Markets & Finance

Rambus Jumps on Patent Ruling


Rambus (RMBS ) says the U.S. Supreme Court has issued a ruling denying Infineon Technologies' (IFX) petition for writ of certiorari in patent litigation between Infineon and Rambus. The ruling means that Infineon has exhausted all possible avenues of appeal.

Mesa Air (MESA) offered to acquire rival Atlantic Coast Airlines (ACAI). Terms: 0.90 Mesa Air share per Atlantic Coast share.

Motorola (MOT) will separate its semiconductor operations into a publicly traded company. Motorola is considering an initial public offering of a portion of the new comoany, with distribution of the remaining shares to shareholders in a tax-free manner. Merrill Lynch reiterates buy. S&P keeps sell.

Talk America (TALK) sees third-quarter bundled revenue and net income exceeding guidance of $69 million to $71 million, and $5 million to $7 million respectively. Talk America sees third-quarter long-distance revenue within the $24 million to $25 million guidance, citing actions taken during the quarter to reduce debt by $19 million.

Merrill Lynch downgraded Pharmaceutical Resources (PRX) to neutral from buy.

Internet Initiative (IIJI) received a delisting notice from the Nasdaq as a result of its filing of an incomplete annual report on Form 20-F for fiscal 2003.

Axcan Pharmaceuticals (AXCA) says the FDA has determined the company's re-submitted new drug application for Helicide for the eradicaton of Helicobacter pylori continues to be "not approvable" at this time.

TransTechnology (TT) says in response to a U.S. Attorney's investigation of its Breeze-Eastern's overhaul and repair operations, TransTechnology says it retained a fact-finding forensic accounting firm to perform an audit and review of the division.

Tasty Baking (TBC) sees 17 cents to 21 cents third-quarter loss due to an accelerated level of investments. Janney Montgomery cut its estimates.

Knight Trading (NITE) sees stronger-than-expected 16 cents to 21 cents third-quarter earnings per share (GAAP), citing improving market volumes and progress in all parts of business. Raymond James raised its estimates.

ATMI (ATMI) sees a 33 cents to 36 cents third-quarter loss, and $58 million third-quarter revenue. ATMI experienced continued slowness in its technologies business; the materials business did not perform as expected. S&P keeps buy, and cut its estimates.

Duane Reade (DRD) posted 3% higher third-quarter same-store sales, and $338.6 million net sales -- $11.4 million below the company's previous expectation. Due to soft sales, Duane Reade reduced the 2003 earnings per share guidance to 55 cents to 61 cents, and cut the same-store sales growth guidance to 2.8% to 3%. Merrill Lynch cut to sell.

Merrill Lynch and TD Newcrest downgraded Biovail (BVF). On Friday the company cut its third-quarter guidance.

Williams Coal Seam Gas (WTU) will likely have to shut down within about two years if gas prices do not change, according to Barron's.

Citigroup upgraded Lexmark (LXK) to buy from hold.

AG Edwards upgraded Entegris (ENTG) to buy from hold.

Prudential upgraded American Eagle Outfitters (AEOS) to neutral from underweight.

Boyd Gaming (BYD) sees lower-than-expected 14 cents to 16 cents third-quarter earnings per share (before preopening expenses), citing lower-than-expected earnings per share at its Stardust and Par-A-Dice properties.

Broadband communications company UGC Europe (UGCE) says UnitedGlobalCom (UCOMA), the majority owner of UGC, announced an exchange offer for all outstanding publicly held UGC shares. Terms: nine UnitedGlobalCom shares per UGC share.

PeopleSoft (PSFT) expects third-quarter license revenue, total revenue, and earnings to exceed its recently updated guidance. S&P reiterates hold.

Netscreen Technologies (NSCN) will acquire Neoteris. Terms: $245 million in stock and $20 million in cash, including the assumption of outstanding Neoteris options. Upon certain revenue milestones, Netscreen will pay Neoteris stockholders and option holders up to $30 million in additional cash.

Staar Surgical (STAA) says an FDA panel voted to recommend that Staar' implantable contact lens be approved with conditions. Conditions include post market surveillance of patients and labeling recommendations. CIBC World downgraded.

Encore Medical (ENMC) received FDA approval for its Cyclone anterior cervical plate for cervical spine fusion.

Oneok (OKE) says it has learned that some information that it furnished to industry publications was inaccurate. Oneok cannot determine if the inaccurate information had any impact on price indices that were published.

Prudential reportedly downgraded Talbots (TLB) to underweight from neutral.

Unocal (UCL) expects third-quarter and 2003 earnings per share (adjusted) to fall within the previously announced ranges of 65 cents to 75 cents, and $2.90 to $3.20, respectively, as lower cash expense, and dry hole costs offset lower production from West Seno and divestitures.

Martha Stewart Living (MSO) says a Delaware Chancery Court dismissed in its entirety derivative litigation filed against Martha Stewart Living directors in office at the time the suit was filed and against the company as a nominal defendant.


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