Markets & Finance

Cigna Climbs


Cigna (CI) sees first quarter earnings per share from continuing operations of $1.75 to $1.95 due to stronger than anticipated performance from its health care business. Shares rose.

WellChoice (WC) is negotiating to buy Oxford Health (OHP) in an all stock deal, according to a Wall Street Journal report.

The Jean Coutu Group agreed to acquire J.C. Penney's (JCP) Eckerd drugstores in the Northeast and mid-Atlantic states for $2.375 billion. CVS Corp. (CVS) will acquire Eckerd drugstores in the South, and Eckerd's pharmacy benefits management and mail-order businesses, for $2.150 billion. Merrill keeps the buy ranking, and S&P keeps the accumulate ranking.

Raymond James upgraded Tekelec (TKLC) to strong buy from outperform.

Concord Communications (CCRD) sees $23.5 million to $23.8 million in first-quarter revenue, and a 3 cents to 5 cents loss (GAAP). Concord notes several territories underperformed expectations at the end of the first quarter. It sees $25 million to $30 million in second-quarter revenue. Shares fell.

Mandalay Resort (MBG) expects first-quarter earnings per share to exceed $1.10. The casino operator says it continues to achieve strong momentum in revenue per available room on the Las Vegas Strip. Shares rose.

Critical Path (CPTH) announced that GE has deployed its identity management software to integrated identity data for over 400,000 employees, contractors, and vendors across its corporate, and business unit IT infrastructures. Shares advanced.

Devcon International (DEVC) inked a deal with an investment group that would invest $15 million to $18 million in Devcon in exchange for up to two million newly issued common shares at $9 per share, and warrants to purchase an additional four million shares at exercise prices of $10 to $15 a share.

Siebel Systems (SEBL) expects first quarter earnings per share of 5 cents to 6 cents, vs. its prior guidance of 4 cents to 5 cents, on total revenue of $329 million (near the high end of its $315 million to $335 million guidance range).

Advanced Power (APTI) sees first quarter revenue of $14.8 million, above its earlier $13.2 million to $13.8 million guidance. The company sees first quarter operating earnings per share at or above the high end of its breakeven to 2-cents earnings per share guidance, but says additional profitability may be partially offset by greater than planned legal expenses.

Kyphon (KYPH) received 510-K clearance from the FDA to market KyphX HV-R Bone Cement for fixation of osteoporosis-related pathological fractures of the vertebral body during kyphoplasty. Piper Jaffray upgraded the shares to outperform.

Tut Systems (TUTS) sees first quarter sales of $6 million to $6.2 million. The company says "several" large digital TV headend orders did not close in this quarter as expected.


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