First Albany initiated coverage of aaiPharma (AAII

) with strong buy.

Select Comfort (SCSS

) priced a 6.2 million secondary offering at $13 per share.

Medical products maker Vital Signs (VITL

) posted 10 cents vs. 64 cents second-quarter earnings per share from continuing operations on flat net revenue growth. SG Cowen and Adams Harkness downgradd to market perform.

Nvidia (NVDA

) posted 12 cents, vs. 47 cents a year ago, first-quarter earnings per share on a 31% revenue drop. The chipmaker reportedly forecasted as much as an 18% sequential rise in second-quarter sales. S&P reiterates hold. UBS Warburg and Pacific Growth raised their estimates.

Intel's (INTC

) president reportedly told a German newspaper he seeing signs of an industry turnaround.

ImClone (IMCLE

) says auditor KPMG is insisting on a broad review of ImClone's finances before signing off on its 2002 earnings, according to The Wall Street Journal.

Contact lens maker Ocular Sciences (OCLR

) posted 25 cents vs. 41 cents first-quarter earnings per share despite a 16% sales rise. It maintains the $1.04 to $1.14 2003 earnings per share guidance (excluding charges). Baird upgraded to outperform from neutral.

Computer maker Gateway (GTW

) reiterated its comfort with the previous guidance of 27-cents second-quarter loss per share on $798 million revenues, and 19-cents loss on $893 million in revenues, as well as 9-cents fourth-quarter loss on $964 million in revenues. S&P reiterates hold.

Bear Stearns upgraded Coca-Cola (KO

) to outperform from peer perform.

Interpublic (IPG

) posted 2-cents first-quarter loss per share, vs. 16 cents earnings per share, amid flat revenue, weak demand, and higher costs. The advertising firm maintained its 2003 forecast for 1% to 4% revenue decline, and 68 cents to 72 cents earnings per share.

Catalina Marketing (POS

) posted 10 cents, vs. 40 cents, fourth-quarter earnings per share (GAAP) as a non-cash charge, and disappointing results at Catalina Health Resources, offset flat revenue. The provider of commputer-generated promotions at check-out stands sees EPS of 56 cents to 61 cents in fiscal 2004 including a charge and accounting change, and $1.08 to $1.13 excluding those those items.

Hotel real estate trust company RFS Hotel Investors (RFS

) agreed to be acquired by CNL Hospitality for $383 million, plus the assumption of total debt of $304.6 million, for a total consideration of about $687.6 million. Terms: $12.35 cash per RFS Hotel share.

King Pharmaceuticals (KG

) reaffirmed its intent not to proceed with the purchase of Elan's (ELAN

) primary-care business due to various breaches and misrepresentations by Elan.

Univision (UVN

) posted 5 cents, vs. 3 cents, first-quarter earnings per share on a 22% revenue rise. The Spanish-language broadcasting company posted $67.2 million, vs. $54.8 million, first-quarter EBITDA. Univision sees second-quarter earnings per share of 13 cents to 14 cents, vs. 9 cents, and a 16% to 20% increase in EBITDA.