Markets & Finance

Dreyer's Soars on Nestle Deal


AG Edwards upgraded Amgen (AMGN) to buy from hold.

UAL Corp. (UAL) reached a tentative agreement with its pilots on wage concessions. S&P upgraded to avoid from sell.

A study reportedly suggested that Merck's (MRK) arthritis drug Vioxx may increase the risk of patients developing high blood pressure relative to Pharmacials rival preparation Celebrex.

Triquint Semiconductor (TQNT) acquired a portion of assets of IBM's wireless phone chipset business. Triquint will make an initial payment of about $22M to IBM, with subsequent adjustments contingent upon business volumes.

Deere & Co. (DE) will realign its Commercial & Consumer Equipment unit; and will close facilities in Williamsburg, Virginia and Jeffersonville, Indiana, as well as streamline operatins at Horicon, Wisconsin. Deer will take more than $50 million in charges.

Qwest Communications (Q) Joseph Nacchio resigned as CEO, effective immediately; he will be replaced as CEO by Richard Notebaert, the CEO of Tellabs.

Dreyer's Grand Ice Cream (DRYR) entered into a pact with Nestle SA whereby Nestle will fold its U.S. ice cream business into Dreyer in return for majority control of Dreyer. The pact may result in Nestle taking full control of Dreyer in 2006.

Corvas (CVAS) says Pfizer has elected not to pursue development of Corvas' anti-inflammatory agent rNIF, and will return the rights to Corvas.

Accredo Health (ACDO) raised the $1.40-$1.50 fiscal 2003 (June) EPS estimate to $1.87-$1.97, citing the inclusion of results from the recently acquired SPS unit.

Goldman removed Research In Motion (RIMM) from recommended list, now rates market perform.

Longview Fibre (LFB) will suspend payment of dividends until operating results improve to a satisfactory level.

Zimmer Holdings (ZMH) expects Q2 revenues to exceed expectations, and EPS to beat the $0.29 First Call consensus by $0.02 a share.


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