Markets & Finance

AirGate Shares Plunge


UBS Warburg downgraded Cytyc (CYTC) to hold from buy. S&P keeps hold. The company is in a pact to acquire Digene.

CIBC World transferred coverage; and downgraded Sprint PCS (PCS) and Nextel (NXTL) to hold from buy, and downgraded AT&T Wireless (AWE) and Nextel Partners (NXTP) to buy from strong buy. S&P maintains underweight on the wireless sector.

ImClone Systems (IMCL) reported that a House panel is expanding its probe into possible stock sales by

relatives of ImClone's ex-CEO. S&P keeps neutral.

Tyco 's (TYC) new CEO says the company may take a charge of as much as $6 billion against earnings as the company mends its balance sheet following disposal of its CIT Financial, according to press reports.

Bausch & Lomb (BOL) says its ophthalmic implant showed a statistically significant reduction in macular edema in a Phase III clinical trial.

Intel (INTC) shares moved lower in pre-market trading following a downgrade of the stock by Merrill Lynch to near term neutral from strong buy. Intel is hosting a mid-quarter update later Thursday.

Airgate PCS (PCSA) cut estimates for Q3 subscriber additions to 22,000-27,000 from 35,000-40,000, and says results for May were lower than originally projected. JP Morgan downgraded to market perform from buy.

AnnTaylor (ANN) posted 5.2% lower May same store sales, and 5.5% higher total sales. The company continues to see flat comp-store sales for June and July; and remains comfortable with current fiscal 2003 EPS range of $1.47-$1.51.

Merrill also downgraded Analog Device (ADI), Maxim Integrated (MXIM), Lattice Semiconductor (LLTC), SemTech (SMTC), Texas Instruments (TXN) and Triquint Semiconductor (TQNT).

Comverse Technology (CMVT) posted a $0.04 Q1 loss vs. $0.43 EPS from operations on a 42% sales decline. CS First Boston downgraded to hold from buy.

WorldCom (WCOM) plans to exit the wireless resale business.

Merrill downgraded Analog Device (ADI).

Riverstone Networks (RSTN) sees a $0.11-$0.13 1Q loss (pro forma) on $30M-$31M revenue, citing continued cautious spending by telecommunications carriers. Salomon and Lehman downgraded, while S&P maintains hold.

Hot Topic (HOTT) posted 2.5% higher May same store sales, and 30% higher total sales. Wachovia maintains buy.

Altera (ALTR) reaffirmed previous guidance of 4%-6% Q2 sequential revenue growth. S&P maintains accumulate.

CIBC World reportedly downgraded Symantec (SYMC) to buy from strong buy.

Factory 2-U Stores (FTUS) posted 17% lower May same store sales, and 15% lower total sales, citing disappointing sales during the week leading up to and after Memorial Day.

AT&T (T) says its 200 million share offering was priced at $11.25 per share.


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