Lowe's Cos. (LOW) reported $0.28 vs. $0.18 fourth quarter EPS on 7.4% higher same store sales, and a 16% total sales rise. The company sees $0.35-$0.36 first quarter EPS on 20%-21% higher total sales; for all of fiscal 2003, it expects $1.55-$1.58 EPS.

Williams-Sonoma (WSM) raised its fiscal 2002 EPS guidance to $1.31-$1.32 from previous guidance of $1.25-$1.28. The company sees EPS for all of fiscal 2003 of $1.52-$1.56.

Visionics (VSNX) and Identix (IDNX) agree to merge in a $600 million deal. Terms call for Visionics shareholders to receive 1.3436 newly-issued Identix shares per Visionics share.

A U.S. District Court granted a motion by Tyco International (TYC) to dismiss all claims asserted in shareholder suits brought against the company and certain of its officers and directors under federal securities laws.

The U.S. Food and Drug Administration approved Novartis' (NVS) Zometa for multiple myeloma and documented bone metastases from solid tumors, in conjunction with standard antineoplastic therapy.

AMC Entertainment (AEN) plans to offer 9 million shares.


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