Markets & Finance

Entremed Shares Surge as Cancer Drug Gets FDA Nod


Shares of Entremed (ENMD) rose after the company said its drug candidate Endostatin received orphan drug status from FDA for treatment of patients with metastatic melanoma.

Shire Pharmaceutical (SHPGY) reported 82% lower 2001 earnings per ordinary share despite a 31% revenue rise. Shares lower in Europe as co. reportedly says competitive, cost pressures may hurt 20 growth.

eBay (EBAY) shares were higher following Morgan Stanley's upgrade of the stock to strong buy from outperform. Goldman reiterated its recommended list rating.

Pacific Growth downgrades Abgenix (ABGX) to buy from strong buy. On Feb. 27, the company said it would privately sell $200 million of subordinated notes.

Itron (ITRI) shares were higher after CS First Boston initiated coverage with a buy rating.

Riverstone Networks (RSTN) shares plummeted after the company said it sees fourth quarter operarting results at breakeven to a slight loss (pro forma) on $50-$54 million in revenue. S&P keeps its hold opinion. Wachovia downgraded the shares to market perform from buy.

Shares of Genesis Microchip (GNSS) moved sharply lower after the company said it sees $55 million in fourth quarter sales. The company expects first quarter fiscal 2003 sales to exceed $60 million. Genesis also expects gross margins for the next two quarters to be about 44%. Prudential and CIBC World reportedly downgraded the stock.

Target Corp. (TGT) posted $0.73 vs. $0.61 fourth quarter earnings per share on 4.6% higher same-store sales. Results for the current quarter exclude a $0.01 charge. The company remains confident in annual EPS growth of 15%.

Polo Ralph Lauren (RL) shares were lower after the company filed for an 11 million share offering.

Tiffany (TIF) posted $0.58 vs. $0.56 fourth quarter EPS from operations despite a 1.8% sales drop. The company sees $1.20-$1.27 fiscal 2003 EPS.

Gateway (GTW) sees a $100-$120 million first quarter pre-tax loss from operations on revenue of about $1 billion and gross margin of 14%-15%. It sees a $200-$250 million 2002 pre-tax loss from operations. CS First Boston cut its estimates on Gateway. S&P maintains its hold opinion.

CS First Boston upgraded Pall Corp. (PLL) to strong buy from buy. On Feb. 27, Pall posted $0.15 vs. $0.24 second quarter EPS.

CS First Boston says Apple Computer (AAPL) shares have been weak on a slow ramp-up of its new iMac line.

According to a press report, Bristol-Myers Squibb (BMY) dropped its threat to end its $2 billion marketing partnership with ImClone Systems (IMCL) for Erbitux, but still wants to renegotiate the terms.

EchoStar (DISH) posted $432 million vs. $303 million fourth quarter pre-marketing cash flow on 43% higher revenue.

H&R Block (HRB) posted $0.16 vs. $0.03 third quarter EPS on an 11% revenue rise. The company raised its fiscal 2002 EPS guidance to $2.20-$2.30 on 10%-15% revenue growth. S&P raised its estimate and keeps its buy opinion.

Limited (LTD) posted $0.75 vs. $0.55 fourth quarter EPS despite a 2% same store sales drop. The company sees first quarter fiscal 2003 EPS about flat vs. last year (as adjusted), with fiscal 2003 up in the low to mid-single digit percent range.

Intimate Brands (IBI) posted $0.61 vs. $0.46 fourth quarter EPS from operations on flat same store sales. The company sees first quarter fiscal 2003 EPS about flat vs. year ago, with fiscal 2003 EPS up in the low to mid-single digit percent range.


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