Markets & Finance

Andrx Jumps


J.P. Morgan reiterated its overweight rating on metals mining company Freeport McMoran (FCX). On Monday the company announced an early conversion of $311 million in debt into 21.76 million common shares.

Raymond James upgraded Computer Program (CPSI) to outperform from market perform.

The FDA tentatively approved Andrx's (ADRX) Anda for the company's generic version of Pfizer's 10 mg. Glucotrol drug for Type II diabetes. S&P reiterates accumulate. Wachovia maintains market perform.

Geron (GERN) obtained a U.S. patent for a promoter that regulates the expression of the human telomerase reverse transcriptase gene. The patent triggers a milestone payment from Cell Genesys, which holds a non-exclusive license to the promoter.

Siebel Systems (SEBL) announced the settlement of a derivative lawsuit, and the adoption of corporate government initiatives. S&P reiterates hold.

Comtech Telecommunications (CMTL) sees better than expected 24 cents to 26 cents fourth-quarter EPS on $51 million sales. It notes sales in the mobile data communications services segment far exceeded expectations. CE Unterberg raised its estimates.

Engineered Support Systems (EASI) posted 72 cents vs. 43 cents third-quarter EPS from continuing operations on a 46% revenue rise. It raised the 2003 EPS guidance to $2.40 to $2.45, on revenue of at least $550 million.

Jefferies upgraded Chicago Mercantile Exchange (CME) to buy from hold.

Dycom Industries (DY) posted 24 cents fourth-quarter earnings per share (GAAP basis; including an increase in allowance for doubtful accounts and an impairment charge) vs. $1.19 loss per share on 23% higher contract revenues. Dycom sees 22 cents to 27 cents first-quarter earnings per share on $135 million to $150 million revenues. Merrill upgraded to buy from neutral.

AmeriCredit (ACF) posted an 11-cent fourth-quarter loss (including a charge) vs. $1.00 earnings per share (restated) on a 36% revenue drop. AmeriCredit restated the 30 cents nine-month earnings per share ended March 31, 2003 earnings per share to 29 cents, and restated the $3.87 fiscal 2002 earnings per share to $3.50. AmeriCredit sees $55 million to $70 million in 12-month net income (ended Dec. 31).

SG Cowen upgraded Xerox (XRX) to buy.

Myriad Genetics (MYGN) posted a 26-cent fourth-quarter loss vs. a 29-cent loss on an 11% total revenue rise. Credit Suisse First Boston downgraded to neutral.

Medical device maker Guidant (GDT) reaffirmed the 52 cents to 57 cents third-quarter earnings per share, the $2.27 to $2.37 2003 earnings per share (adjusted) guidance. Gudiant plans to repurchase up to $250 million shares next year.

Toll Brothers (TOL) posted 90 cents vs. 70 cents third-quarter earnings per share on a 19% revenue rise -- ahead of the 81 cents earnings per share consensus estimate. The homebuilder says it's on pace for record results in fiscal 2003 and the next several years.

Pfizer (PFE) says a new study showed treatment with its Aricept significantly improved memory, thinking, and global function in patients with vascular dementia, compared with a placebo.

Digene (DIGE) posted 1 cent fourth-quarter earnings per share vs. a 25-cent loss on a 50% total revenue rise. Digene sees 2 cents to 4 cents first-quarter pre-tax earnings per share on $19 million to $20.5 million revenue.

A U.S. district court in California ruled that Vanguard laser-sintering systems, manufactured by DTM Corp, which 3D Systems (TDSC) acquired in August, 2001, infringes patent rights held by Germany's EOS GmbH. 3D Systems is liable for any damages.

Resource Bankshares (RBKV) agreed to be acquired by Fulton Financial in a $195.6 million deal. Terms: 2.2 Fulton shares for each Resource Bankshares share.

Regis (RGS) posted 50 cents vs. 45 cents fourth-quarter earnings per share on a 17% consolidated revenue rise. The hair-salon chain sees 50 cents to 52 cents first-quarter earnings per share on a 15% to 16% consolidated revenue rise. Regis raised the stock repurchase program to $100 million, from $50 million.


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