Markets & Finance

Dominion Dives on Lowered Outlook


Boeing 's (BA) machinist labor union did not have sufficient votes Friday to strike; the proposed contract thereby went into effect. Wachovia reiterates strong buy, and CS First Boston maintains outperform.

Thomas Weisel cut Peet's Coffee 's (PEET) Q4 revenue outlook

Meridian Medical (MTEC) says the U.S. Dept. of Defense renewed its industrial base maintenance contract with Meridian for nerve agent antidote auto-injectors for use by the U.S. Armed Forces. Adams Harkness reiterates buy.

Raytheon (RTN) says the U.S. Air Force accepted the company's first article ASR-11 digital airport surveillance radar, clearing the way for acceptance of low rate initial production systems.

Genzyme General (GENZ) sees lower than expected $0.26-$0.28 Q3 EPS, and $1.08-$1.11 in 2002, citing reduced revenue expectations for Renagel. With BioMarin Pharmaceutical, the FDA accepted Genzyme's Biologics License Application (BLA) for Aldurazyme, and granted it priority review status.

Dominion (D) expected 2003 EPS to be flat to up 4% over 2002, and lowered its outlook due to unforeseeable developments. The utility company reiterated the $4.90-$4.95 2002 EPS outlook. S&P downgraded to hold from accumulate.

General Electric (GE) received a request for its voluntary cooperation in an informal investigation that the SEC is conducting in connection with the employment and post-retirement agreement of former CEO Jack Welch.

Illinois Tool (ITW) sees lower than expected $0.75-$0.80 Q3 EPS from continuing operations.

Lehman says JP Morgan 's (JPM) announcement late Friday that a fraud claim against insurers had been dismissed appears to be a major setback.

National Gold Properties (TEE) agreed to be acquired by an investor group in a deal valued at $1.1 billion.

Premcor (PCO) will cut its total non-represented workforce by about 20%; and take a $10 million Q3 charge.

According to The New York Times, Tyco International (TYC) is planning to report that millions of dollars of loans were forgiven on instructions of former CEO Dennis Kozlowski.

Chartered Semiconductor (CHRT) reportedly says Q4 revenue would miss estimates due to weakening demand.

MGIC Investment (MTG) sees $1.40-$1.45 Q3 operating EPS, and assuming trends continue, expects Q4 EPS of $1.30-$1.40. Bear Stearns downgraded to underperform from outperform.

According to The New York Times, Cablevision (CVC) chairman Charles Dolan said he was open to selling the company's cable TV systems serving three million people in the New York area, particularly if the other party were AOL.

Baxter (BAX) says the government is investigating the death of four patients who died over a one to two week period after receiving dialysis treatment is in the early stages; it remains unclear if the deaths are due to the underlying disease, or the treatment.

Red Hat (RHAT) and IBM announced a multiyear alliance that will enable both companies to provide broad Linux support to enterprise customers worldwide.

Forward Air (FWRD) sees lower than expected $0.20-$0.22 Q3 EPS on a revenue rise of 3%-5%.


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