Markets & Finance

Lockheed-Titan Merger Terminated


Lockheed Martin (LMT) terminated its merger agreement with Titan Corp. (TTN) because Titan did not satisfy all closing conditions on or before June 25. RBC Capital downgraded Titan to sector underperform from sector perform. Shares of both companies closed lower.

Allegheny Technologies (ATI) sees second-quarter earnings per share of 22 cents to 32 cents, including a gain from special items. The company cited improving market conditions. Shares closed higher.

Tobacco stocks such as Altria (MO) finished higher as a judge in the $280 billion racketeering lawsuit against major yobacco companies agreed to allow an appeals court to review one of her decisions. S&P kept its neutral opinion on tobacco stocks.

Watson Pharmaceuticals (WPI) cut second quarter earnings per share guidance (excluding charges) to a range of 39 cents to 41 cents on $400 million in revenue. Watson cited lower-than-anticipated revenues for its Women's Health and General Products businesses. The company sees earnings per share between $1.85 and $1.90 in 2004, and plans on refocusing its business strategy. Shares closed lower.

Biotech stocks such as CancerVax (CNVX) were lower after Lehman downgraded the biotech sector to neutral from positive. Shares closed lower.

Baird downgraded Volume Services (CVP) to neutral from outperform. Shares closed lower.

Crown Castle International (CCI) agreed to sell its UK unit to National Grid Transco Plc for $2.035 billion in cash. S&P reiterated its hold recommendation. Shares closed lower.

Schwab SoundView upgraded Harmonic (HLIT) to outperform from neutral. Shares closed higher.

Taser International (TASR) received an order for 265 TASER X26 conducted energy weapons and accessories from the Dayton Police Department. This order will supplement deployment of 40 X26 units earlier this year. The total value of purchase order is $436,000. Shares closed slightly higher.

Needham downgraded its recommendation on AT&T Corp. (T) to hold from buy and suspended its price target on the stock. Shares closed lower.

The board of directors of Stelmar Shipping (SJH) authorized the company's management and its financial advisors to review strategic alternatives for further enhancing shareholder value. Shares closed higher.

Ventiv Health (VTIV) said Watson Pharmaceuticals elected to not continue its sales force contract with the company. Ventiv announced two "significant" new contract wins totaling 400 sales representatives and is still comfortable with 2004 performance expectations. Shares closed lower.

American Science & Engineering (ASE) announced that Ted Owens, executive vice president and CFO, has resigned effective June 24, 2004. Shares closed lower.


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