Markets & Finance

Interpublic Tops Estimates


Interpublic Group (IPG) shares advanced after the company posted better than expected $0.30 vs. $0.51 (pro forma) fourth quarter EPS. Bear Stearns upgraded the stock to attractive from neutral. S&P raised its estimate.

AT&T Wireless (AWE) shares were lower after the company said it expects 2002 services revenue percentage growth, without TeleCorp, in the low double digits. It cited industry-wide pricing pressures and the challenging economy.

Micron Technology (MU) shares gained after Thomas Weisel raiseds estimates and reiterated its buy rating.

Yahoo! (YHOO) shaes climbed after SoundView upgraded the stock to strong buy.

Emulex (EMLX) rose after First Albany reiterated its strong buy rating and $42.50 price target.

Novellus (NVLS) says it is comfortable with current guidance of a $0.09 first quarter loss per share. The company thinks profitability is possible in the second quarter. Robertson Stephens upgraded the shares. S&P maintains its hold opinion. Goldman raised its estimates.

Integrated Device (IDTI) sees 5%-7% sequential fourth quarter revenue growth, up from its prior guidance of flat to slightly higher. CIBC World upgraded the shares to buy from hold. S&P maintains avoid.

Andrx Corp. (ADRX) says a judge granted its motion for summary judgment of non-infringement in Wellbutrin SR, Zyban case vs. Glaxo Wellcome. Merrill reiterated its strong buy rating.

Goldman added Federate Department Stores (FD) to its recommended list. The stock had been rated rated market perform.

Bear Stearns upgraded Retek (RETK) to buy from neutral.

Chartered Semiconductor (CHRT) says first quarter EPS and revenue will be at the high end of previously provided guidance range. It sees a $0.98 first quarter loss per American Depositary Share on revenues up mid-single digits from the fourth quarter.

Invitrogen (IVGN) posted $0.38 vs. $0.35 fourth quarter EPS (pro forma) on a 6.9% revenue rise. The company says sales to the U.S. pharmaceutical market in the first two months of 2002 were weak. It declined to give updated guidance beyond the first quarter. S&P cut its estimate and price target.

Marvell Technology (MRVL) posted $0.06 vs. $0.05 fourth quarter EPS (pro forma) on an 81% revenue rise.

Cigna (CI) says a Justice Dept. investigation into Medicare cost-reporting practices affects a portion of one unit's business for 1990-99, but does not expect it to result in material losses to its consolidated results of operations.

Protein Design (PDLI) posted a $0.06 fourth quarter loss vs. breakeven results on a 15% revenue decline. It sees a $0.17-$0.26 2002 loss on 10%-15% lower revenue. S&P maintains its hold recommendation.

Merck (MRK) says preliminary analysis of early human data suggests its HIV-1 gag vaccine candidates for prevention and treatment of HIV-1 elicit specific antiviral cellular immune responses, and were generally well tolerated.

PerkinElmer Inc. (PKI) cut its first quarter cash EPS (excluding charges) guidance to $0.16- $0.17, and for 2002 to $1.05-$1.10. The company restructured its Optoelectronics unit; the move will result in charges in the first quarter.


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