Markets & Finance

Bristol-Myers Drops as Test Results Fall Flat


Merrill Lynch downgraded Bristol Myers (BMY), and shares of the drug maker dived after unveiling less-than-superior test results for its hypertension drug Vanlev.

ViroPharma (VPHM) plunged more than 55%. On Tuesday, an FDA advisory panel rejected the company's Picovir for the treatment of the common cold in adults. Morgan Stanley cut estimates and price target, while JP Morgan keeps LT buy pending further clarity about development of Picovir.

Salomon Smith Barney cut estimates on Intel (INTC).

JP Morgan downgraded Goodyear Tire (GT) to market perform from long term buy.

Mercury Computer (MRCY) says delays in shipments to the defense industry will lead to $0.05-$0.12 Q3 EPS on lower than expected revenues. S&P maintains hold. UBS Warburg downgraded to hold from strong buy.

VeriSign (VRSN) shares fell after Bear Stearns says some questions have emerged from the company's 10-K filing.

Consolidated Energy (CNX) cut first quarter EPS guidance to $0.07-$0.10, vs. the previous $0.40 guidance. The company cited customer delays, with some plants burning less than normal amounts of coal.

Collateral Therapeutics (CLTX) agreed to be acquired by Schering AG for 0.1847 Schering share per Collateral share.

Jabil Circuit (JBL) posted $0.08 Q2 EPS from operations, and sees $0.11-$0.13 Q3 cash EPS on $825M-$855M revenue. S&P and SoundView maintain hold. Kaufman Bros. keeps accumulate. CIBC World and CS First Boston keep buy.

USB Piper downgraded Interwoven (IWOV) to market perform as revenue estimates are in jeopardy given slower services revenue and a difficult environment.

Red Hat (RHAT) posted $0.01 Q4 EPS from continuing operations. Goldman Sachs says the results were below expectations.

Guilford Pharmaceuticals (GFLD) received a non-approvable letter from the FDA concerning its supplemental NDA for Gliadel Wafer for the treatment of patients with newly diagnosed malignant glioma.

Thomas Weisel downgraded Stellent (STEL) to attractive from buy.

BriteSmile postponed an EPS conference call, originally scheduled for Wednesday, pending the resolution of a routine review by the SEC of the company's filings.

Six Flags (PKS) posted a $1.02 Q4 loss vs. a $1.19 loss despite a 5.7% revenue drop, and sees $430M-$435M adjusted 2002 EBITDA, representing 7%-8% growth over 2001.

Eastman Chemical (EMN) expects Q1 EPS will be above the current First Call high estimate of $0.25. The company notes, however, that it has not seen an improvement in sales, and that visibility still is poor.

Station Casinos (STN) sees $0.16-$0.18 Q1 EPS from operations, ahead of the $0.10 consensus, citing cost containment, technological initiatives, and an improved Las Vegas economy. The company raised its $0.40 2002 EPS forecast to $0.53-$0.58.

Brookstone (BKST) posted $2.63 vs. $2.98 Q4 EPS on a 10.7% same store sales drop, and a 6.2% total sales drop. The company sees a $0.80-$0.85 Q1 loss, and $1.20-$1.25 fiscal 2003 EPS.

FedEx (FDX) posted $0.39 vs. $0.37 Q3 EPS on a 4% revenue rise. FedEx expects Q4 volume at FedEx Ground to grow 16%, and reaffirmed $0.70-$0.80 Q4 EPS guidance. The company also expects to be free cash flow positive for the full year.

Sabre Holdings (TSG) raised Q1 EPS guidance to $0.58-$0.61, citing lower operating costs and expense controls.

Rohm & Haas (ROH) sees better than expected $0.37-$0.39 Q1 EPS, citing a better business portfolio and stronger product mix.

Triquint Semiconductor (TQNT) narrowed 1Q guidance slightly to the low end of the range, and sees Q2 similar to Q1. S&P downgraded to avoid from accumulate.

Yahoo! (YHOO) announced that Dimitri Boylan, president and CEO of HotJobs.com, is stepping down from his position, effective Mar. 3.


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