) 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.
) 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.
) 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.
) 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.
) 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.
) says its 200 million share offering was priced at $11.25 per share.