Markets & Finance

Boston Scientific Gains


Boston Scientific (BSX) says a U.S. District Court jury in Delaware found that Johnson & Johnson's (JNJ) CYPHER drug-eluting stent infringes a Boston Scientific patent, and that J&J's Cypher, Bx Velocity, Bx Sonic, and Genesis stents infringe a second Boston Scientific patent.

Exxon Mobil (XOM) sells oil-producing properties in the Permian Basin of West Texas and New Mexico to XTO Energy (XTO) for $215 million.

Wal-Mart (WMT) says June same-store sales growth for U.S. is estimated to be 4.5%, vs. its previous guidance of 2% to 4%. Strength was seen in seasonal merchandise sales. Oppenheimer reportedly upgrades to buy from neutral.

Alvarion (ALVR) cuts second-quarter guidance to a loss of 6 cents to 8 cents (GAAP) on revenue of $46 million to $47 million. The company cites customer delays and projects the second half of 2005 to be "better than first half". S&P keeps strong buy.

Gateway (GTW) says it was awarded contracts to supply technology products across three major categories (desktops, notebooks, and displays) to the government of California.

Bausch & Lomb (BOL) is to acquire a 55% interest in Shandong Chia Tai Freda Pharmaceutical Group, the leading ophthalmic pharmaceutical company in China, from Sino Biopharmaceutical Ltd. for $200 million cash. Bausch & Lomb agrees to buy an additional 15% interest in the future.

CS First Boston downgrades KB Home (KBH) and M.D.C. Holdings (MDC) to underperform from neutral and also downgrades Ryland Group (RYL) to neutral from outperform.

Mohawk Industries (MHK) plans to acquire Belgium-based Unilin Holding NV for about $2.6 billion (2.2 billion euro). Unilin had annual sales in Belgian GAAP of about $1 billion (837 million euro) and EBITDA margins of 29%.

Legg Mason upgrades Amazon.com (AMZN) to buy from hold.

Deutsche Telekom (DT) is exploring whether to sell its U.S. wireless operation, T-Mobile USA, which could fetch as much as $30 billion, according to the Wall Street Journal.

Procter & Gamble's (PG) deal to acquire Gillette (G) may be getting more scrutiny from the EU, according to CNBC.

Mercury Interactive (MERQ) cuts second-quarter guidance to 30 cents to 35 cents earnings per share (non-GAAP) on revenue of $200 million to $205 million from 33 cents to 37 cents earnings per share on $205 million to $215 million in revenue. The company cites a shortfall in Europe. It is to conduct an internal investigation of past stock option grants.

Alvarion (ALVR) cuts second-quarter guidance to a loss of 6 cents to 8 cents (GAAP) on revenue of $46 million to $47 million. The company cites customer delays and projects second-half of 2005 to be "better than first half."

Bear Stearns upgrades Deere & Co. (DE) to outperform from underperform.

Young Broadcasting (YBTVA) sees 2005 net revenue of $200 million to $204 million and station operating performance (non-GAAP measure) of $40 million to $42 million. The company notes continued weakness in the San Francisco market, in its national sales across the country.

Omnicare, Inc. (OCR) agrees to purchase substantially all of the assets of RxCrossroads L.L.C., a provider of specialty pharmaceutical services, for $235 million in cash.

Able Laboratories (ABRX) postpones its scheduled 2005 annual meeting of stockholders.


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