Markets & Finance

Genzyme General Takes a Dive


Bear Stearns downgraded Synaptics (SYNA

) to neutral from attractive.

Boston Scientific (BSX

) announced the start of enrollment in a post-market clinical study of Matrix detachable coils on cerebral aneurysms. JP Morgan raised the target.

Merrill downgraded Monsanto (MON

) to near term neutral from buy, and long term buy from strong buy.

Reuters Group (RTRSY

) will cut headcount by a further 650, primarily in senior and middle management ranks, citing challenging market conditions.

Carnival (CCL

) posted $0.33 vs. $0.32 Q2 EPS despite an 8% revenue drop, and says based on bookings to date, it expects net revenue yields to be down 3%-5% in Q3 and up slightly in Q4.

Morgan Stanley downgraded General Motors (GM

) and Ford (F

) to equal-weight from overweight.

Banc of America upgraded Gap (GPS

) to buy from market perform.

Korn/Ferry (KFY

) posted a $0.12 Q4 loss vs. $0.29 EPS from operations on 38% lower revenue.

Goldman Sach (GS

) posted $1.06 vs. $0.98 Q2 EPS as lower operating costs offset 3% lower total net revenues.

ImClone Systems (IMCL

) says the staff of the SEC is considering recommending that the SEC bring action against the company relating to its disclosure immediately following its receipt of Refusal-to-File letter from the FDA on Dec. 28 for its application for Erbitux. S&P downgraded to avoid.

Nokia (NOK

) sees second half 2002 sales growth of up to 10% vs. previous expectations for at least 15% growth. Nokia still is comfortable with its earlier stated 2002 EPS guidance of EUR 0.83 (pro forma).

Dynegy (DYN

) set a work force reduction plan that will affect about 6% of the company's global workforce. S&P downgraded to avoid following Wednesday's resigation of its CFO.

Genzyme General (GENZ

) sees $0.25-$0.26 Q2 EPS, and $1.18-$1.23 2002 EPS from operations on total revenue of $1.1B-$1.15B, citing lower revenue expectations for Renagel and diagnostic products. Salomon cut its rating to outperform.

Metro-Goldwyn-Mayer (MGM

) sees a $0.46-$0.48 Q2 loss, and a $0.85-$0.89 2002 loss, citing theatrical releases that did not meet expectations.

Schering-Plough (SGP

) says a previously disclosed investigation by the FDA in Puerto Rico is now being handled by the U.S. Attorney's Office in New Jersey, which involves certain products manufactured in Puerto Rico.

International Multifoods (IMC

) posted $0.25 vs. $0.11 Q1 EPS on a 17% sales rise, and reaffirmed $1.90-$2.00 fiscal 2003 guidance.

Yum Brands (YUM

) says same-store sales increased 4% during the four-week period ended June 15, and 4% during Q2.


Later, Baby
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