Markets & Finance

Transkaryotic Dives as FDA Delays O.K. of Replagal


BellSouth (BLS) is seen higher as Goldman reportedly issued a bullish report, saying the worst likely behind these companies.

Veritas Software (VRTS) announced the resignation of Kenneth Lonchar as CFO. Veritas says Lonchar "misstated" his educational credentials, including receipt of an MBA from Stanford University. S&P reiterates hold.

Micrel (MCRL) sees a $0.03-$0.05 third quarter loss (pro forma) on revenue of $50 million to $51 million. S&P downgraded to avoid from hold. CS First Boston cut estimates.

Jack Henry (JKHY) sees lower than expected $0.12-$0.13 first quarter earnings per share on revenues of about $95 million, citing a recession on new in-house banking software and hardware sales.

Adtran (ADTN) sees $0.08-$0.09 third quarter earnings per share (GAAP) on $88 million revenues. Morgan Stanley upgraded to equal-weight from underweight. S&P upgraded.

Advanced Micro (AMD) sees a third quarter loss on about $500M sales vs. an earlier projection that sales would improve modestly compared to second quarter's $600 million. S&P and SoundView cut estimates.

DuPont (DD) sees $0.35-$0.37 third-quarter EPS from operations, exceeding its earlier $0.24 estimate.

Bank of New York (BK) will increase its quarterly loan loss provision by $185 million to a total of $225 million, and take a $210 million valuation adjustment against its equity investment portfolios. Excluding charges, Bank of New York sees $0.47 third quarter earnings per share. Lehman cut its estimates.

Select Comfort (SCSS) raised the third quarter earnings per share (pro forma) estimate to $0.09-$0.10 vs. the previous $0.02-$0.05 guidance, and says the earnings per share improvement was led by an estimated 33% higher third quarter sales.

Guess (GES) sees lower than expected $0.01-$0.03 third quarter earnings per share, which excludes a favorable settlement. The retailer posted 4.3% lower September same store sales and flat total sales. CIBC World cut estimates.

Emmis Communications (EMMS) posted $26.4 million vs. $22.6 million second quarter ATCF, and sees 7.8% higher third quarter net revenue.

Marriott (MAR) posted $0.41 vs. $0.39 third quarter earnings per share and sees $0.65-$0.69 fourth quarter earnings per share (including gains, and excluding additonal charges related to its exit from the distribution service business) on 8%-10% higher REVPAR.

QLT (QLTI) received fast track status from the FDA for tariquidar for treatment of non-small cell lung cancer patients. QLT has in-licensed tariquidar from Xenova.

Transkaryotic (TKTX) says postponement of the FDA endocrinologic committee meeting will likely delay the FDA's decision on the approval of the company's Replagal therapy into the first half of 2003. Transkaryotic says third quarter Replagal sales in Europe will be lower than in the second quarter.

Merrill downgraded RJR Tobacco (RJR) to neutral from buy.


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