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General Dynamics Bid Buoys Newport News

Newport News Shipbuilding (NNS) agreed to be acquired by General Dynamics (GD) via a $67.50 cash tender offer. (GOTO) posted a $0.13 Q1 loss vs. a $0.20 (pro forma) loss on a sharp revenue rise. Merrill upgraded to near-term accumulate from neutral.

USA Networks (USAI) posted a 16% EBITDA rise from operations on a 17% revenue rise and sees 18%-20% 2001 and 2002 EBITDA growth.

CS First Bostons upgraded Conseco (CNC) to buy from hold. The company posted $0.16 vs. $0.10 Q1 EPS from continuing operations.

Checkfree (CKFR) posted a $0.04 Q3 loss vs. a $0.04 loss from operations, limited by higher operating costs. The company sees a $0.01-$0.03 Q4 loss (pro forma). S&P maintains sell and Legg Mason reiterates buy.

UBS Warburg downgraded Juniper Network (JNPR) Cisco (CSCO) and other telecom and networking solution companies to hold from buy.

Morgan Stanley and First Union downgraded to Ford Motor (F) to neutral from outperform.

Legg Mason upgraded Health Management (HMA) to buy from market perform. On Tuesday the company posted $0.23 vs. $0.21 2Q EPS on 18% net patient service revenue growth.

Adept Technology (ADTK) posted a $0.99 Q3 loss (including amortization) vs. $0.06 EPS on 9% revenue decline. Adept doesn't expect to have taxable income for fiscal 2001 and Q1.

Cymer (CYMI) posted $0.40 Q1 EPS from operation vs. $0.33 EPS on a 13% revenue rise. Cymer says Q2 revenue could decline by 18%-22% from Q1. Morgan Stanley upgraded to strong buy from outperform.

Anaren Micro (ANEN) posted $0.12 vs. $0.12 Q3 EPS despite a 39% sales rise and sees $0.02-$0.06 Q4 EPS on $15M-$17M sales. Anaren plans job cuts. Tucker Anthony, CIBC World and Morgan Stanley downgraded.

Anavex Corp. (ANVX) posted a $0.03 Q3 loss (pro forma) vs. a $0.08 loss on sharp revenue rise. Anavex sees Q4 revenues of about $25M and a loss of $0.02-$0.03. Morgan Stanley downgraded. USB Piper reportedly downgraded. (PPRO) says it will release Q1 results later Wednesday and expects results to be below estimates due to deferred recognition of certain license revenues.

SpeechWorks (SPWX) posted a $0.19 Q1 loss vs. a $0.29 loss on sharply higher revenues. USB Piper reportedly downgraded.

SCI Systems (SCI) posted better than expected $0.28 Q3 cash EPS from operations on 9% revenue decline. S&P says the company forecasts $0.26-$0.29 Q4 cash EPS on flat sequential revenue, and upgraded it opinion to avoid from sell. (AMZN) posted a $0.21 Q1 loss per share vs. a $0.35 loss (pro forma) on a 22% revenue rise. Amazon says it is on target to reach pro forma operating profitability in Q4. S&P maintains hold.

Coherent Inc. (COHR) posted $0.39 vs. $0.23 Q2 EPS on a 29% sales rise. The company sees $470M-$480M fiscal 2001 revenues (from continuing operations).

LSI Logic (LSI) posted $0.03 vs. $0.26 Q1 EPS before goodwill (EBG) on a 16% revenue decline. The company sees a $0.07 Q2 loss on a 10%-15% sequential revenue decline. S&P maintains hold.

Applied Micro (AMCC) posted $0.09 vs. $0.08 Q4 EPS (pro forma) on a sharp revenue rise. The company reportedly sees breakeven to $0.02 Q2 EPS on $70M-$85M in revenue.

Computer Network Technology (CMNT) sees a $0.05-$0.10 Q1 loss per share from continuing operations on a 30%- 40% sequential revenue decline. The company plans to reduce workforce in its storage networking and Propelis divisions by about 10%; it will take a related charge of about $3M.

BMC Software (BMCS) posted $0.26 vs. $0.49 Q4 EPS from operations on an 11% revenue decline. S&P maintains hold.

Closure Medical (CLSR) posted $0.02 Q1 EPS vs. a $0.23 loss on a 39% revenue rise. Closure reaffirms previously stated 2001 EPS guidance of $0.15-$0.20.

Pericom Semiconductor (PSEM) posted $0.16 vs. $0.14 Q3 EPS on a 12% revenue rise. Pericom says Q4 revenue could be reduced by about 20-25% from the Q3 level. It says visibility continues to be limited.

Zebra Technologies (ZBRA) posted $0.55 vs. $0.48 Q1 EPS on a 16% revenue rise. Zebra sees lower than expected EPS of $0.58-$0.63 for Q2 and $2.60-$2.75 for all of 2001. S&P maintains hold.

Anchor Gaming (SLOT) posted $0.87 vs. $0.67 Q3 EPS from operations on an 11% revenue rise. Anchor sees at least $1.05 Q4 EPS from operations and $4.40 for all of fiscal 2002.

Commscope (CTV) posted $0.32 vs. $0.32 Q1 EPS (assuming dilution) as narrowed margin offset a 7% sales rise. The company sees Q2 sales flat to a 10% sequential decline. S&P maintains hold.

Mentor Graphics (MENT) posted $0.27 vs. $0.16 Q1 EPS on a 17% revenue rise. Mentor sees $160M Q2 revenue and $680M for all of 2001.

Owens-Illinois (OI) posted $0.30 vs. $0.36 Q1 EPS on 3.2% lower revenues. The company cites higher energy costs and foreign exchange effects. It says Q2 EPS from operations and fiscal 2001 EPS will be below those of the prior-year period.

Baker Hughes (BHI) posted $0.21 vs. $0.04 Q1 EPS despite flat revenues. The company sees operating EPS of $0.25-$0.27 for Q2 and $1.10-$1.20 for all of 2001.

Verizon Communications (VZ) posted $0.72 vs. $0.69 Q1 EPS on 17% higher revenues.

AFLAC (AFL) posted $0.33 vs. $0.29 Q1 EPS on flat revenues.

Beazer Homes (BZH) posted $1.92 vs. $1.02 Q2 EPS on a 12% revenue rise. Beazer increased its fiscal 2001 EPS estimate to $7.00-$7.25.

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