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Adaptive Broadband Shares Plummet on Earnings Warning

Adaptive Broadband (ADAP) sees lower than expected $8 million Q2 revenue and gross margin the mid-30% range. The company cites a deferral of $13 million in contracted shipments of its AB-Access product to a major domestic customer.

Andrx Group (ADRX) entered a memorandum of understanding with Genpharm confirming ADRX's status as first filer of abbreviated new drug application for a bioequivalent version of Prilosec. Banc of America reiterated its buy rating on the stock.

INTERSHOP Communications (ISHP) lowered its Q4 loss estimate to 0.36-0.38 euro on 28 million to 30 million euro revenues. The company cites a global slowdown in IT purchasing patterns.

Robertson Stephens downgraded Network Appliance (NTAP) shares to long term attractive from buy.

Morgan Stanley DW downgraded Proxim Inc (PROX) shares to neutral from outperform.

Salomon SB downgraded (Macromedia Inc MACR) shares to outperform from buy.

Lehman downgraded Brinker Intl (EAT) shares to neutral from buy.

Walgreen Co. (WAG) posted $0.15 vs. $0.13 Q1 EPS on a 16% sales rise.

DB Alex Brown downgrades Linens'n Things (LIN) and Bed Bath & Beyond (BBBY) shares to buy from strong buy.

AT&T (T) reported that AT&T Broadband notifies customers, local franchising authorities that cable prices will begin increasing in a month by company-wide average of 4.8%.

IBP Inc. (IBP) agreed to be acquired by Tyson Foods (TSN) for $30 per share, with 50.1% of consideration in cash, rest in TSN Class A stock. The deal is valued at about $4.7 billion, including debt assumption. Smithfield Foods (SFD) said on Friday it offered to acquired IBP for $32 per share in SFD stock, but received no response from IBP.

WebMD Corp. (HLTH) and NEWS CORP. revise their partnership. HLTH will provide content across NWS properties for four years. NWS is no longer obliged to provide $300 million of international media services, $100 million of capital, any future capital to their international joint venture.

Benessee Corp., affiliates offer to acquire all Berlitz International (BTZ) stock not currently owned for $12 per share cash.

Biovail Corp (BVF) acquires from AVENTIS PHARMACEUTICAL all of North American rights for Cardizem family of cardiovascular products for $409.5 million.

GE reportedly to make Keynote Systems (KEYN) Internet performance measurement services available to all GE businesses.

Western Multiplex (WMUX) says due to adverse developments in ADAP's results, the company intends to evaluate all alternatives with respect to the proposed transaction.

Dain Rauscher downgraded Tumbleweed Communications (TMWD) shares to neutral from strong buy.

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