Markets & Finance

Protein Design Rebounds after Poor Drug Trial News Hit Shares


Morgan Keegan upgraded Remington Oil (ROIL) to outperform from market perform. On Wednesday the company said it was the apparent high bidder on 25 blocks in the Gulf of Mexico.

Banc of America reiterated its buy rating on Brocade Communications (BRCD).

CS First Boston upgraded Media General (MEG) to buy from hold. On Wednesday the company upped its Q1 EPS guidance to about $0.20 vs. the previous estimate of less than $0.10.

Morgan Stanley downgraded Waters Corp. (WAT) to underweight from overweight.

General Electric (GE) is trading lower. S&P notes Bill Gross, a highly respected bond fund manager, seriously questioned GE's capital structure and long-term historical 15% annual EPS growth rates. S&P reiterates hold.

Merrill Lynch named MedImmune (MEDI) as its Focus 1 Stock of the Week.

Apple Computer (AAPL) says since the new iMac launch in January, memory costs have tripled, and flat-panel costs have increased 25%; Apple will raise the price of all new iMac models by $100. JP Morgan cut estimates.

Exelixis (EXEL) posted a narrower than expected $0.26 Q4 loss (excluding charges), and sees 20%-25% higher 2002 revenue with three expected new collaborations, and 40%-50% growth in 2002 operating expenses... CIBC World reiterates strong buy.

CS First Boston reiterated its buy rating on ATI Technology (ATYT). On Wednesday the company posted $0.07 Q2 EPS vs. a $0.11 loss (adjusted) on a 6.4% revenue rise; expected revenues and EPS to grow slightly in Q3.

WR Hambrecht reiterated its strong buy rating on Intercept (ICPT). On Wednesday the company said it would acquire two transaction processing concerns, which it expected to add $0.01-$0.02 to EPS for the rest of 2002, and $0.08-$0.10 to 2003.

Wet Seal (WTSLA) posted $0.74 vs. $0.65 Q4 EPS on an 8.2% sales rise. Wet Seal says if it achieves high single digit to low double digit same store sales growth in Q1, then EPS could be in the $0.32-$0.35 range, vs. the current $0.28-$0.30 guidance.

Georgia Gulf (GGC) sees a narrower than expected $0.05-$0.10 Q1 loss due to increased vinyl resin and compound sales volumes. The company plans to temporarily suspend operatins of its Pasadena, Texas phenol and acetone plant by the end of March.

Texas Industries (TXI) posted $0.28 Q3 EPS vs. a $0.55 loss on a 19% sales rise.

Ivax Diagnostic (IVD) signed a non-binding letter of intent with Sigma Diagnostics, a unit of Sigma-Aldrich, to acquire the assets of its global enzyme immunoassay product line.

Barnes & Noble (BKS) posted $1.35 4consolidated pro forma EPS vs. a $0.22 loss, and sees $1.87 fiscal 2003 consolidated pro forma EPS. The company expects Barnes & Noble.com losses to declinesignificantly, and expects Gamestop to continue growth.

Unit Corp. (UNT) agreed to acquire twenty drilling rigs and related equipment from a privately-held company, for 7.5M shares.

Tech Data (TECD) posted $0.63 vs. $0.92 Q4 EPS on 22% sales drop and sees $3.7B-$3.9B Q1 sales, along with $0.55-$0.60 EPS from operations.

Protein Design (PDLI) saiid its experimental treatment Zenapax for the skin disease psoriasis failed to meet its primary goal in patient testing, and it does not plan additional development. In a Phase II study, it did not prolong the time to recurrence. Morgan Stanley upgraded to overweight from underweight. UBS Warburg and CIBC World slashed targets.

Restoration Hardware (RSTO) posted a $0.53 Q4 loss (including charges) vs. $0.55 EPS on flat sales. The company will restate results of the first three quarters of fiscal 2002, and the four quarters of fiscal 2000, to reflect the recognition of furniture revenue.

Pep Boys (PBY) posted $0.07 vs. $0.03 Q4 EPS (both quarters include charges) despite a 7.2% revenue drop.

Lehman reportedly cut estimates on AOL Time Warner (AOL).

The FDA granted marketing approval for Elan Corp.'s (ELN) Avinza for once-daily treatment of moderate-to-severe pain in patients who require continuous, around-the-clock opioid therapy for an extended period of time.

Microvision (MVIS) affirmed Q1 revenue expectations of $3.5M, up 50% from Q1 2001, and sees a Q2 gain of 150% or more vs. Q2 2001, and also sees triple digit 2002 revenue growth.

Herman Miller (MLHR) posted a $0.07 Q3 loss, excluding charges, vs. $0.43 EPS on a 39% sales decline and narrowed gross margin. Herman Miller sees a $0.05-$0.10 Q4 loss on sales of $325M-$345M.

Gilead Sciences (GILD) and Roche say the European Committee for Proprietary Medicinal Products recommended granting Tamiflu Marketing Authorization in the EU for the treatment of influenza in adults and children.

Tibco Software (TIBX) posted $0.02 Q1 GAAP EPS vs. breakeven despite a 9.9% revenue decline, and posted $0.04 EPS (pro forma).


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