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Battered AT&T Reports Sharp Profit Drop

AT&T Corp. (T) posted $0.26 vs. $0.53 Q4 EPS from operations as its acquisition of MediaOne and the impact of Excite@Home offset a 3% revenue rise. AT&T sees $0.04-$0.07 Q1 EPS from operations and $0.17-$0.20 Q1 cash EPS.

According to a Wall Street Journal report, Daimler Chrysler (DCX) is expected to announce 26,000 job cuts, effectively shutting at least three factories at its loss-making Chrysler unit.

Ariba (ARBA) agreed to acquire Agile Software (AGIL) in a stock-for-stock deal valued at about $2.6 billion. The terms are 1.35 Ariba shares per Agile share.

Cisco Systems (CSCO) reportedly says January looks more challenging than a few weeks ago, but says its longer-term outlook has improved.

Morgan Stanley Dean Witter upgraded its investment rating on shares of Edison International (EIX) and Pacific Gas & Electric Co. (PCG) to outperform from neutral.

Newport News (NSS) says it has been awarded a $3.8 billion contract by the U.S. Navy for the design and construction of a tenth Nimitz-class aircraft carrier, CVN 77.

According to a Wall Street Journal report, The New York Times (NYT) is seeking to sell its magazine publishing unit and has approached Conde Nast (X.ADP) and a unit of AOL Time Warner (AOL).

Campbell Soup (CPB) will buy soup and sauce businesses in Europe from Unilever (UL) for about $950 million.

Dallas Semiconductor (DS) agreed to be acquired by Maxim Integrated Products (MXIM) in a $2.5 billion deal. The terms are 0.6163 Maxim shares per Dallas Semiconductor share.

Bear Stearns upgraded JC Penney (JCP) to attractive from neutral.

CS First Boston upgraded Harrah's Entertainment (HET) to strong buy from buy, and upgraded Argosy Gaming (AGY) to buy from hold.

Advanced Micro Devices (AMD) set a $300 million stock buyback.

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