) agreed to be acquired by Magna (MGA
). Terms: Donnelly holders to get Magna Class A sub. voting shares with a value of $28 per Donnelly share.
Merrill Lynch cuts Lexmark International (LXK
) to long term buy from strong buy.
S&P upgraded Krispy Kreme (KKD
) to accumulate from hold on valuation. BB&T Capital tied the stock drop to technical factors, and maintains long term buy.
Buy.com Inc. started a price war with Amazon.com (AMZN
) and says it will offer all of its book titles at 10% below Amazon's prices, effective immediately.
) is among defense stocks lower Tuesday as a bidding war for TRW, and parts of TRW, ensues.
Emmis Communications (EMMS
) posted 4.5% higher Q1 broadcast CF despite 1.1% lower revenue and sees 1.8% lower Q2 revenue. S&P says the company's conservative guidance lags industry trends; and reiterates accumulate.
Jefferies upgraded Intuit (INTU
) to buy from hold.
Universal Stainless (USAP
) sees lower than expected $0.10-$0.12 Q2 EPS on sales of about $20M, citing an abrupt drop-off in power generation demand, and a pronounced shift to commodity products in sales to rerollers.
CIBC World upgraded Argosy Gaming (AGY
) to strong buy from buy following the resolution of game tax legislation in Indiana on June 22.
) received a warning letter from the FDA related to the inspection of the company's human tissue processing labs completed on April 12. Banc of America downgraded to market perform.
) says the Federal Trade Commission voted to block its acquisition of Digene (DIGE
). Also, Cytyc sees lower than expected $39M-$43M Q2 revenues, break-even to $0.03 EPS (pro forma), for2002, $230M-$245M in revenues and $0.40- $0.44 EPS, and for 2003, $315M-$350M in revenues and $0.66-$0.76 EPS.
AOL Time Warner (AOL
) restructured its cable joint venture with Advance/Newhouse Communications. As a result, AOL loses control of 2.1M cable subscribers to Advance/Newhouse.
Dial Corp. (DL
) sees Q2 EPS exceeding current $0.25 consensus estimate by $0.07 or possibly more due to strong domestic sales, favorable product costs, and better than expected results in Argentina. S&P keeps accumulate on Dial.
WR Hambrecht downgraded Investment Tech Group (ITG
) to market outperform from buy.
) sees better than expected $0.33-$0.37 Q2 EPS on $41M-$44M in revenue, and $0.95-$1.05 2002 EPS on $147M-$150M in revenue.
) posted a $0.24 Q4 loss vs. $0.07 EPS from operations on a 29% sales decline. The company sees a $0.24-$0.28 Q1 loss on sales of $21.5M-$23.5M.
A Los Angeles jury ordered Genentech (DNA
) to pay a cancer center $200M in punitive damages in a trial over drug royalty payments due under a 1976 contract.
) cut Q1 guidance; it sees a $0.09-$0.13 loss from operations on $200M-$215M in revenue. The company cites lower than expected sales at one of its major OEMs. S&P reiterates avoid.