) 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.
) 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.
) 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.
) 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.
) 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%.