Markets & Finance

Emulex Tumbles on Weaker Storage Demand


WorldCom (WCOME) is expanding its planned financial restatement to $7.2 billion from $3.85 billion amid additional accounting irregularities, according to The Wall Street Journal.

Alkermes (ALKS) says its partner, Johnson & Johnson Pharmaceutical Research & Development, has received approval from the Medicines Control Agency to market Risperdal Consta in U.K.

Goldman removed Emulex (ELX) from its recommended list. The storage equipment maker posted a $0.14 Q4 loss vs. a $0.38 loss (GAAP) on a 20% revenue rise. On a conference call, Emulex cut the Q1 and fiscal 2003 sales guidance. S&P reiterates hold. CS First Boston cut its target and keeps its hold rating.

U.S. Laboratories (USLB) agreed to be acquired by Bureau Veritas, S.A. in an $83 million deal. Terms: $14.50 cash per U.S. Lab share. U.S. Lab posted $0.20 vs. $0.16 Q2 EPS on a 55% revenue rise.

Pixar (PIXR) posted $0.20 vs. $0.17 Q2 EPS on a 37% revenue rise and raised $1.15-$1.25 2002 EPS guidance to $1.25-$1.35. S&P raised the estimate and target.

Aventis (AVE) says it is terminating a clinical development in hypertension of its ACE/NEP inhibitor M100 and 240 based on a recently completed Phase II clinical trial in hypertension.

The Adelphia probe is widening to include deals involving its suppliers. Motorola (MOT) and Scientific-Atlanta (SFA) have been contacted, according to The Wall Street Journal.

Merix (MERX) sees a narrower than expected $0.21-$0.23 Q1 loss on sales of $23.5 million to $24.5 million, citing better than expected volume orders in communications and high-end computing market segments.

Hershey Foods (HSY) recommended that shareholders reject an unsolicited mini-tender offer from TRC Capital Corp. to purchase up to 1.75 million Hershey shares (1.64% of outstanding) at $70.25 per share.

Invision Technology (INVN) says airports in Lyon, Marseille, Nice, and Toulouse, France have ordered multiple CTX 9000 DSi explosives detection systems valued at $11 million.

Warren Bancorp (WRNB) agreed to be acquired by Banknorth Group for a total of about $122.6 million in cash and stock, or $15.75 per share.


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