Markets & Finance

Gilead Sciences Climbs


J.P. Morgan reiterated its overweight rating on Gilead Sciences (GILD).

Needham upgraded Esperion Therapeutics (ESPR) to strong buy from buy. On Thursday the company reported positive initial results of a Phase II clinical study of its investigational product ETC-216 for acute coronary syndromes.

Nike (NKE) posted 92 cents vs. 77 cents fourth-quarter earnings per share on an 11% revenue rise, but the results fell short of forecasts. Nike says worldwide future orders for goods scheduled for delivery between June-November are up 4.4%. Merrill downgraded. Lehman reportedly raised its target. S&P reiterates hold.

Rodman & Renshaw raised their estimates and reiterate their market outperform rating on Tivo (TIVO).

New York Community Bancorp (NYB) agreed to acquire Roslyn Bancorp (RSLN) for about $1.58 billion. Terms: 0.75 New York Community share per Roslyn share. S&P reiterates accumulate.

Agco (AG) revised its second-quarter outlook; the agriculture-equipment maker now sees 30 cents to 35 cents earnings per share, excluding restructure charges. Agco cited start-up costs and production inefficiencies. S&P reiterates hold.

AsiaInfo (ASIA) signed multiple contracts with China Unicom and two of its subsidiaries.

Drexler Technologies (DRXR) says the Securities and Exchange Commission has requested information about its accounting.

A federal appeals court in Virginia overturned a decision that would have required Microsoft (MSFT) to carry rival Sun Microsystems' Java language in its Windows operating system.

S&P lowered Irish drugmaker Elan's (ELN) corporate credit rating to CCC from B-. On Thursday the company requested an extension on the filing of its annual report as it talks with the SEC about appropriate accounting treatment for its special purpose entities.

Integrated Circuit (ICST) will be added to the S&P MidCap 600 after the close of trading Monday, June 30, replacing Dreyer's, which is acquiring the U.S. frozen-desert business of S&P Global 1200 component Nestle for about 67% of its outstanding shares.

Genentech (DNA) received FDA fast-track designation for its Avastin drug for the treatment of previously-untreated first-line metastatic colorectal cancer patients.

CSX Corp. (CSX) says it will record an additional $17 million in expenses during the second quarter to account for asbestos-related claims filed in West Virginia.

Temple-Inland (TIN) sees a one-time gain of $3.05 per share in the second quarter related to the resolution of state and federal tax matters.

Tektronix (TEK) posted 5 cents vs. 7 cents fourth-quarter earnings per share (including realignment charges and one-time items) on flat sales. S&P upgraded to avoid.

Bonso Electronic (BNSO) posted a 29-cent fiscal 2003 loss vs. 32 earnings per share on a 13% net sales decline, citing poor performance at German subsidiary Korona GmbH due to the weak European economy. Bosno says it's confident that fiscal 2004 results will improve.


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