) shares did not trade Monday after the company filed for reorganization under Chapter 11 bankruptcy. S&P reiterates avoid on the stock.
) agreed to be acquired by Cendant in a cash deal valued at about $14 million. Terms: $19 per share.
Former ImClone Systems (IMCL
) CEO Samuel Waksal pleaded not guilty to banking and securities fraud charges. Waksal says he still has faith in experimental cancer drug Erbitux.
WR Hambrecht downgraded Kohl's (KSS
), Target (TGT
) and WalMart (WMT
) to hold from buy.
) says it expects its Q3 gross profit to be hurt by changes in its production rates caused by higher inventory levels, and "normal" factory shutdowns.
) cut the $0.19 Q3 operating EPS forecast to $0.13, and sees negative Q3 same restaurant sales as well as $0.21 Q4 EPS. JMP Securities downgraded to market outperform from strong buy.
Chip-equipment maker SpeedFam-IPEC (SFAM
) agreed to be acquired by Novellus Systems (NVLS
) in a $220 million deal, including the assumption of debt. Terms: 0.1818 Novellus share for each SppedFam share.
UBS Warburg downgraded Doral Financial (DORL
) to buy from strong buy due to valuation.
A General Dynamics (GD
) unit won one of two contracts for the U.S. Army's Warfighter Information Network, a tactical deal with a value of up to $72 million. This is the first contract in the program estimated to be worth $6 billion.
) will pay Southwest Gas $3 million to settle a lawsuit related to a terminated acquisition of Southwest Gas by ONEOK. The company will adjust its $0.32 Q2 EPS to $0.29 to reflect the settlement and costs incurred in an agreement to settle other unrelated litigation.
According to Barron's, a harsh sell-off in tech stocks has created some bargains, but several hard-hit techs still seem vulnerable to a further slide. Barron's says sell Intel (INTC
) and Nokia (NOK
), among others.
CS First Boston downgraded Newport Corp. (NEWP
) to hold due to valuation.
Lehman reportedly upgraded Maxim Integrated (MXIM
UBS Warburg reportedly downgraded Adolph Coors (RKY
US Concrete (RMIX
) posted $0.25 vs. $0.21 Q2 EPS on a 2.9% revenue rise, and sees $0.26-$0.29 Q3 EPS, and $0.62-$0.67 2002 EPS.
) received FDA approval for its Eloxatin for use in combination with infusional 5-FU/LV for unmet medical need in patients whose advanced colorectal cancer recurred and progressed following bolus 5-FU/LV plus irinotecan therapy.