First Albany upgraded McData Corp. (MCDTA) to strong buy from neutral and upgraded Finisar (FNSR) to strong buy from buy.
A federal judge reportedly tossed out all but three claims in a patent infringement case brought by Rambus (RMBS) against Infineon Technologies.
Merrill reportedly upgraded Hitachi (HIT) to long-term buy.
STV Group (STVI) says all STVI shares not owned by STV, Inc. will be exchanged for $11.25 cash per share in a deal to take the firm private.
Bank West (BWFC) agreed to be acquired by Chemical Financial (CHFC) in a deal valued at about $29.8 million Terms: $11.50 per Bank West share.
British Telecom (BTY) is in talks to sell its 20% stake in Japan Telecom, its interest in Japan Telecom's mobile phone unit, to Vodafone (VOD) for over $4 billion, according to press reports.
Reliant Resources (RRI) offered an Initial 52 million shares at $30.
Excite At Home (ATHM) announced a workforce reduction of about 380 employees.
Goldman upgraded Priceline.com (PCLN) to market outperform from market perform.
Exodus Communications (EXDS) says R. Marshall Case resigned as CFO for personal reasons. S&P upgraded to accumulate.
Lehman believes a fundamental bottom is beginning to form for Lucent Technology (LU) and maintains market perform.
Netegrity (NETE) posted a $0.10 Q1 EPS vs. a $0.03 loss on a sharp revenue rise. Robertson Stephens and Tucker Anthony cut estimates.
CS First Boston expects PC stocks to maintain current trading ranges until greater visibility on degree server price wars impact margins. Merrill cut estimates on Dell Computer (DELL).
Compaq Computer (CPQ) canceled plans to market servers based on Unisys Corp.'s (UIS) Unisys Cellular MultiProcessing architecture.
Louis Dreyfus (LD) posted $1.60 vs. $0.34 Q1 EPS from operations on a sharp revenue rise.
Triton Energy (OIL) posted $0.64 vs. $0.43 Q1 EPS on 94% revenue rise and sees 50% 2001 revenue rise.
Alpharma (ALO) posted $0.27 vs. $0.33 Q1 EPS despite 26% revenue rise and expects sequentially flat Q2 EPS, second half EPS about 20% higher than year ago. The firm isn't prepared to give guidance on Q3 and Q4.
Rehabcare Group (RHB) will be added to the S&P SmallCap 600 after close of trading May 4, replacing Scott Technologies, which is being acquired by Tyco International.
Barrett Resources (BRR) says its board, based upon opinions that it received from its financial advisors and other factors, unanimously rejected as inadequate Shell Oil's $60 per share cash bid for the company.
Microstrategy (MSTR) posted a $0.29 Q1 loss vs. $0.45 loss from operations on a slight revenue rise. The company sees a $0.07-$0.09 Q2 loss (pro forma), excluding its Strategy.com unit, on $42M-$46M in revenue.
Procter & Gamble (PG) posted $0.71 Q3 EPS from operations on flat sales. P&G sees Q4 EPS from operations in line with analysts' estimates. S&P upgrades to accumulate, Salomon upgraded to outperform.
Del Webb (WBB) agreed to be acquired by Pulte Home (PH) in a deal valued at about $800 million, or $40.51 per Webb share, subject to adjustments.
National City Bancorp (NCBM) agreed to be acquired by Marshall & Ilsley (MI). Terms: 0.58462 Marshall share for each National City share.
Tektronix (TEK) sees flat Q4 revenues and fiscal 2001 growth of 16%-18%. The company says Q4 orders will be about 35% below year ago's $314M. S&P downgraded the shares to hold.
Coca-Cola Enterprises (CCE) signed a letter of intent to acquire Hondo Inc. and Herbco Enterprises (collectively known as Herb Coca-Cola) in a deal valued at total of about $1.4B.
Macrovision (MVSN) posted $0.18 vs. $0.13 Q1 EPS (pro forma) on a 42% revenue rise. The company remains comfortable with current Q2 and full-year 2001 estimates.
MEMC Electronic Materials (WFR) posted a $0.25 Q1 loss on a 14% sales rise. The company expects Q2 revenue to decline more than 15% sequentially. MEMC will cut 7% of its workforce.
Rudolph Technology (RTEC) posted $0.38 vs. $0.04 Q1 EPS on a 93% revenue rise. The company expects Q2 revenue to be sequentially lower than Q1's $30.6M, with operating margin of 22%-25%.
Emerson Electric (EMR) posted $0.92 vs. $0.90 Q2 EPS (excluding goodwill) on a 5.4% sales rise. Until the macro scene improves, Emerson sees sales growth moderating, with the EPS dynamic mirroring Q2.