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SAP, Yahoo! Announce Venture

Onyx Software (ONXS) sees a $0.31-$0.33 Q1 operating loss on $26M-$27M revenues, citing a sharp pullback in expected purchases during March. SG Cowen downgraded to neutral from buy.

DMC Stratex Networks (STXN) sees lower than expected $0.09-$0.11 Q4 EPS from operations on $104M-$107M revenues. Tucker Anthony says the shortfall was expected and maintains market perform.

Lucent Technology (LU) says rumors it is filing for bankruptcy are baseless and irresponsible. S&P maintains hold.

German software giant SAP AG (SAP) and Yahoo (YHOO) will collaborate on an enterprise portal solution allowing companies to access information from internal and external services.

Cal Dive International (CDIS) sees $0.18-$0.22 Q1 EPS vs. consensus $0.22 estimate, citing construction activity on the Outer Continental Shelf and better than expected weather.

Systems & Computer Tech Corp. (SCTC) sees a $0.11-$0.13 Q2 loss from operations, and will take a $9M-$12M value-impairment charge for investments in Internet-related companies. S&P maintains hold.

Metawave Communications (MTWV) sees $11M-$12M Q1 revenue. Salomon SB downgraded to neutral from buy.

Commerce One (CMRC) sees a $0.11 Q1 loss, excluding non-operational charges, on $170M revenues, citing delayed IT purchases and lengthening sales cycles. S&P maintains hold.

Visx Inc. (EYE) sees $0.21-$0.21 Q1 EPS due in part to a sequential 23% increase in licensing revenue.

Unisource Energy (UNS) sees $0.50-$0.60 Q1 EPS, calling the results a significant improvement over year-ago results, and citing continuing strength in retail and wholesale markets and its electric utility unit.

Click Commerce (CKCM) sees a $0.08-$0.09 Q1 loss (pro forma) on about $11.5M revenues, citing a lengthier sales process as IT spending is being examined more carefully than in the past.

Morgan Stanley (MWD) reportedly is considering layoffs for 1,000 brokers as part of a plan to cut costs. S&P maintains accumulate.

American International Group (AIG) offered to acquire American General (AGC) for $46 per share in AIG stock (subject to a collar) in a deal valued at about $23 billion. AIG's offer tops Prudential PLC's (PUK) earlier bid to buy American General for 3.6622 Prudential PLC shares per AGC share, subject to a collar. S&P maintains its accumulate rating on American General.

CS First Boston downgraded Foster Wheeler (FWC) to hold from buy.

Merrill Lynch recommended purchase of Six Flags (PKS)ahead of a seasonally strong period for operations, rating the theme park operator a near- and long-term buy.

Celgene (CELG) announced that its Total Therapy II Trial will be expanded to further study combination therapy for early stage myeloma patients. JP Morgan downgraded to long-term buy from buy.

Primus Knowledge (PKSI) sees a wider than expected $0.20-$0.23 1Q loss on $10M revenues. The company cites cautious capital spending by businesses in an uncertain economy. Robertson Stephens downgraded its rating on the shares to long-term attractive.

Rational Software (RATL) sees $0.20-$0.22 Q4 EPS on $240-$245 million in revenues, citing increasingly cautious customers. The company sees $0.70-$0.72 fiscal 2002 (Mar.) EPS on $813-$818 million in revenues. CS First Boston downgraded the shares to buy from strong buy. Goldman also downgraded. S&P maintains accumulate.

Agile Software (AGIL) sees $0.03-$0.06 Q4 loss per share from operations on $26-$27 million in revenues. The company notes a slow-down in IT spending, but it remains confident in its long-term prospects.

Onyx Software (ONXS) sees a $0.31-$0.33 Q1 operating loss per share on $26-$27 million in revenues, citing a sharp pullback in anticipated purchases during March.

Knight Trading Group (NITE) sees $0.18-$0.20 Q1 EPS vs. previous guidance of $0.32-$0.40 (including about $0.08 per share related to international expansion costs).

Adtran Inc. (ADTN) sees lower than expected $0.08-$0.10 Q1 EPS on about $105 million in revenues, citing a seasonal slowdown in its carrier business.

Keynote Systems (KEYN) sees lower than expected $0.06-$0.07 Q2 EPS on $12-$12.2 million in revenues. Keynote set a reduction of about 13% of its work force. Robertson Stephens cut estimates.

Dover Corp. (DOV) sees lower than expected $0.38-$0.41 Q1 EPS, citing declines in its Technologies business and the impact of the economic slowdown.

Bell Micro (BELM) sees $0.01 Q1 EPS on about $530 million in sales. Bell cites a weakening market for electronic components. Salomon Smith Barney downgraded to outperform from buy; Tucker Anthony cut estimates.

Exe Tech (EXEE) sees $0.03 Q1 EPS on revenues of about $29 million. The company notes lengthening sales cycles and some project deferrals.

Sybase Inc. (SYBS) sees $0.23-$0.26 Q1 EPS on $227-$231 million in revenues, citing the effects of the current U.S. economic malaise.

Commerce One (CMRC) sees an $0.11 Q1 loss per share, excluding non-operating charges, on $170 million in revenues. The company cites delayed IT purchases and lengthening sales cycles.

LoJack (LOJN) sees an $0.18-$0.20 Q4 loss, including the effect of a one-time charge taken due to adoption of SEC's SAB No. 101.

Regarding the California Public Utilities Commission's decision to investigate the relationship between PG&E Corp. (PCG) and its Pacific Gas utility unit, PG&E says it has managed its utility business in accordance with all applicable laws.

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