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NetScout Loses Software Deal with Cisco

NetScout Systems (NTCT) will offer its nGenius Probes direct or through channel partners to Cicso customers; Cisco will no longer resell them under Cisco SwitchProbe private label. Bear Stearns downgraded.

J.P. Morgan upgraded Varian Medical (VAR ) to buy from

long-term buy, and raised the $74 target to $76. J.P. Morgan says Tuesday's sell-off creates good entry point.

Josephthal downgraded Scientific-Atlantic (SFA ) to buy from strong buy.

Research showed first evidence of Novogen 's ( NVGN)

phenoxodiol, the anti-cancer drug currently being tested on humans, attacks a key part of cancer cells.

Digitas Inc. (DTAS ) says Q2 guidance is below previous expectations and sees a $0.06--$0.08 Q2 pro-forma loss (before a restructuring charge). Janney Montgomery downgraded to hold from accumulate.

Chippac ( CHPC ) sees Q2 revenues flat to down 5% from

vs. earlier guidance of down 5%-10%. Chippac expects a Q2 loss

to be at the low end of earlier range, in line with the current

First Call $0.11 loss estimate.

Morgan Stanley initiated coverage of Waters Corp. (WAT) with outperform.

Due to the continuing impact of the troubed economy and unfavorable biz conditions and travel business, Morton's Restaurant (MRG) reduced

expects to report a Q2 loss.

Merrill reiterates near-term and long-term buy on Brocade Communications (BRCD ).

Bausch & Lomb ( BOL ) says Q2 EPS will be significantly lower than previous $0.55-$0.57 guidance, citing lower revenues in lens business and soft cap equipment demand.

S&P initiated coverage of Kraft Foods (KFT ) with hold.

CMGI Inc. (CMGI ) posted a $131.7M Q3 loss (excluding charges) vs.a $191.5M loss

on 29% revenue rise amd sees $120M-$130M Q4 consolidated

recurring operating loss on $280M-$290M revenues. Adams

Harkness downgraded to market perform from buy.

Due to ongoing sluggish consumer demand, Tropical Sports (TSIC) sees about

$105M Q3 sales, $440M for fiscal 2001 (Sept.); and about $1.7M Q3 income from operations, and $14M from operations in fiscal 2001.

Polaroid (PRD) set a restructure; the company expects to take $150M-$175M in charges, and reduce and reconfigure its global operations. As a result, Polaroid will cut the global workforce by 25%.

DB Alex Brown downgraded Factset Research ( FDS ) to market perform from buy.

On Tuesday the company posted $0.25 Q3 EPS and forecast fiscal 2001 EPS to slightly exceed consensus estimate of $0.96.

Eli Lilly ( LLY) FDA extended the action date for the completion of its review of BLA for drotrecogin alfa for sepsis from July 27 to October 27. Eli Lilly maintains its second-half launch target and reaffirmed $0.73-$0.75 Q2 EPS guidance.

Maytag (MYG) expects Q2 EPS to be about 25% lower than previous $0.43 guidance, citing significant softening in

retail sales of floor care products, and overall industry


S&P lowered Lucent Technologies' (LU ) corporate credit rating to

double-'B'-plus from triple-'B'-minus, and removed it from


Avaya Inc. ( AV ) sees ongoing revenues declining 4%-6% in Q3, with EPS doubling those reported in the year ago quarter, Q4 revenues declining 4%-8%, and the EPS to increase "six-fold" over a year ago. Avaya will eliminate 3,000 jobs and accelerate a restructure.

Microtest ( MTST ) agreed to be acquired by Danaher Corp. in a $74M deal. Terms: $8.15 cash for each MTST share.

Knight Transport (KNGT) expects to report Q2 EPS within $0.20-$0.23

consensus range.

Papa John's ( PZZA ) confirmed previously issued $0.46-$0.53 Q2 EPS


Wallace ( WCS) posted $0.34 vs. $0.27 Q3 EPS from operations on slightly higher revenues.

Geron Corp. (GERN ) gets a patent for embryonic germ cells; notes the patent is licensed exclusively to Geron from John Hopkins


Staar Surgical (STAA ) voluntarily initiated a recall of all Model CQ-2005V three-piece Collamer intraocular lenses used in

cataract procedures due to a potential packaging problem.

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