Markets & Finance

Research In Motion Climbs


Research In Motion (RIMM) and Good Technology inked a settlement and license deal that will dismiss a series of pending lawsuits between the companies. Research In Motion, which manufacturers the Blackberry pager, will receive a lump sum settlement during the first quarter of fiscal 2005, as well as ongoing quarterly royalties. CIBC World says RIMM's patents are now validated. S&P keeps hold. Shares rose.

Schwab SoundView upgraded cell-phone maker Qualcomm (QCOM) to outperform from neutral, and set a $75 price target.

Hollywood Entertainment (HLYW), No. 2 U.S. video rental chain, agreed to be acquired by an affiliate of Leonard Green & Partners for $14 cash per share.

Oxigene (OXGN) presented new data showing the pre-clinical efficacy of its lead second-generation vascular targeting agent, OXi4503, in several human cancer models. Roth Capital reiterated its strong buy rating.

Roth Capital upgraded online subscription movie-rental company NetFlix (NFLX) to buy from neutral. Shares rose.

Arch Wireless (AWIN) and Metrocall Holdings (MTOH) agreed to merge; a new holding company will be formed. Arch Wireless holders will get one share of the new holding company for each share of Arch stock they own. Metrocall shareholders will get $150 million cash, and 27.5% shares of the new holding company's stock. Arch Wireless shares soared.

Millennium Chemical (MCH) agreed to be acquired by Lyondell Chemical (LYO). Terms: between 0.95 to 1.05 shares of Lyondell stock for each

Millennnium share held.

Biotech firm Tularik (TLRK) agreed to be acquired by Amgen (AMGN) in a stock deal valued at $1.3 billion, or $25 per share.

On Friday, the FDA approved Orasure Technologies' (OSUR) first rapid saliva test for the HIV virus.

Bear Stearns upgraded Coca-Cola (KO) and PepsiCo (PEP) to outperform from peer perform, and upgraded their U.S. beverage sector to market overweight from market weight.

Prudential upgraded Citigroup (C) to overweight from neutral.

According to an article in Barron's, Hewlett-Packard (HPQ) appears to be moving firmly from a post-merger integration to orderly execution. Goldman Sach's Laura Conigliaro figures shares could hit $28. Putnam's Hugh Mullin says the stock is materially undervalued. CIBC World looks for a catalyst, and is keeping the sector perform rating. S&P upgraded H-P to accumulate from hold.

Sonus Networks (SONS) delayed the filing of its amended Annual Report on Form 10-K/A for year-end 2003. Sonus says it's now considering whether to expand its review to include additional prior periods.

AG Edwards' Tim Conder says a 30% premium, or even 40%, wouldn't be undeserved for motorcycle maker Harley-Davidson (HDI). This implies a stock price, relative to the current market, of $65 to $70: Barron's.

Schwab SoundView cut its estimates on data-storage provider McData (MCDT), and trimmed the $9.50 price target to $8. The brokerage firm says McData's first-quarter guidance may be a challenge to achieve.

Schwab SoundView downgraded cell-phone maker Nokia (NOK) to neutral from outperform, and cut the $28 price target to $21.

Cal-Maine Foods (CALM) posted $1.96, vs. 64 cents third-quarter earnings per share on a 55% sales rise.


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