) CustomVue laser vision correction. Wachovia reiterates outperform.
ImClone Systems (IMCLE
) received a $6 million payment from Merck KGaA for achieving a manufacturing-related milestone under the companies' license agreement for Erbitux; the milestone allows Merck to import Erbitux from ImClone's New Jersey facility directly to Germany.
Fidelity National Financial (FNIS
) offered to acquire all outstanding shares of Fidelity National Information, the loan services unit that is already 66% owned by Fidelity National. Terms: 0.644 Fidelity National shares for each Fidelity National Information share.
Blackberry device maker Research In Motion (RIMM
) says based on a patent case ruling (privately held NTP v. Research In Motion), it will record an incremental accounting provision of $13.75 million to $14.25 million for enhancement to compensatory damage, and $5 million for NTP's attorney's fees. J.P. Morgan downgraded Research In Motion to underweight. S&P keeps hold.
Tennessee's Bureau of TennCare notified pharmacy-benefit management company MIM Corp. (MIMS
) that it wasn't selected as the single provider of all pharmacy benefits for the state. TennCare relationships were expected to generate about $85 million in revenue and $5.5 million in gross profit for the second half of 2003.
) announced preclinical studies show the initiation of myeloma cell death by standard chemotherapy was blocked by Bcl-2, which is the target of Genta's Genasense therapy. Needham reiterated strong buy.
Lehman says a new government project to build a global network with optical and data networking gear could be a boost for companies such as Juniper Networks (JNPR
) and Ciena (CIEN
BB&T Capital upgraded U.S. Xpress (XPRSA
) to strong buy from buy.
CS First Boston upgraded ChoicePoint (CPS
) to outperform from neutral.
) and Cancer Research U.K. announced they are collaborating on final pre-clinical development of one of Oxigene's most advanced vascular targeting agents (VTAs).
SoundView initiated coverage of Synovis Life Technologies (SYNO
) with outperform.
Prudential downgraded newsprint makers Bowater (BOW
) to sell from hold and downgraded Abitibi-Consolidated to hold from buy.
High-speed network maker Adtran (ADTN
) unveiled a high-density central office DSLAM. Pacific Growth upgraded to overweight from equal-weight.
Blue Rhino (RINO
) posted 22 cents (including items and one-time gain) vs. 12 cents third-quarter earnings per share on a 1.7% net revenue rise, beating analysts' average estimates by a penny. The provider of gas grill cylinder exchange services posted 14 cents third-quarter earnings per share from operations. Blue Rhino reaffirmed its 61 cents to 63 cents fourth-quarter pretax earnings per share guidance, and 95 cents to 97 cents for fiscal 2003.
According to The Wall Street Journal, the tobacco industry lost gambit to have ad-fraud claims dismissed in the government's biggest suit against cigarette companies. UBS Warburg downgraded Altria (MO
) to neutral from buy on valuation.
Tenet Healthcare (THC
) CEO Jeffrey C. Barbakow resigned. S&P believes the resignation removes one of the factors overhanging the stock, and reiterates hold.
Shares of Dutch grocery concern Ahold (AHO
) could fall further on a report that Ahold may discover more accounting irregularities after an $880 million profit overstatement earlier this year. Ahold holds several large U.S. retail food chains.
Bear Stearns upgraded Interstate Bakeries (IBC
) to peer perform from underperform.
Jacques D. Kerrest resigned his position as senior vice president and CFO of Harte-Hanks (HHS
) to become CFO of Equant.
) subsidiary Victory Capital Management will acquire NewBridge Partners.
AOL Time Warner 's (AOL
) Stephen Case, mastermind of America Online's acquisition of Time Warner, has begun to talk of undoing the deal by spinning off AOL, according to The New York Times.