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Endo Pharmaceuticals (ENDP
) says results from the second of its three Phase III clinical trials for its development product, MorphiDex, did not meet their objectives. JP Morgan downgraded to underweight.
Infinium Software (INFM
) agreed to be acquired by SSA Global Technologies for $7.00 per share cash. Infinium posted $0.26 fourth quarter earnings per share vs. a $0.51 loss.
UBS Warburg downgraded Tenet Healthcare (THC
) to reduce from hold.
) posted 18% higher third quarter operating cash flow, and 13% higher consolidated revenue. The company says it is prepared to complete a merger with AT&T Broadband in the fourth quarter.
) posted $0.49 vs. $0.37 third quarter earnings per share despite a 2.5% sales drop and reaffirmed the $1.73 2002 earnings per share estimate, and sees $1.86-$1.90 2003 earnings per share.
Dell Computer (DELL
) reportedly says it is seeing demand for computer hardware.
Adobe System (ADBE
) believes it will achieve previous $0.21-$0.25 fourth quarter earnings per share pro forma, and $285M-$300M revenue targets.
Lehman upgraded Citigroup (C
) to overweight from equal-weight.
Brocade Communications (BRCD
) sees $152M-$153M fourth quarter revenue, and $0.07 earnings per share due to continued weakness in the IT spending environment.
Newell Rubbermaid (NWL
) posted $0.46 vs. $0.34 third quarter operating earnings per share on a 10% sales rise, and maintains the $1.53-$1.58 2002 operating earnings per share forecast. Newell sees $1.73-$1.83 2003 operating earnings per share.
Veeco Instrument (VECO
) posted a $0.07 third quarter loss from continuing operations vs. $0.09 earnings per share on a 36% sales drop, and sees fourth quarter bookings down about 10% sequentially, $62M-$66M sales, and a $0.10-$0.15 pro forma loss.
Lehman reportedly upgraded Hewlett Packard (HPQ
) to overweight.
The FDA approved Merck 's (MRK
) Zetia, a cholesterol absorption inhibitor developed by Merck and Schering-Plough.